Forex forecast on March 29 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.08642
Opening: 1.08130
Chg. % for the last day: -0.48
Daily range: 1.07770 – 1.08268
52-week range: 1.0366 – 1.1616

Yesterday, the correction was observed on EUR/USD. The currency retained the local resistance of 1.08650, which caused a downward trend. EUR/USD fell by more than 50 points. Today, the euro continued to lose ground.

forex-forecast-eurusd-29-03-2017

The MACD histogram is in the negative zone and below the signal line, which indicates the strength of sellers on the EUR/USD currency pair.

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

The Economic calendar for March 29, 2017:
– the index of unfinished sales in the real estate market in the USA (17:00 GMT+3:00);
– speech by FOMC member Rosengren (18:30 GMT+3:00);
– speech by a member of the ECB Prata (19:50 GMT+3:00);
– speech by FOMC member Williams (20:15 GMT+3:00).

Trading recommendations:

Support levels: 1.07650
Resistance levels: 1.08150, 1.08650

The previous forecast was confirmed. We believe that the correction on the EUR/USD currency pair may continue. We recommend considering sales to around 1.07400-1.07250.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Opening: 1.24423
Chg. % for the last day: -0.84
Daily range: 1.23758 – 1.24623
52-week range: 1.1986 – 1.5020

During yesterday’s trading on GBP/USD, aggressive sales were observed. The British currency has lost more than 100 points. At the moment, the pound found support at 1.23850. Today, Article 50 must enter into force. It is necessary to closely monitor the news feed from the UK.

forex-forecast-gpbusd-29-03-2017
                               
The MACD histogram has fixed in the negative zone and continues to decline, which indicates the further correction of the GBP/USD currency pair.

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

The publication of statistical data on the economy of Britain today is not planned.

Trading recommendations:

Support levels: 1.23850
Resistance levels: 1.24500, 1.25250

Today, we recommend reducing risks when opening a position on the GBP/USD currency pair. The entry points to the market are best sought from the key levels.

If the price consolidates above the local resistance of 1.24500, the GBP/USD currency pair may rise to the level of 1.25250.

An alternative may be a further correction on GBP/USD to the level of 1.23500-1.23250.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.33755
Opening: 1.33832
Chg. % of the last day: +0.04
The daily range: 1.33577 – 1.34009
52-week range: 1.2458 – 1.4692

Yesterday’s trading on USD/CAD was very active. However, unidirectional movement did not happen. At the moment, we can identify the key support and resistance levels: 1.33600 and 1.34000, respectively. The market is waiting for additional drivers.

forex-forecast-usdcad-29-03-2017

The indicators do not send exact signals. The MACD histogram is located near the 0 mark.

Stochastic Oscillator has reached the oversold zone, the %K line crossed the %D line. There are no signals yet.

We recommend you to pay attention to statistics from the USA.
   
Trading recommendations:

Support levels: 1.33600, 1.33200
Resistance levels: 1.34000

If the data on the US economy are positive, an upward trend may develop on the USD/CAD currency pair. Potential of movement is to the round level of 1.34000.

Alternatively, the USD/CAD correction may become the support level of 1.33200.

                                      

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 110.658
Opening: 111.131
Chg. % of the last day: +0.45
The daily range: 111.018 – 111.320
52-week range: 99.08 – 123.69

Yesterday, USD/JPY held the key support level of 110.150, which triggered bullish moods. The trading finished with the growth of quotations by 0.45%. In the Asian session, there was no significant change in the rate. The key trading range is 110.750-111.500.

forex-forecast-usdjpy-29-03-2017

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

Stochastic Oscillator is in the neutral zone, the %K line is crossing the %D line. Currently, there are no signals.

Pressure on the yen is caused by weak indicators on the volume of retail sales in Japan.

Trading recommendations:

Support levels: 110.750, 110.150
Resistance levels: 111.500

We expect further growth of the USD/JPY currency pair. The target level of movement is 111.500-111.750.