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Forex Signals & Market Insights: March 20- Intraday Focus

  • GBP CPI: Watch GBP/USD for reaction to inflation data.

  • Federal Funds Rate: Stability expected; USD pairs in focus.

  • FOMC Economic Projections: Impactful on USD if deviating from expectations.

  • FOMC Statement: A hawkish tone could strengthen USD.

  • Powell's Press Conference: Clues on rate cuts may sway USD pairs.

DXY Dollar Index, A financial chart depicting the with technical indicators including candlesticks, Bollinger Bands, Ichimoku Cloud, and volume bars. The chart also features an RSI indicator below, signalling recent market volatility.
🟢 Dollar Index

Forex Trade Signals

EUR/USD  GBP/USD  USD/JPY  USD/CHF  NZD/USD  AUD/USD USD/CAD  EUR/GBP  EUR/JPY EUR/CHF


EUR/USD A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 EUR/USD

Trading Signal for EUR/USD

  • Trade Direction: Sell

  • Entry Point: 1.0868

  • Take Profit: TP1: 1.0850, TP2: 1.0830, TP3: 1.0800 (around the daily pivot point and psychological levels)

  • Stop Loss: 1.0890 (above yesterday's high)

  • Confidence Level: Moderate, considering the upcoming economic events and technical analysis.

Technical Analysis

  • Trend Analysis: The 4-hour chart shows that the price is within the Ichimoku Cloud, indicating uncertainty in the short-term trend, and is slightly above the daily pivot point. The Bollinger Bands are relatively narrow, suggesting low volatility.

  • Key Levels:

  • Resistance: Yesterday's High Value: 1.0879

  • Support: Daily Pivot Point: 1.0860, Yesterday's Low Value: 1.0835

Technical Indicators

  • Bollinger Bands: Price is fluctuating around the middle band, showing a lack of strong momentum.

  • Ichimoku Cloud: Price is within the cloud, indicating a potential trend change or consolidation.

  • ATR: 0.00137, indicating low intraday volatility.

  • MACD: Histogram is slightly negative, indicating mild bearish momentum.

  • RSI: At 41, suggesting there is more room to go down before reaching the oversold territory.

Market Sentiment

  • General Sentiment: Mixed, awaiting key economic releases.

  • Impact on Specific Asset: The EUR/USD may see increased volatility around the release times.

  • Notable Economic Events: GBP CPI may affect EUR through EUR/GBP cross-pair dynamics. The Federal Reserve’s rate decision and statements may lead to USD strength, influencing EUR/USD.


Considering the technical indicators and the upcoming economic announcements, the trade direction is set to 'Sell' with moderate confidence. There's potential for USD strength if the FOMC statement is hawkish or if the Federal Funds Rate shows signs of stability.


Trading Signal for GBP/USD

  • Trade Direction: Sell

  • Entry Point: 1.2723 (current close price)

  • Take Profit: TP1: 1.2708 (daily pivot), TP2: 1.2680, TP3: 1.2667 (yesterday's low)

  • Stop Loss: 1.2740 (slightly above yesterday's high)

  • Confidence Level: Low to Moderate, the direction is pending on CPI data but technically slightly bearish.

Technical Analysis

  • Trend Analysis: The 4-hour chart shows that the price has recently risen to the upper band of the Bollinger Bands, potentially indicating a pullback is due.

  • Key Levels:

  • Resistance: Yesterday's High Value: 1.2734

  • Support: Daily Pivot Point: 1.2708, Yesterday's Low Value: 1.2667

Technical Indicators

  • Bollinger Bands: The price is near the upper band, suggesting a potential reversion to the mean.

  • Ichimoku Cloud: Price is above the cloud indicating an uptrend, but caution is warranted due to the upcoming news event.

  • ATR: 0.00205, signaling moderate intraday volatility.

  • MACD: Slightly below the signal line, indicating a possible decline in upward momentum.

  • RSI: At 43.77, there is room for the price to move in either direction; however, it is closer to the oversold area which may limit downside potential.

Market Sentiment

  • General Sentiment: Neutral to slightly bearish awaiting CPI data.

  • Impact on Specific Asset: The CPI data release could increase volatility in GBP/USD and lead to a clearer trend.

  • Notable Economic Events: The release of the CPI data is critical and could result in significant price movement depending on the outcome. A higher than expected inflation figure could strengthen the GBP, while a lower than expected figure could weaken it.


The current signal suggests a slight sell bias based on technical indicators, but given the proximity to the release of important CPI data, it is advised to proceed with caution.



Trading Signal for USD/JPY

  • Trade Direction: Buy

  • Entry Point: 150.86 (current close price)

  • Take Profit: TP1: 151.00, TP2: 151.50, TP3: 152.00 (psychological levels and above current resistance)

  • Stop Loss: 149.90 (below the daily pivot and round number)

  • Confidence Level: High, noting the possibility of intervention and market conditions.

Technical Analysis

  • Trend Analysis: The price is in a strong uptrend, clearly above the Ichimoku Cloud.

  • Key Levels:

  • Resistance: Yesterday's High Value: 150.97

  • Support: Daily Pivot Point: 150.28, Yesterday's Low Value: 149.03

Technical Indicators

  • Bollinger Bands: Price is at the upper band, signaling a strong uptrend but also potential for a pullback.

  • Ichimoku Cloud: Price above the cloud confirms the bullish trend.

  • ATR: 0.398, high intraday volatility is indicated.

  • MACD: Strongly positive and increasing, indicating a continuation of the upward momentum.

  • RSI: At 85.57, it is in the overbought territory, suggesting caution as a retracement could be due.

Market Sentiment

  • General Sentiment: Bullish, with the caution that it's a bank holiday in Japan, which can lead to thinner liquidity and possible interventions.

  • Impact on Specific Asset: The USD/JPY pair is strongly bullish, and market intervention can cause significant volatility.

  • Notable Economic Events: It's a bank holiday in Japan, which could affect trading volumes and volatility.


Given the strong upward trend and high volatility, the signal is to buy with high confidence, but traders should be aware of the overbought conditions and the possibility of central bank intervention or policy comments that could affect the JPY.


Trading Signal for USD/CHF

  • Trade Direction: Buy

  • Entry Point: 0.8898 (current close price)

  • Take Profit: TP1: 0.8910, TP2: 0.8925, TP3: 0.8940 (just below and psychological levels)

  • Stop Loss: 0.8870 (just below the daily pivot)

  • Confidence Level: Moderate, based on technicals showing a continued uptrend.

Technical Analysis

  • Trend Analysis: The pair is trending upwards, staying above the Ichimoku Cloud.

  • Key Levels:

  • Resistance: Yesterday's High Value: 0.8900

  • Support: Daily Pivot Point: 0.8882, Yesterday's Low Value: 0.8865

Technical Indicators

  • Bollinger Bands: The price is moving towards the upper band, indicating an uptrend.

  • Ichimoku Cloud: The price is above the cloud, supporting the bullish trend.

  • ATR: 0.00170, suggesting moderate intraday volatility.

  • MACD: The MACD line is above the signal line and histogram is positive, indicating bullish momentum.

  • RSI: At 72.54, it is approaching overbought territory but still has some room before it indicates a reversal.

Market Sentiment

  • General Sentiment: Bullish, but cautious as approaching overbought conditions.

  • Impact on Specific Asset: The USD/CHF may continue its uptrend, but traders should be wary of potential reversals as the RSI approaches overbought levels.

  • Notable Economic Events: The FOMC economic projections and statement today could have significant effects on USD pairs, including USD/CHF.

This signal suggests buying on the current momentum, with a moderate level of confidence given the solid uptrend and positive momentum indicated by technical indicators. However, traders should remain vigilant for potential shifts in sentiment following the FOMC statement and economic projections, which could lead to increased volatility or a trend reversal.




Trading Signal for NZD/USD

  • Trade Direction: Sell

  • Entry Point: 0.6052 (current close price)

  • Take Profit: TP1: 0.6040, TP2: 0.6025, TP3: 0.6000 (round figure and below the daily pivot)

  • Stop Loss: 0.6070 (above the daily pivot)

  • Confidence Level: Moderate, based on the technical indicators and the current trend.

Technical Analysis

  • Trend Analysis: The trend has been downward recently, as indicated by the price movement below the Ichimoku Cloud.

  • Key Levels:

  • Resistance: Yesterday's High Value: 0.6091

  • Support: Daily Pivot Point: 0.6059, Yesterday's Low Value: 0.6034

Technical Indicators

  • Bollinger Bands: The price is moving towards the lower band, indicating a downward trend.

  • Ichimoku Cloud: The price is below the cloud, which confirms the bearish trend.

  • ATR: 0.00154, suggesting moderate volatility.

  • MACD: The MACD line is below the signal line and the histogram is negative, supporting the bearish outlook.

  • RSI: At 27.35, it is in the oversold territory, indicating that there might be a potential for a short-term pullback.

Market Sentiment

  • General Sentiment: Bearish, but cautious due to the oversold RSI which might lead to a reversal.

  • Impact on Specific Asset: The NZD/USD pair is expected to continue its downward trend, but traders should monitor for a potential bounce due to the oversold condition.

  • Notable Economic Events: None specified for NZD, but general market sentiment and USD-related news will influence this pair.


The signal is to sell, given the downward trend and negative momentum, with a moderate confidence level.



Trading Signal for AUD/USD

  • Trade Direction: Sell

  • Entry Point: 0.6531 (current close price)

  • Take Profit: TP1: 0.6520, TP2: 0.6500, TP3: 0.6480 (below the daily pivot and towards recent support levels)

  • Stop Loss: 0.6550 (above the daily pivot and recent high)

  • Confidence Level: Moderate, following the technical indicators and price action.

Technical Analysis

  • Trend Analysis: The 4-hour chart shows the price moving below the Ichimoku Cloud, indicating a bearish trend.

  • Key Levels:

  • Resistance: Yesterday's High Value: 0.6565

  • Support: Daily Pivot Point: 0.6533, Yesterday's Low Value: 0.6503

Technical Indicators

  • Bollinger Bands: The price is near the lower band, indicating that the downward trend might continue.

  • Ichimoku Cloud: The price is below the cloud, suggesting a bearish sentiment.

  • ATR: 0.00157, suggesting moderate volatility.

  • MACD: The MACD line is below the signal line, supporting the sell signal.

  • RSI: At 37.55, it's not yet in the oversold territory, leaving room for a potential downward move.

Market Sentiment

  • General Sentiment: Bearish based on the technical analysis.

  • Impact on Specific Asset: The AUD/USD may continue to trend downwards if the bearish momentum persists.

  • Notable Economic Events: There are no specific Australian economic events noted, but the USD's strength could be a significant factor, particularly with the upcoming FOMC statement.


Trading Signal for USD/CAD

  • Trade Direction: Buy

  • Entry Point: 1.3566 (current close price)

  • Take Profit: TP1: 1.3580, TP2: 1.3600, TP3: 1.3620 (above the daily pivot and previous high)

  • Stop Loss: 1.3530 (below the daily pivot and recent low)

  • Confidence Level: Moderate, based on technical analysis and market conditions.

Technical Analysis

  • Trend Analysis: The 4-hour chart is showing the price above the Ichimoku Cloud, indicating a potential bullish trend.

  • Key Levels:

  • Resistance: Yesterday's High Value: 1.3617

  • Support: Daily Pivot Point: 1.3570, Yesterday's Low Value: 1.3532

Technical Indicators

  • Bollinger Bands: The price is approaching the upper band, suggesting bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, confirming the possibility of an uptrend.

  • ATR: 0.00226, indicating higher volatility which could lead to significant price movements.

  • MACD: The MACD line is above the signal line, although close, which indicates a bullish momentum but calls for caution.

  • RSI: At 59.58, it suggests the market is not overbought, so there is potential for upside.

Market Sentiment

  • General Sentiment: Bullish, with caution due to the proximity of the MACD lines which could signal a potential reversal if they cross.

  • Impact on Specific Asset: The USD/CAD pair may see upward movement if the bullish signals hold, especially with USD strength across the board.

  • Notable Economic Events: The FOMC statement later today could have a significant impact on USD-related pairs.



Trading Signal for EUR/GBP

  • Trade Direction: Buy

  • Entry Point: 0.8541 (current close price)

  • Take Profit: TP1: 0.8550, TP2: 0.8560, TP3: 0.8570 (near the previous high and psychological levels)

  • Stop Loss: 0.8530 (just below the daily pivot and recent low)

  • Confidence Level: Low to Moderate, as the technicals do not strongly support a clear direction, but there is a slight bullish bias.

Technical Analysis

  • Trend Analysis: The price has been hovering around the Ichimoku Cloud, indicating a lack of a strong trend but with a slight bias to the upside recently.

  • Key Levels:

  • Resistance: Yesterday's High Value: 0.8558

  • Support: Daily Pivot Point: 0.8543, Yesterday's Low Value: 0.8532

Technical Indicators

  • Bollinger Bands: The price is between the middle and upper bands, indicating a potential for an upward movement.

  • Ichimoku Cloud: Price is near the cloud; a definitive move above it would confirm bullish sentiment.

  • ATR: 0.00107, showing low volatility, which might lead to smaller price movements.

  • MACD: The MACD and signal lines are close, indicating a lack of strong momentum.

  • RSI: Near the 50 level, which is neutral but leaning towards a bullish bias on the slight uptick.

Market Sentiment

  • General Sentiment: Cautiously bullish based on the slight upward price action.

  • Impact on Specific Asset: The EUR/GBP pair could see some upward movement, but significant economic news might be needed to catalyze a stronger move.

  • Notable Economic Events: Earlier GBP CPI data and the upcoming FOMC events could influence the direction significantly.

EURJPY"Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
EUR/JPY

Trading Signal for EUR/JPY

  • Trade Direction: Buy

  • Entry Point: 163.94 (current close price)

  • Take Profit: TP1: 164.00, TP2: 164.50, TP3: 165.00 (above the daily pivot, targeting round numbers and key psychological levels)

  • Stop Loss: 163.00 (below the daily pivot and recent support levels)

  • Confidence Level: High, supported by strong technical indicators and upward momentum.

Technical Analysis

  • Trend Analysis: The price is currently above the Ichimoku Cloud, indicating a bullish trend on the daily chart.

  • Key Levels:

  • Resistance: Yesterday's High Value: 164.03

  • Support: Daily Pivot Point: 163.33, Yesterday's Low Value: 162.02

Technical Indicators

  • Bollinger Bands: Price is closer to the upper band, which often signals an uptrend.

  • Ichimoku Cloud: The price is above the Cloud, indicating bullish sentiment.

  • ATR: 1.091, indicating high volatility and potentially larger price moves.

  • MACD: The MACD line is above the signal line, and the histogram is positive, both suggesting bullish momentum.

  • RSI: At 66.28, it's leaning towards overbought territory but still indicates that there might be room for upward movement before the market is considered overbought.

Market Sentiment

  • General Sentiment: Bullish on EUR/JPY, with market conditions favouring a continued uptrend.

  • Impact on Specific Asset: The EUR/JPY pair is expected to maintain its bullish trajectory given the current market sentiment and technical setup.

  • Notable Economic Events: No specific events mentioned, but broader market sentiment and economic releases could impact the currency pair.


EUR/CHF "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
EUR/CHF

Trading Signal for EUR/CHF

  • Trade Direction: Buy

  • Entry Point: 0.9620

  • Take Profit:

  • TP1: 0.9640

  • TP2: 0.9660

  • TP3: 0.9680 (considering the recent high and psychological resistance levels)

  • Stop Loss: 0.9600 (below the daily pivot and recent support levels)

  • Confidence Level: Moderate, aligning with the bullish momentum indicated by the technical analysis.

Technical Analysis

  • Trend Analysis: The trend is generally neutral but with a slight bullish bias as the price is above the Ichimoku Cloud.

  • Key Levels:

  • Resistance: Friday's high at 0.9634

  • Support: Daily pivot at 0.9619, with an additional support level at Friday's low of 0.9606

Technical Indicators

  • Bollinger Bands: The price is between the middle and upper band, indicating a possible continuation of the upward movement.

  • Ichimoku Cloud: The price is above the Cloud, suggesting bullish potential.

  • ATR: 0.00134, which suggests a lower level of volatility.

  • MACD: The MACD line is above the signal line, although both are near zero, indicating a slight bullish momentum.

  • RSI: Near 60, suggesting some bullish momentum without being overbought.

Market Sentiment

  • General Sentiment: Neutral to slightly bullish, with the market potentially responding to broader Eurozone sentiment and Swiss economic indicators.

  • Impact on Specific Asset: The EUR/CHF pair could be influenced by shifts in risk sentiment and policy updates from the European Central Bank or Swiss National Bank.

  • Notable Economic Events: The upcoming Fed meeting could affect global currency markets, including EUR/CHF, with any unexpected changes in policy likely to cause fluctuations.

 

Disclaimer: These Forex Trade Signals are based on the current charts and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.


As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.


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Forex signals, comments and analysis created and reflect the views forex368.com at any given time and are subject to change at any time. ©2024 by forex368.com.


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