Forex forecast on March 20 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07716
Opening: 1.07335
Chg. % Last day: -0.26
Day range: 1.07334 – 1.07777
52-week range: 1.0366 – 1.1616

On Friday, March 17, the euro corrected slightly against the US dollar. At the moment, the technical pattern on EUR/USD is mixed. The key trading range is 1.07350-1.07800. The market is waiting for additional drivers.


Indicators signals are ambiguous. The MACD histogram has started to rise and moved into the positive zone, indicating the growth of the EUR/USD quotes.

Stochastic Oscillator has come out of the overbought zone, the %K line is below the %D line, indicating sales of the EUR/USD.

There are no important economic reports from the US today. We recommend to pay attention to the following events:
– wages in euro zone (12:00 GMT+2:00);
– President of the Bundesbank Weidmann`s speech (18:45 GMT+2:00).

Trading recommendations:

Support levels: 1.07350, 1.06750
Resistance levels: 1.07800

We recommend to open positions from key levels. If the price consolidates below 1.07350, a correction may develop on the EUR/USD currency pair to 1.07000-1.06750.

If the price overcomes the resistance level of 1.07800, growth of the EUR/USD quotes may continue. The potential movement is to 1.08250.

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.23582
Opening: 1.23807
Chg. % Last day: +0.28
Day range: 1.23780 – 1.24355
52-week range: 1.1986 – 1.5020

Over the past week, the pound strengthened against the US currency by more than 200 points. Today, the GBP/USD rally has continued. The currency formed a local resistance at 1.24350.


The MACD histogram has fixed in the positive zone and above the signal line, indicating a “bullish” moods on the GBP/USD currency pair.

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

The news background for the UK economy is calm today. At 20:20 (GMT+2:00) the BoE MPC Haldane`s speech will be held.

Trading recommendations:

Support levels: 1.23700, 1.23000
Resistance levels: 1.24350

We believe that the upward trend on the GBP/USD currency pair may continue. The nearest goal for profit-taking is 1.24750-1.24850.

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.33146
Opening: 1.33450
Chg. % for the last day: +0.23
Day range: 1.33030 – 1.33542
52-week range: 1.2458 – 1.4692

In the Asian trading session, the USD/CAD currency pair kept the round level of 1.33000, which caused “bullish” moods. At the moment, the Canadian dollar is testing the “mirror” support level of 1.33350. The technical pattern indicates further growth of the USD/CAD quotes.


The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, indicating purchases of the USD/CAD.

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

Trading recommendations:

Support levels: 1.33350, 1.32850
Resistance levels: 1.33850

The previous forecast was confirmed. We expect an upward trend on the USD/CAD currency pair. The potential movement is to 1.33750-1.33850.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 113.297
Opening: 112.632
Chg. % Last day: -0.52
Day Range: 112.452 – 112.770
52-week range: 99.08 – 123.69

There is strong reversal formation of technical analysis on the USD/JPY currency pair – price and MACD histogram divergence. The key support and resistance levels are 112.500 and 113.00, respectively.


The MACD histogram has started to rise and fixed above the signal line, which indicates the USD/JPY growth.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy USD/JPY.

Today there is a holiday in Japan – Vernal Equinox Day.

Trading recommendations:

Support levels: 112.500
Resistance levels: 113.000, 113.500

We expect the growth of the USD/JPY quotes. If the price consolidates above 112.800, be sure to consider the purchases. The potential movement is to 113.250-113.500.