The Analytical Overview of the Main Currency Pairs on 2022.03.15

March 15, 2022

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.0919
  • Prev Close: 1.0941
  • % chg. over the last day: +0.20%

Geopolitical tensions in Eastern Europe are not declining. The European economy is approaching stagflation (a slowdown in economic growth with high inflation), and the US Federal Reserve will raise the interest rates tomorrow. All these factors will harm the European currency.

Trading recommendations
  • Support levels: 1.0948, 1.0916, 1.0887, 1.0823, 1.0633
  • Resistance levels: 1.1051, 1.1112, 1.1291

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bearish. The price is now trading in the price corridor near the moving averages. The MACD indicator shows a slight buying pressure. Under such market conditions, it is best to look for sell trades on intraday time frames from the resistance level of 1.1051. Buy trades should be considered from the support level 1.0948 or 1.0916, but only with short targets.

Alternative scenario: if the price breaks out through the 1.1112 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2022.03.15:
  • – German ZEW Economic Sentiment (m/m) at 12:00 (GMT+2);
  • – Eurozone ZEW Economic Sentiment (m/m) at 12:00 (GMT+2);
  • – Eurozone Industrial Production (m/m) at 12:00 (GMT+2);
  • – US Producer Price Index (m/m) at 14:30 (GMT+2);
  • – US NY Empire State Manufacturing Index (m/m) at 14:30 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.3034
  • Prev Close: 1.3002
  • % chg. over the last day: -0.24%

UK labor market data showed a positive trend. The unemployment rate fell from 4.1% to 3.9%, jobless claims fell by 48,000, and average earnings increased. But the British pound is still declining despite rising interest rates as well as economic indicators. Currently, the pound is declining due to the narrowing spread between UK and US government bond yields. But the UK’s economic outlook is now much better than those of the Eurozone.

Trading recommendations
  • Support levels: 1.2989, 1.2863
  • Resistance levels: 1.3085, 1.3164, 1.3274

On the hourly time frame, the trend on the GBP/USD currency pair is bearish. Volatility is decreasing, buying pressure is increasing. The MACD indicator is in the negative zone, but there is a divergence towards long positions on higher time frames. Under such market conditions, it is better to look for buy deals from the support level 1.2989, but it is better with confirmation. For sell deals, it is better to consider the resistance level of 1.3085.


Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter





Alternative scenario: if the price breaks out through the 1.3164 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2022.03.15:
  • – UK Average Earnings Index (m/m) at 09:00 (GMT+2);
  • – UK Claimant Count Change (m/m) at 09:00 (GMT+2);
  • – UK Unemployment Rate (m/m) at 09:00 (GMT+2).

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 117.33
  • Prev Close: 118.17
  • % chg. over the last day: +0.71%

The Japanese yen continues to decline. This week, the US Federal Reserve and the Bank of Japan will hold monetary policy meetings. However, while the Federal Reserve will almost certainly raise interest rates, the Bank of Japan will remain dovish on monetary policy for an extended period due to low inflation and high energy prices. Such a situation favors the growth of USD/JPY quotes. Analysts at Bank of America raised their USD/JPY forecast to 123 by the third quarter.

Trading recommendations
  • Support levels: 117.34, 116.95, 116.32
  • Resistance levels: 118.32, 118.64

The medium-term trend on the USD/JPY currency pair is bullish. The MACD indicator is in the positive zone. There are signs of overbought and divergence, which means that a downward connection is close. In such market conditions, it is best to look for buy deals after a slight pullback, as the price has deviated strongly from the moving averages. A support level of 117.34 would be the best, but with additional confirmation. For sell deals, the resistance level of 118.32 can be considered.

Alternative scenario: if the price fixes below 116.32, the uptrend will likely be broken.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2726
  • Prev Close: 1.2818
  • % chg. over the last day: +0.72%

The Canadian dollar is a commodity currency, so it is highly dependent not only on the monetary policy of the Bank of Canada but also on the dynamics of oil prices and the dollar index. Oil prices fell to a 2-week low amid a new round of talks between Ukraine and Russia. Investors started fixing their positions as oil reached analysts’ targets of $125. With the dollar index rising, this led to an upward movement on the USD/CAD currency pair.

Trading recommendations
  • Support levels: 1.2764, 1.2733, 1.2653, 1.2555, 1.2517
  • Resistance levels: 1.2871, 1.2890

In terms of technical analysis, the USD/CAD currency pair trend is bullish. The MACD indicator is in the positive zone, with no signs of reversal. It is worth trading only with short targets because both oil and the dollar index are still fundamentally inclined to grow. Under such market conditions, it is better to look for buy trades on the lower time frames from the support level 1.2764, but it is better with additional confirmation. For sell deals, it is better to consider the resistance level of 1.2871.

Alternative scenario: if the price breaks through and consolidates below 1.2733, the downtrend will likely resume.

There is no news feed for today.

by JustForex

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

InvestMacro

Share
Published by
InvestMacro

Recent Posts

Nuclear rockets could travel to Mars in half the time − but designing the reactors that would power them isn’t easy

By Dan Kotlyar, Georgia Institute of Technology  NASA plans to send crewed missions to Mars…

18 hours ago

Fast fashion may seem cheap, but it’s taking a costly toll on the planet − and on millions of young customers

By Paula M. Carbone, University of Southern California  Fast fashion is everywhere – in just…

21 hours ago

“Trump trades” and geopolitics are the key factors driving market activity

By JustMarkets At Friday’s close, the Dow Jones Index (US30) was up 0.97% (week-to-date +1.99%).…

22 hours ago

EUR/USD Amid Slowing European Economy

By RoboForex Analytical Department  EUR/USD encountered significant pressure, testing a low of 1.0331 before rebounding…

22 hours ago

USD Index Bets continue divergence, Speculators cut their Euro bets

By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…

2 days ago

Speculator Extremes: Ultra T-Bonds, AUD, 5-Year & USD Index lead Bullish & Bearish Positions

By InvestMacro The latest update for the weekly Commitment of Traders (COT) report was released…

3 days ago

This website uses cookies.