Forex forecast on March 31 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07650
Opening: 1.06765
Chg. % of the last day: -0.85
Daily range: 1.06725 – 1.06909
52-week range: 1.0366 – 1.1616

Yesterday, the euro continued to lose ground against the US currency. The US dollar was supported by positive data on the country’s GDP. The fall in the EUR/USD quotes exceeded 90 points. The currency found support at the level of 1.06750. Today, the attention is focused on inflation data in the euro area.

forex-forecast-eurusd-31-03-2017

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

Stochastic Oscillator is in the neutral zone, %K line is above %D line, which indicates the EUR/USD correction.

Economic calendar on March 31, 2017:
– change in the number of unemployed people in Germany (11:00 GMT+3:00);
– the unemployment rate in Germany (11:00 GMT+3:00);
– the consumer price index in the euro area (12:00 GMT+3:00);
– the basic price index of expenditures on personal consumption in the USA (15:30 GMT+3:00);
– the index of business activity in Chicago (16:45 GMT+3:00);
– indices of consumer expectations and sentiments from the University of Michigan (17:00 GMT+3:00).

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

Trading recommendations:

Support levels: 1.06750
Resistance levels: 1.07400

If the statistics from the EU is optimistic, a correction may develop to the resistance level of 1.07400.

An alternative may be a further drop of EUR/USD to the level of 1.06250.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Opening: 1.24671
Chg. % of the last day: +0.28
Daily range: 1.24447 – 1.25078
52-week range: 1.1986 – 1.5020

Yesterday’s trading on GBP/USD was very active. At the same time, the unidirectional movement was not observed. At the moment, we can identify the key levels: support – 1.24500; resistance – 1.25250. We are waiting for data on the GDP of Britain release.

forex-forecast-gpbusd-30-03-2017
                               
The MACD histogram has begun to decline and is below the signal line, which indicates a bearish sentiment on GBP/USD.

Stochastic Oscillator is located near the oversold zone, %K line crossed %D line. There are no signals at the moment.

At 11:30 (GMT+3:00) the data on UK GDP will be released.

Trading recommendations:

Support levels: 1.24500, 1.23850
Resistance levels: 1.25250

If the statistics from Britain is positive, GBP/USD may rise to the level of 1.25250-1.25500.

An alternative may be a downward trend towards 1.24000-1.23850.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.33282
Opening: 1.33397
Chg. % of the last day: +0.13
Daily range: 1.33251 – 1.33472
52-week range: 1.2458 – 1.4692

Yesterday, USD/CAD showed a variety of trends. The trading was very active. The currency tested key support and resistance levels: 1.33200 and 1.33600. During the Asian session, there was no significant change in the USD/CAD rate. We are waiting for statistics on the economy of Canada.

forex-forecast-usdcad-30-03-2017

The MACD histogram has begun to rise and moved to the positive zone, which indicates the growth of the USD/CAD quotes.

Stochastic Oscillator is in the neutral zone, %K line is below %D line, which sends a signal to sell USD/CAD.

At 15:30 (GMT+3:00) the data on Canada’s GDP will be released.
   
Trading recommendations:

Support levels: 1.33200, 1.32800
Resistance levels: 1.33600

The previous forecast turned out to be quite accurate. We recommend you to wait for the publication of statistics on the economy of Canada.

If the price consolidates above the 1.33600 mark, USD/CAD may rise. The potential for movement is to 1.33900-1.34000.

If the price overcomes the support level of 1.33200, we recommend selling USD/CAD to 1.32800.

                                      

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Opening: 111.895
Chg. % of the last day: +0.78
The daily range: 111.695 – 112.191
52-week range: 99.08 – 123.69

Yesterday, USD/JPY saw aggressive purchases. The yen continued to correct. The growth of quotations exceeded 90 points. During the Asian session, the USD/JPY currency pair formed a local support of 111.700. The technical pattern indicates the further growth of USD/JPY.

forex-forecast-usdjpy-30-03-2017

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

Stochastic Oscillator is located near the oversold zone, %K line crossed %D line. There are currently no signals.

We recommend paying attention to the news background from the USA.

Trading recommendations:

Support levels: 111.500, 110.750
Resistance levels: 112.150

We believe that the corrective movement on USD/JPY may continue. We recommend looking for entry points to the market to open long positions. The movement is potentially tending to 112.250-112.500.