Forex forecast on March 14 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.06779
Opening: 1.06532
Chg. % Last day: -0.34
Day range: 1.06366 – 1.06626
52-week range: 1.0366 – 1.1616

Yesterday, the EUR/USD held the key resistance level of 1.07150, which caused a corrective movement. Demand for the dollar is supported by the growth of yield on the US government bonds. The closest support is 1.06150.

forex-forecast-eurusd-14-03-2017

The MACD histogram has started to decline and moved to the negative zone, which indicates a further drop in the EUR/USD quotes.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also gives a signal to sell EUR/USD.

Economic reports on 03/14/2017:
– ZEW index of economic sentiments in Germany (12:00 GMT+2:00);
– the volume of industrial production in Eurozone (12:00 GMT+2:00);
– economic sentiments from the ZEW in Eurozone (12:00 GMT+2:00);
– producer price index in the US (14:30 GMT+2:00).

Trading recommendations:
Support levels: 1.06150
Resistance levels: 1.06750, 1.07150

The previous forecast was quite accurate. We believe that correction on the EUR/USD currency pair may continue. The potential for movement – 1.06150-1.06000.

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.21575
Opening: 1.22183
Chg. % Last day: +0.40
Day range: 1.21229 – 1.22207
52-week range: 1.1986 – 1.5020

Today, there is aggressive selling on the GBP/USD currency pair. At the moment, the pound weakened against the US dollar by more than 90 points. The currency overcame the key support level of 1.21500.

forex-forecast-gpbusd-14-03-2017

The MACD histogram has moved to the negative zone and is below the signal line, indicating a “bearish” moods on the GBP/USD.

Stochastic Oscillator is in oversold zone, the %K line crossed the %D line. There are no signals yet.

It is necessary to pay attention to statistics from the US.

Trading recommendations:
Support levels: 1.21000
Resistance levels: 1.21500, 1.22000

Our yesterday’s assumptions were confirmed. At the moment, we expect further drop in the GBP/USD quotes. The target level of movement is 1.21000-1.20750.

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.34496
Opening: 1.34468
Chg. % for the last day: -0.10
Day range: 1.34383 – 1.34778
52-week range: 1.2458 – 1.4692

Yesterday, the USD/CAD currency pair kept the demand zone of 1.34250-1.34500. At the moment, the technical image is indicating the development of an upward trend. The nearest resistance is the round level of 1.35000.

forex-forecast-usdcad-14-03-2017

The MACD histogram has started to rise and fixed above the signal line, indicating purchases of the USD/CAD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating a “bullish” moods on the USD/CAD currency pair.

The news background on the economy of Canada is calm today.

Trading recommendations:
Support levels: 1.34250, 1.33600
Resistance levels: 1.35000

We expect growth of the USD/CAD quotes. The potential for movement – 1.35000-1.35250.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 114.723
Opening: 114.842
Chg. % Last day: +0.10
Day Range: 114.743 – 115.187
52-week range: 99.08 – 123.69

During the Asian trading session, the USD/JPY currency pair kept a “mirror” support level of 114.750. At the moment, purchases prevail on the trading instrument. We expect statistics from the US.

forex-forecast-usdjpy-14-03-2017

Indicators point to growth of the USD/JPY currency pair. The MACD histogram has moved to the positive zone and is above the signal line.

Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

We recommend to pay attention to statistics from the US.

Trading recommendations:

Support levels: 114.750, 114.100
Resistance levels: 115.500

If economic data from the US is positive, further growth of the USD/JPY to the level of 115.500-115.750 is possible.

An alternative may be a correction of the USD/JPY currency pair to 114.750-114.500.