Forex forecast on March 30 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.08130
Opening: 1.07650
Chg. % for the last day: -0.43
Daily range: 1.07408 – 1.07706
52-week range: 1.0366 – 1.1616

During yesterday’s trading, the single currency continued to lose ground against the US dollar. The fall in the EUR/USD quotations exceeded 70 points. The currency found support at around 1.07400. The closest resistance is 1.07700 level. At the moment, the technical picture is ambiguous. We are waiting for statistics from the USA.

forex-forecast-eurusd-30-03-2017

The MACD histogram is in the negative area, but above the signal line, which gives a weak signal to sell EUR/USD.

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

News background:
– the consumer price index in Germany (15:00 GMT+3:00);
– the US GDP data (15:30 GMT+3:00);
– the number of initial claims for unemployment benefits in the US (15:30 GMT+3:00);

We also recommend you to pay attention to the press conferences of the FOMC representatives.

Trading recommendations:

Support levels: 1.07400
Resistance levels: 1.07700, 1.08200

Our past expectations have been confirmed. If the statistics from the US is positive, the fall in the EUR/USD quotes may continue. The potential of movement is to the round level 1.07000.

An alternative may be an upward trend in EUR/USD to the level of 1.08000 – 1.08200.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Opening: 1.24337
Chg. % for the last day: -0.13
Daily range: 1.24080 – 1.24511
52-week range: 1.1986 – 1.5020

At the moment there is “bearish” sentiment on the GBP/USD currency pair. The key trading range is 1.23850-1.24,500. Today, the attention of financial market participants will be directed to data on the US GDP.

forex-forecast-gpbusd-30-03-2017

The MACD histogram is in the negative zone and continues to decline, which indicates a drop in GBP/USD.

Stochastic Oscillator has reached oversold zone, the %K line is below the %D line, which gives a weak signal to sell GBP/USD.

There is no important news from Britain today.

Trading recommendations:

Support level: 1.23850
Resistance levels: 1.24500, 1.25250

We believe that the GBP/USD currency pair may continue to decline. We recommend considering sales to around 1.23850-1.23500.

Forecast for the USD/CAD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.33832
Opening: 1.33282
Chg. % Last day: -0.43
Day range: 1.33227 – 1.33454
52-week range: 1.2458 – 1.4692

Yesterday, the power of sellers was observed on the USD/CAD currency pair. The Canadian dollar rose in price by more than 50 points. The currency reached a key support level of 1.33200. Trading in the Asian session was calm.

forex-forecast-usdcad-30-03-2017

The MACD histogram has fixed in the negative zone, but above the signal line, which gives a weak signal to sell USD/CAD.

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

At 15:30 (GMT+3:00), the raw material price index in Canada will be published.

Trading recommendations:

Support levels: 1.33200
Resistance levels: 1.33600, 1.34000

We expect a downward trend on the USD/CAD currency pair. The potential for movement – 1.33000-1.32750.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 111.131
Opening: 111.034
Chg. % Last day: -0.10
Day Range: 110.936 – 111.424
52-week range: 99.08 – 123.69

Since the beginning of this week, there is a corrective movement on the USD/JPY currency pair. At the moment, we can identify the key support and resistance levels: 110.750 and 111.500, respectively. We expect economic data from the US.

forex-forecast-usdjpy-30-03-2017

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

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

It is necessary to pay attention to the news line on the US economy.

Trading recommendations:

Support levels: 110.750, 110.150
Resistance levels: 111.500

If the statistics from the US is weak, a downward trend may develop on the USD/JPY currency pair to the support level of 110.150.

An alternative would be the USD/JPY correction to the level of 111.500-111.750.