The Analytical Overview of the Main Currency Pairs on 2020.03.24

March 24, 2020

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.07040
  • Open: 1.07280
  • % chg. over the last day: +0.32
  • Day’s range: 1.07260 – 1.08662
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair is still in sideways movement. There is no defined trend. At the moment, local support and resistance levels are at 1.07200 and 1.08600, respectively. The spread of the COVID-19 virus continues to put pressure on the financial markets. The US Federal Reserve introduced a new range of stimulus programs for large companies, households and small businesses. The current technical pattern signals a possible correction of the EUR after a significant fall. We recommend opening positions from key levels.

The Economic News Feed for 24.03.2020:

  • – A number of indicators on business activity in Germany and the EU – 10:30, 11:00 (GMT+3:00);
  • – Reports on business activity in the US (EU) – 15:45 (GMT+3:00);
  • – New Home Sales (US) – 16:00 (GMT+3:00);
EUR/USD

Indicators do not give accurate signals: the price has crossed 100 MA.

MACD histogram has moved to the positive zone, which indicates the recovery of EUR/USD quotes.


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The Stochastic Oscillator is located in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.07200, 1.06350
  • Resistance levels: 1.08600, 1.09550, 1.10600.

If the price fixes above 1.08600, the correction of the EUR/USD currency pair is expected toward 1.09400-1.10000.

Alternatively, the quotes will descend toward 1.06500-1.06000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16698
  • Open: 1.15087
  • % chg. over the last day: -0.62
  • Day’s range: 1.14857 – 1.16900
  • 52 wk range: 1.1466 – 1.3516

The technical pattern on the GBP/USD currency pair is ambiguous. The pound is being traded in a flat. There is no defined trend. The key support and resistance levels are 1.14500 and 1.17200, respectively. British Prime Minister Boris Johnson introduced a strict quarantine in the country to stop the spread of the COVID-19 virus. Technical correction of the trading instrument is not ruled out in the nearest future. Open positions from key levels.

At 11:30 (GMT+2:00) the UK will publish a number of important indicators on business activity.

GBP/USD

Indicators do not give an accurate signal: 50 MA crossed 100 MA.

MACD histogram is near the 0 mark.

The Stochastic Oscillator is located in the neutral zone, the %K line crossed the %D line. No signals at the moment.

Trading recommendations
  • Support levels: 1.14500
  • Resistance levels: 1.17200, 1.19000, 1.21350

If the price fixes above 1.17200, expect a correction toward 1.19000-1.20000.

Alternatively, the quotes could descend toward 1.14000-1.13500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.43566
  • Open: 1.45076
  • % chg. over the last day: +0.70
  • Day’s range: 1.43812 – 1.45076
  • 52 wk range: 1.2949 – 1.4668

The CAD is in a flat. The technical picture is ambiguous. At the moment the following key support and resistance levels can be distinguished: 1.43600 and 1.45450, respectively. The correction of USD/CAD quotes after the prolonged rally is not excluded in the nearest future. We recommend you to pay attention to the dynamics of oil prices. Open positions from key levels.

The Economic News Feed for 24.03.2020 is calm.

USD/CAD

Indicators do not give accurate signals: the price has crossed 50 MA and 100 MA.

The MACD histogram began to decline, which indicates a bearish sentiment.

The Stochastic Oscillator is in a neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.43600, 1.41500, 1.40000
  • Resistance levels: 1.45450, 1.46600

If the price fixes below 1.43600, expect a correction of USD/CAD currency to 1.42500-1.41500.

Alternatively, the quotes could grow toward 1.46500-1.47000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.755
  • Open: 111.222
  • % chg. over the last day: +0.76
  • Day’s range: 110.086 – 111.239
  • 52 wk range: 101.19 – 112.41

USD/JPY currency pair continues to trade in a flat. There is no defined trend. Investors are waiting for additional drivers. At the moment local support and resistance levels are at 110.200 and 111.450, respectively. Technical correction of the trading instrument is not ruled out in the nearest future. We recommend you to pay attention to the dynamics of US government securities yield. Open positions from key levels.

The Economic News Feed for 24.03.2020 is calm.

USD/JPY

Indicators do not give accurate signals: the price has crossed 50 MA and 100 MA.

MACD histogram is near the 0 mark.

The Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates a bullish mood.

Trading recommendations
  • Support levels: 110.200, 109.300, 108.500.
  • Resistance levels: 111.450, 112.000

If the price fixes below 110.200, expect the quotes to correct toward 109.300-108.500.

Alternatively, the quotes could grow toward 112.000.

by JustForex