Forex forecast on March 24 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07923
Opening: 1.07825
% Of the last day: -0.06
Daily range: 1.07590 – 1.07855
52-week range: 1.0366 – 1.1616

Yesterday’s trading on EUR/USDwas very calm. The currency was in lateral movement with a range of 35 points. At the moment, EUR/USD is testing the 1.07800 mark. We are waiting for statistics from the USA.

forex-forecast-eurusd-24-03-2017

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 is above the %D line, which indicates bullish moods on EUR/USD.

The news line on March 24, 2017:
– the index of business activity in the manufacturing sector of the euro area (11:00 GMT+2:00);
– the index of business activity in the services sector of the euro area (11:00 GMT+2:00);
– basic orders for durable goods in the US (14:30 GMT+2:00);
– the FOMC member Bullard’s speech (15:05 GMT+2:00);
– the FOMC member Dudley’s speech (16:00 GMT+2:00).
  
Trading recommendations:

Support levels: 1.07800, 1.07350
Resistance levels: 1.08150

We expect growth of the EUR/USD quotations. We recommend considering purchases to around 1.08500.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev opening: 1.24784
Opening: 1.25164
% Of the last day: +0.37
The daily range: 1.24722 – 1.25197
52-week range: 1.1986 – 1.5020

Yesterday, the pound continued to strengthen against the US currency. GBP/USD rose more than 50 points. The currency found resistance at 1.25250. The nearest support is the mark of 1.24350.

forex-forecast-gpbusd-24-03-2017
                               
The signals of the indicators are ambiguous. The MACD histogram began to decline and moved to the negative zone, which signals to sell GBP/USD.

Stochastic Oscillator went out of the oversold zone, the %K line is above the %D line, which indicates the growth of the GBP/USD currency pair.

At 11:30 (GMT + 2: 00) the data on the number of the BBA approved mortgage loans.

Trading recommendations:

Support levels: 1.24350
Resistance levels: 1.25250

We believe that the growth of the GBP/USD currency pair may continue. If the price consolidates above 1.25250, we recommend you to look for entry points to the market for opening long positions. The potential of the movement is to 1.25500-1.25750.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.33331
Opening: 1.33534
% of the last day: +0.13
Daily range: 1.33458 – 1.33775
52-week range: 1.2458 – 1.4692

Yesterday, USD/CAD was quite volatile. At the same time, there were no unidirectional movements. The trading ended with a slight strengthening of the US dollar. At the moment, the currency is testing the resistance level of 1.33700. We are waiting for statistics on the economy of Canada.

forex-forecast-usdcad-24-03-2017

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

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, which indicates a fall of the USD/CAD quotes.

At 14:30 (GMT + 2: 00), the basic consumer price index will be published in Canada.
   
Trading recommendations:

Support levels: 1.33100
Resistance levels: 1.33700, 1.34350

If inflation data in Canada are positive, a downward trend may develop on the USD/CAD currency pair. The immediate goal for profit-taking is 1.33100.

Alternatively, USD/CAD may rise to the resistance level of 1.34350.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening:
Opening: 110.987
% Of the last day: -0.33
The daily range: 110.843 – 111.483
52-week range: 99.08 – 123.69

At the moment, the USD/JPY currency pair is being traded in the flat. The key trading range is 110.750-111.50. The market is waiting for additional drivers.

forex-forecast-usdjpy-24-03-2017

The MACD histogram has begun to rise and moved to the positive zone, which indicates bullish moods on the USD/JPY currency pair.

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

It is necessary to pay attention to economic reports from the USA.

Trading recommendations:

Support levels: 110.750
Resistance levels: 111.500, 112.500

If the statistics from the US is weak, the USD/JPY currency pair may continue to decline to the level of 110.500-110.250.

An alternative may be the correction on USD/JPY to the round level of 112.000.