Forex forecast on March 21 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07335
Opening: 1.07336
Chg. % Last day: -0.03
Day range: 1.07189 – 1.07957
52-week range: 1.0366 – 1.1616

Today, there is an increase in demand for the euro. At the moment, the EUR/USD quotes increased by more than 50 points. The currency overcame the key resistance level of 1.07800. The representative of the US Federal Reserve, Charles Evans, said that the regulator will not hasten to raise rates.

forex-forecast-eurusd-21-03-2017

Indicators point to the power of buyers. The MACD histogram is in the positive zone and continues to rise, indicating a “bullish” moods on EUR/USD.

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

News background:
– the FOMC member Dudley`s speech (12:00 GMT+2:00);
– current account balance in the US (14:30 GMT+2:00);
– the FOMC member George`s speech (18:00 GMT+2:00).

Trading recommendations:
Support levels: 1.07350, 1.06750
Resistance levels: 1.07800

We believe that the upward trend on EUR/USD may continue. One should to seek entry points for opening long positions. The potential for movement – 1.08400-1.08500.

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.23807
Opening: 1.23563
Chg. % Last day: -0.21
Day range: 1.23399 – 1.23845
52-week range: 1.1986 – 1.5020

Trading in the Asian session was calm. Financial market participants are waiting for data on inflation in Britain. At the moment, the GBP/USD is testing a key support level of 1.23700.

forex-forecast-gpbusd-21-03-2017

The MACD histogram has started to rise and fixed above the signal line, indicating the GBP/USD growth.

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

Economic reports from the UK:
– consumer price index (11:30 GMT+2:00);
– producer price index input (11:30 GMT+2:00);
– the industrial production index (13:00 GMT+2:00).

At 12:00 (GMT+2:00) the governor of Bank of England Carney’s speech will be held.

Trading recommendations:

Support levels: 1.23700, 1.23000
Resistance levels: 1.24350

If the statistics from Britain is positive, the growth of the GBP/USD currency pair may continue. The potential for movement – 1.24350-1.24500.

An alternative would be the GBP/USD correction to the level of 1.23000.

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.33450
Opening: 1.33531
Chg. % for the last day: +0.10
Day range: 1.33233 – 1.33649
52-week range: 1.2458 – 1.4692

At the moment, the USD/CAD currency pair is in a sideways movement. The key trading range is 1.33100-1.33700. The market is waiting for additional drivers.

forex-forecast-usdcad-21-03-2017

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

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the drop in the USD/CAD quotes.

News feed on the economy of Canada:
– base index of retail sales (14:30 GMT+2:00);
– retail sales volume (14:30 GMT+2:00).

Trading recommendations:

Support levels: 1.33100
Resistance levels: 1.33700

If economic data from Canada is optimistic, the downward trend on USD/CAD may develop to the round level of 1.33000.

An alternative would be the growth of the USD/CAD quotes to the level of 1.34000.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 112.632
Opening: 112.505
Chg. % Last day: -0.11
Day Range: 112.257 – 112.870
52-week range: 99.08 – 123.69

Yesterday, the USD/JPY currency pair was traded in a flat with a range of 40 points. At the moment, the yen is testing the local supply zone of 112.800-113.000. It is necessary to pay attention to the speech of the Fed representatives.

forex-forecast-usdjpy-21-03-2017

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 below the %D line, indicating sales of the USD/JPY.

The news background on the Japanese economy is calm today.

Trading recommendations:

Support levels: 112.500
Resistance levels: 113.000, 113.500

We expect a “bearish” moods on the USD/JPY currency pair. The potential for movement – 112.250.