top of page

Forex Signals & Market Insights: March 21- Intraday Focus


  • Keep an eye on the following key economic events scheduled for today: 10:15 am (EUR): French Flash Manufacturing PMI 10:30 am (CHF): SNB Monetary Policy Assessment & Policy Rate 11:00 am (EUR): German Flash Manufacturing & Services PMI 11:30 am (GBP): Flash Manufacturing & Services PMI 2:00 pm (GBP): Monetary Policy Summary & Official Bank Rate Votes 2:30 pm (USD): Unemployment Claims 3:45 pm (USD): Flash Manufacturing & Services PMI

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: Buy

  • Entry Point: Look for retracement towards the daily pivot at 1.0894 as a potential entry point.

  • Take Profit: TP1: 1.0925 (just below the current high), TP2: 1.0950 (in case of a bullish breakout)

  • Stop Loss: Place the stop loss just below the Ichimoku Cloud, around 1.0860, to account for volatility and protect from a bearish reversal.

  • Confidence Level: Moderate, due to the potential for high-impact news to sway the market significantly.

  • Indicator Analysis: Technical indicators suggest bullish momentum but advise caution as overbought signals emerge.

  • Fundamental Analysis Insight: Economic data releases today could increase volatility, with PMIs playing a significant role in trade sentiment.


GBP/USD Trading Signal

  • Trade Direction: Buy

  • Entry Point: Considering the price is already at 1.2790, a retracement entry is less ideal. It might be prudent to wait for a clearer bullish signal post the BOE announcements, or enter at a breakout above 1.2800 if the price action indicates continued bullish momentum.

  • Take Profit: TP1: 1.2830 (considering the bullish momentum), TP2: 1.2850 (next major resistance level)

  • Stop Loss: A stop loss could be set at around 1.2750 to maintain a good risk-reward ratio, considering the current market price and potential volatility from the BOE events.

  • Confidence Level: Moderate, with the price at 1.2790, the bullish momentum is clear but cautious due to the potential for volatility spikes from the upcoming BOE announcement.

  • Indicator Analysis: The bullish indicators are valid but entering at a high requires caution.

  • Fundamental Analysis Insight: The BOE's rate decision and policy summary will be key in determining the strength of the bullish momentum. It's critical to watch for any changes in the market's expectations.




Trading Signal for USD/JPY

  • Trade Direction: Buy

  • Entry Point: Given the current bullish momentum but a price below the recent high, a conservative entry point would be a slight pullback. Watching for a potential entry around 150.80 might be prudent.

  • Take Profit: TP1: 151.25 (just above the current price), TP2: 151.85 (recent high)

  • Stop Loss: A stop loss can be positioned around 150.50, below the current market price and a safe distance from the pivot point to accommodate for volatility.

  • Confidence Level: Moderate; the bullish trend is supported by technical indicators, but caution is warranted ahead of USD news releases.

  • Indicator Analysis: Indicators point towards continued bullish momentum but are cautious of potential pullbacks.

  • Fundamental Analysis Insight: The USD's performance will be impacted by the unemployment claims and PMI data; positive data could further fuel the bullish momentum, while negative data could trigger a reversal.



Trading Signal for USD/CHF

  • Trade Direction: Sell

  • Entry Point: Given the current price and the bearish indicators, the entry point would be at current levels or on any minor rallies towards the pivot at 0.8882.

  • Take Profit: TP1: 0.8820 (recent support level), TP2: 0.8800 (psychological level and potential support)

  • Stop Loss: A stop loss could be set above the daily pivot, around 0.8900, to protect against a bullish reversal.

  • Confidence Level: Moderate; the bearish signals are evident, but the upcoming USD news could sway the market.

  • Indicator Analysis: The indicators lean towards a bearish momentum, which aligns with the price being below the pivot point.

  • Fundamental Analysis Insight: The USD events today will likely influence the direction, with a negative outcome for the USD reinforcing the bearish trend.




Trading Signal for NZD/USD

  • Trade Direction: Buy

  • Entry Point: Considering the bullish technical indicators, an entry point around the current price or on a minor pullback to the pivot level of 0.6063 may offer a good opportunity.

  • Take Profit: TP1: 0.6120 (recent resistance), TP2: 0.6140 (upper resistance level)

  • Stop Loss: Place the stop loss below the pivot, around 0.6050, to safeguard against bearish reversals.

  • Confidence Level: Moderate, bolstered by the technical indicators but cautious of USD data releases.

  • Indicator Analysis: Technicals indicate bullish momentum with no immediate overbought conditions.

  • Fundamental Analysis Insight: The upcoming USD news could swing prices, and positive data could strengthen the USD, affecting this pair.



Trading Signal for AUD/USD

  • Trade Direction: Buy

  • Entry Point: A prudent entry would be on a pullback due to the overbought RSI, potentially around the daily pivot at 0.6562, or if there is a clear bounce confirming the bullish trend continuation.

  • Take Profit: TP1: 0.6650 (just above current levels), TP2: 0.6680 (stretch target if the trend continues)

  • Stop Loss: Below the daily pivot at around 0.6540 to allow for volatility and to protect against a larger bearish reversal.

  • Confidence Level: Moderate, considering the bullish indicators but also the overbought RSI which may signal a pullback.

  • Indicator Analysis: Bullish with caution advised due to the overbought RSI.

  • Fundamental Analysis Insight: Keep a close eye on USD data releases which could impact the strength of the current trend.


Trading Signal for USD/CAD

  • Trade Direction: Sell

  • Entry Point: The current market price or a slight pullback towards the pivot could provide a good entry point.

  • Take Profit: TP1: 1.3440 (recent low), TP2: 1.3400 (psychological and potential support level)

  • Stop Loss: A reasonable stop loss could be placed around 1.3500, above the pivot point, to account for any potential reversals.

  • Confidence Level: Moderate; the bearish trend is evident, but keep an eye on the USD news for potential shifts.

  • Indicator Analysis: The technical indicators suggest bearish momentum is currently present.

  • Fundamental Analysis Insight: Be alert for USD data releases, as they may significantly affect the trend.



Trading Signal for EUR/GBP

  • Trade Direction: Hold

  • Entry Point: As the indicators suggest a neutral stance, entering a trade without a clear signal may not be advisable. Wait for a clear breakout above or below the cloud or Bollinger Bands for directional trades.

  • Take Profit: Not applicable until a clear direction is established.

  • Stop Loss: Not applicable until a clear direction is established.

  • Confidence Level: Low; the current market conditions do not provide a strong signal.

  • Indicator Analysis: Mixed signals from the indicators with no clear direction.

  • Fundamental Analysis Insight: It is important to monitor key economic releases from the Eurozone and the UK, which may provide the catalyst needed for a stronger directional move.

Given the current market setup, it may be prudent to wait for price action to provide a clearer signal before entering a position. Traders should be ready to act once a clearer trend is established.

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: Since the market is overextended, a retracement towards the pivot point at 164.78 could provide a better entry opportunity.

  • Take Profit: TP1: 165.50 (recent high), TP2: 166.00 (extended target for a bullish trend continuation)

  • Stop Loss: Below the Ichimoku cloud around 164.00 to provide room for volatility and protect against a bearish reversal.

  • Confidence Level: Moderate to high, based on the strong bullish indicators but tempered by the overbought RSI.

  • Indicator Analysis: The technical indicators suggest a bullish trend with a potential pullback due to the overbought RSI.

  • Fundamental Analysis Insight: Monitor for any potential economic news releases from the Eurozone that could impact the EUR and create volatility in the 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: Due to the overbought RSI, wait for a retracement towards a more sustainable level for entry, possibly around the daily pivot point of 0.9674.

  • Take Profit: TP1: 0.9800 (psychological level), TP2: 0.9820 (above the current price and potential resistance)

  • Stop Loss: Placed around 0.9740, below the recent low, to mitigate the risk in case of a sudden bearish reversal.

  • Confidence Level: Moderate, due to the bullish trend but with caution at the overbought RSI.

  • Indicator Analysis: Bullish trend but with potential short-term pullback due to overbought RSI.

  • Fundamental Analysis Insight: As always, monitor for news and events that could affect the EUR, such as ECB announcements or data releases.

 

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.


An advertisement graphic for Vantage, a trading platform, offering a 50% deposit bonus to supersize trades. The visual features an isometric design with an oversized, three-dimensional arrow pointing upwards, indicating growth or increase. There are stacks of coins on the arrow, and a miniature office setup with a computer displaying charts, suggesting trading activity. A "claim now" button is included, highlighting the promotional offer. Trading risks and terms and conditions are noted at the bottom, alongside the VFSC registration number.


The information provided does not constitute, in any way, a solicitation or inducement to buy or sell securities and similar products.


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.


 Without Knowledge, Prepare for Failure!


Comments


Commenting has been turned off.
bottom of page