Forex forecast on March 17 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:
Prev Opening: 1.07361
Opening: 1.07716
Chg. % Last day: +0.29
Day range: 1.07532 – 1.07823
52-week range: 1.0366 – 1.1616

The technical pattern on the EUR/USD currency pair indicates the development of a corrective movement. A strong reversal formation of technical analysis was formed on the market – price and MACD histogram divergence. Demand for the US dollar is supported by yesterday’s optimistic statistics and the growth of yield on government bonds.

forex-forecast-eurusd-17-03-2017

The MACD histogram has started to decline and fixed below the signal line, indicating a “bearish” moods on EUR/USD.

Stochastic Oscillator is in the negative zone, the %K line is below the %D line, indicating sales of the EUR/USD currency pair.

News background on 03/17/2017:
– trade balance in the eurozone (12:00 GMT+2:00);
– the volume of industrial production in the US (15:15 GMT+2:00);
– the expectations and consumer sentiments index from the University of Michigan (16:00 GMT+2:00).

Trading recommendations:

Support levels: 1.07450, 1.06750
Resistance levels: 1.07800

We expect correction of the EUR/USD currency pair. If the price consolidates below the local support of 1.07450, be sure to look for entry points for opening short positions. The potential for movement is 1.07000-1.06800.

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.22883
Opening: 1.23582
Chg. % Last day: +0.55
Day range: 1.23238 – 1.23714
52-week range: 1.1986 – 1.5020

Yesterday, the Bank of England kept its monetary policy at the same level. The pound was supported, as some representatives of the Central Bank consider the possibility of raising rates in the near future. Growth of the GBP/USD quotes exceeded 0.5%. The currency found resistance at 1.23700.

forex-forecast-gpbusd-17-03-2017

The MACD histogram has fixed below the signal line and continues to decline, which indicates a correction of the GBP/USD currency pair.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also indicates a “bearish” moods on the GBP/USD.

The news background on the UK economy is calm today.

Trading recommendations:
Support levels: 1.23000, 1.22500
Resistance levels: 1.23700

At the moment, the technical pattern on the GBP/USD is mixed. If the price consolidates above 1.23700, the GBP/USD quotes may grow to around 1.24250-1.24500.

If the price consolidates below the local support of 1.23300, be sure to consider selling GBP/USD to around 1.23000-1.22750.

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.33029
Opening: 1.33146
Chg. % for the last day: +0.11
Day range: 1.33126 – 1.33456
52-week range: 1.2458 – 1.4692

Yesterday’s trading on the USD/CAD currency pair was quite active. At the same time, there was no significant change in the rate. Trading ended with a slight increase in the US dollar. At the moment, the currency is testing the local resistance of 1.33350.

forex-forecast-usdcad-17-03-2017

The MACD histogram is above the signal line and continues to rise, indicating growth of the USD/CAD quotes.

Stochastic Oscillator is near overbought zone, the %K line is beginning to cross the %D line. There are no signals yet.

At 14:30 (GMT+2:00) the data on sales in the manufacturing sector of Canada will be released.

Trading recommendations:

Support levels: 1.32850
Resistance levels: 1.33350, 1.34200

The previous forecast was quite accurate. We believe that correction on the USD/CAD currency pair may continue. One should consider buying to the level of 1.33750-1.33850.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 113.462
Opening: 113.297
Chg. % Last day: -0.06
Day Range: 113.267 – 113.489
52-week range: 99.08 – 123.69

Yesterday, the USD/JPY currency pair was traded in the key trading range of 113.000-113.500. A significant change in the rate was not observed. The market is waiting for additional drivers.

forex-forecast-usdjpy-17-03-2017

The MACD histogram is in the negative zone and continues to decline, which gives a signal to sell USD/JPY.

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

It is necessary to pay attention to the news feed from the US.

Trading recommendations:

Support levels: 113.000
Resistance levels: 113.500, 114.000

If statistics from the US is positive, the USD/JPY currency pair may grow to around 113.750-114.000.

An alternative would be the downward trend of the USD/JPY to the round level of 113.000.