InvestMacro

By Orbex

EURUSD struggles to rebound

The US dollar bounces across the board as the Fed may possibly raise interest rates on Wednesday. The pair found support near May 2020’s lows around 1.0800.

The RSI’s oversold condition on the daily chart prompted the bears to take some chips off the table, alleviating the pressure. 1.1110 is a fresh resistance and its breach could lift offers to 1.1270.

In fact, this could turn sentiment around in the short term. Failing that, a break below 1.0830 could trigger a new round of sell-off towards March 2020’s lows near 1.0650.

AUDUSD lacks support

The Australian dollar slipped after dovish RBA minutes. The pair continues to pull back from its recent top at 0.7430.

A drop below the demand zone at 0.7250 further puts the bulls on the defensive. The former support has turned into a resistance level. 0.7170 at the origin of a previous breakout is key support.

An oversold RSI may raise buyers’ interest in this congestion area. A deeper correction could invalidate the recent rebound and send the Aussie to the daily support at 0.7090.

GER 40 attempts to rebound

The Dax 40 edges higher as Russia and Ukraine hold a fourth round of talks. The index bounced off the demand zone (12500) from the daily chart, a sign that price action could be stabilizing.

The supply zone around the psychological level of 14000 sits next to the 20-day moving average, making it an important hurdle. A tentative breakout may have prompted sellers to cover.

14900 would be the target if the rebound gains momentum. On the downside, 13300 is fresh support, and 12720 is the second line of defense.

Article by Orbex

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Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Hammer reversal pattern close to the support level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the upside correctional target may be at 1.1100. However, an alternative scenario implies that the price may continue falling to reach 1.0860 without any corrections towards the resistance area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hanging Man reversal pattern not far from the resistance level. At the moment, the asset is reversing and may start a new pullback towards the support area. In this case, the downside correctional target may be at 117.95. At the same time, an opposite scenario implies that the price may grow to reach 119.35 and continue the uptrend without any corrections towards the support area.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming a Harami reversal pattern near the resistance area, EURGBP is reversing and may start another descending wave. In this case, the downside target may be at 0.8380. Later, the market may test the support level, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8475 without any corrections.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, after breaking the 200-day Moving Average, AUDUSD is trading below it, thus indicating a possible descending tendency. In this case, the price is expected to test 5/8, break it, and then continue falling to reach the support at 4/8. However, this scenario may no longer be valid if the price breaks the 6/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 7/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.

NZDUSD, “New Zealand Dollar vs US Dollar”

In the H4 chart of NZDUSD, the situation is similar. The asset has broken the 200-day Moving Average and is currently trading below it to indicate a descending tendency. In this case, the price is expected to break 5/8 and continue falling to reach the support at 4/8. However, this scenario may no longer be valid if the price breaks the resistance at 6/8 to the upside. After that, the instrument may reverse and grow towards 7/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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.

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.

by JustForex

The US stock indices finished trading on Monday without a single trend. The Dow Jones (US30) was flat at the close, the S&P 500 (US500) decreased by 0.74%, and the NASDAQ Technology Index (US100) lost 2.04%.

Tomorrow will be the long-awaited March Federal Reserve meeting, at which the US Federal Reserve will raise interest rates. Most likely, the rate will be raised by 0.25%, but there is a slight possibility that due to the uncertainty caused by the war in Ukraine, the rate could be increased immediately by 0.5%. The Fed will also provide new macroeconomic forecasts along with the rate decision. Goldman Sachs Group lowered its forecast for the S&P 500 Index to 4,700 points from 4,900 points at the end of 2022 due to the conflict over Ukraine.

Unlike US indices, major European indices closed on the green territory on Monday. The German DAX (DE30) gained 1.38% on Friday, the French CAC 40 (FR40) added 1.75%, the Spanish IBEX 35 (ES35) increased by 1.13%, the British FTSE 100 (UK100) jumped by 0.53%. Investors hope that the Russian and Ukrainian delegations will come to a compromise and a ceasefire agreement. The UK labor market data showed positive dynamics. The unemployment rate declined from 4.1% to 3.9%, jobless claims fell by 48 thousand, and average earnings increased. The British economic outlook is now much better than that of the Eurozone. Today, the European Institute ZEW will publish economic forecasts for Germany and the Eurozone. Analysts expect to see a decline in numbers.

The European Union has introduced a new package of sanctions against Russia. The sanctions include a ban on new investments in the energy sector, according to the European Commission website. Exceptions are made for peaceful atom and energy transportation. Several goods such as steel products, luxury goods, premium cars, and jewelry are banned. The EU has banned rating agencies from providing any credit rating services related to Russia. The European Aviation Safety Agency (EASA) has suspended the certificates of Russian airlines.

Oil prices fell to a 2-week low amid a new round of negotiations between Ukraine and Russia, and as investors began to close their positions as oil hit analysts’ targets of $125. The United States warned China not to provide military or financial assistance to Russia. But India may accept Russia’s offer to buy crude oil and other commodities at a discount, which means India wants to keep its key trading partner.

Gold prices began to decline due to rising government bond yields ahead of the Federal Reserve’s interest rate decision. There are no fundamental growth factors for gold and silver now. The closer Russia and Ukraine are to a compromise, the faster gold will fall. The same applies to wheat and nickel prices.

Asia-Pacific stock indices traded without a single dynamic yesterday. Soaring inflation and uncertainty in the financial markets, aggravated by the beginning of Russia’s invasion of Ukraine, continue to worry many investors. Japan’s Nikkei 225 (JP225) gained 0.58% yesterday, Hong Kong’s Hang Seng (HK50) lost 4.97%, and Australia’s S&P/ASX 200 (AU200) increased by 1.21%. In Australia, the monetary policy minutes were published. The Australian Central Bank Board will not raise the monetary rate until actual inflation is steadily within the target range of 2% to 3%. The People’s Bank of China left its one-year medium-term credit line unchanged at 2.85%.

Main market quotes:

S&P 500 (F) (US500) 4,173.11 -31.20 (-0.74%)

Dow Jones (US30) 32,945.24 +1.05 (+0.0032%)

DAX (DE40) 13,929.11 +301.00 (+2.21%)

FTSE 100 (UK100) 7,193.47 +37.83 (+0.53%)

USD Index 99.09 -0.03 (-0.03%)

• – Australia RBA Meeting Minutes (m/m) at 02:30 (GMT+2);
• – China Retail Sales (m/m) at 04:00 (GMT+2);
• – China Industrial Production (m/m) at 04:00 (GMT+2);
• – China Unemployment Rate (m/m) at 04:00 (GMT+2);
• – 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);
• – 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).

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.