Forex forecast on March 22 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07336
Opening: 1.08068
Changes % of the last day: +0.67
Daily range: 1.07881 – 1.08189
52-week range: 1.0366 – 1.1616

Demand for a single currency is supported because of the victory of Macron in the pre-election debate in France. Yesterday the EUR/USD currency pair exceeded the level of 1.08000. At the moment, we can identify the key levels of support and resistance: 1.07800 and 1.08150, respectively.

forex-forecast-eurusd-22-03-2017

The MACD histogram is in the positive area, but below the signal line, which gives a weak signal to buy EUR/USD.

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

Today we recommend to pay attention to the following events:
– speech of ECB member Lautenschlager (13:30 GMT+2:00);
– sales in the secondary housing market in the US (16:00 GMT+2:00).

Trading recommendations:

Support levels: 1.07800, 1.07350
Resistance levels: 1.08150

We recommend to open positions from key levels. If the statistics from the US are positive, a correction on the EUR/USD currency pair may develop to the support level of 1.07350.

An alternative may be further growth of the EUR/USD quotations. The potential of the movement is to 1.08500.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening:
Opening: 1.24745
Changes % of the last day: +0.98
Daily range: 1.24627 – 1.25064
52-week range: 1.1986 – 1.5020

Yesterday there were aggressive purchases on the GBP/USD currency pair. The pound rose in price by more than 125 points. Inflation in Britain exceeded the target level of 2%. The nearest resistance is a round level of 1.25000.

forex-forecast-gpbusd-22-03-2017

The MACD histogram is located in the positive area, but below the signal line, which gives a weak signal to buy GBP/USD.

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

The news background on the UK economy is calm today.

Trading recommendations:

Support levels: 1.24350, 1.23700
Resistance levels: 1.25000

If the price consolidates above 1.25000, we recommend looking for entry points to the market to open long positions. The potential of the movement is to 1.25500.

Forecast for the USD/CAD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.33531
Opening: 1.33535
Chg. % Last day: +0.03
Day range: 1.33467 – 1.33865
52-week range: 1.2458 – 1.4692

Yesterday, there was a high trading activity on the USD/CAD currency pair. The currency kept the demand zone of 1.32750-1.33100, which caused a “bullish” moods in the afternoon. At the moment, the Canadian dollar is testing the “mirror” support level of 1.33700.

forex-forecast-usdcad-22-03-2017

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

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

There are no important news from Canada today.

Trading recommendations:
Support levels: 1.33700, 1.33100
Resistance levels: 1.34350

We expect growth of the USD/CAD quotes. One should consider buying to the level of 1.34300-1.34350.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 112.505
Opening: 111.777
Chg. % Last day: -0.75
Day Range: 111.250 – 111.794
52-week range: 99.08 – 123.69

During yesterday’s trading, the yen rose against the US currency by more than 75 points. Today, the USD/JPY currency pair continued the downward trend. Local support is the level of 111.300. We expect the statistics from the US.

forex-forecast-usdjpy-22-03-2017

The MACD histogram is in the negative zone and continues to decline, indicating a “bearish” moods on USD/JPY.

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, indicating a drop in the USD/JPY.

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

Trading recommendations:
Support levels: 111.300
Resistance levels: 112.500, 113.500

The previous forecast was confirmed. We believe that the downward trend on USD/JPY may continue. If the price consolidates below the support level of 111.300, be sure to consider sales. The potential for movement – 111.000-110.750.