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Forex Signals & Market Insights: March 22- Intraday Focus

Today's Forecast:

  • Retail Sales in the UK indicates a decrease, which may influence market confidence in the GBP.

  • The Euro Summit is in focus, potentially impacting the Euro.

  • Federal Reserve Chair Jerome Powell's speech will be crucial for USD traders.

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: 1.0830 (near current price 1.08293)

  • Take Profit: TP1: 1.0800, TP2: 1.0770 (below the daily pivot and considering the current downtrend)

  • Stop Loss: 1.0865 (just above the recent minor high and psychological resistance)

  • Confidence Level: Moderate (considering current market conditions and technical indicators)

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, suggesting a potential short-term bounce or continuation of the downtrend.

  • Ichimoku Cloud: Price is below the cloud, indicating a bearish trend.

  • ATR: Low volatility indicated by a lower ATR, suggesting smaller price movements.

  • MACD: The MACD line is below the signal line and hovering around the zero line, indicating a lack of strong momentum but still leaning towards a bearish bias.

  • RSI: Nearing the 40 level, suggesting bearish momentum but not yet oversold.

  • Fundamental Analysis Insight: Today's focus is on the Euro Summit, which can bring volatility to the EUR pairs. Additionally, speeches by central bank figures on Friday may provide directional cues for the currency. Caution is warranted ahead of these events as they can significantly impact market sentiment.


Trading Signal for GBP/USD

  • Trade Direction: Sell

  • Entry Point: 1.2630 (close to current price 1.2628)

  • Take Profit: TP1: 1.2600, TP2: 1.2570 (below daily pivot, respecting recent price action)

  • Stop Loss: 1.2660 (above the recent high, providing room for volatility)

  • Confidence Level: Moderate (due to clear technical signals but pending fundamental events)

  • Indicator Analysis:

  • Bollinger Bands: Price is currently below the middle band, indicating bearish momentum.

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

  • ATR: Increased, indicating higher volatility which is typical for GBP/USD.

  • MACD: The MACD line is below the signal line and negative, showing bearish momentum.

  • RSI: At around 45, not in the oversold territory, suggesting that there may be more room for downward movement.

  • Fundamental Analysis Insight: The market may react to the UK's economic outlook and any Brexit-related news, alongside the global impact of other scheduled speeches and economic reports. Caution is advised around times of fundamental announcements.




Trading Signal for USD/JPY

  • Trade Direction: Buy

  • Entry Point: 151.50 (slightly above the current price to confirm upward momentum)

  • Take Profit: TP1: 151.80, TP2: 152.10 (above the daily pivot and considering recent highs)

  • Stop Loss: 151.10 (just below the daily pivot point to give some room for volatility)

  • Confidence Level: Moderate (supported by technicals but must be cautious of the JPY's sensitivity to risk sentiment and any unexpected fundamental news)

  • Indicator Analysis:

  • Bollinger Bands: The price is hovering around the middle band, indicating neutrality but a potential push towards the upper band.

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

  • ATR: Elevated, suggesting higher market volatility, which is common for this pair.

  • MACD: The MACD line is above the signal line but has been converging, showing some loss of bullish momentum that needs monitoring.

  • RSI: Around 65, which indicates bullish momentum without being overbought.

  • Fundamental Analysis Insight: Market sentiment towards riskier assets, monetary policy expectations, and economic data from the US and Japan can affect this pair. Any updates on fiscal policies or comments from central bank officials can lead to price fluctuations.



Trading Signal: USD/CHF - Bullish Continuation


Trade Direction: Long Entry Point: 0.8995


Take Profit 1: 0.9015 (20 pips gain)

Take Profit 2: 0.9035 (40 pips gain)


Stop Loss: 0.8975 (20 pips risk)


Confidence Level: Medium-High


Indicator Analysis:

  • The ATR is showing increased volatility, which could mean larger price movements are likely.

  • MACD is bullish as the MACD line is above the signal line, suggesting upward momentum.

  • The RSI is above 50, indicating bullish momentum, but be cautious as it approaches overbought levels.


Fundamental Analysis Insight: With the Euro Summit all day and Fed Chair Powell's speech, expect volatility. The market could react sharply to any hints of future monetary policy, which could strengthen the USD if the tone is hawkish.



📈 NZD/USD Intraday Analysis

Action: SELL


Entry Point: 0.6006


Target 1 (TP1): 0.5980


Target 2 (TP2): 0.5950


Stop Loss: 0.6030


Confidence Level: Medium


Quick Insight: The NZD/USD has been experiencing a downtrend within the Bollinger Bands, indicating bearish momentum. With the ATR showing decreased market volatility, the move could be steady.


The RSI is hovering around the oversold territory, suggesting potential for a pullback; however, the MACD remains below the signal line, supporting the sell bias.


Traders should watch out for the upcoming speech by Fed Chair Powell which could inject volatility into the market.


The daily pivot at 0.6062 stands as a key resistance level. Given these technical indications and the current price below the daily pivot, a cautious sell approach is warranted. Remember to account for potential spikes in volatility due to the upcoming high-impact events.




📈 Intraday Trading Signal: AUD/USD


Action: SELL 🔴


Entry Point: 0.65186 🎯


Targets:

  • TP1: 0.6500

  • TP2: 0.6494


Stop Loss: 0.6535 ❌


Confidence Level: Medium 📊


Quick Insight: The AUD/USD pair is currently experiencing a slight bearish movement. The price is hovering around the 0.65186 mark with a recent high at 0.6635. Coupled with key economic events such as the Euro Summit and technical indicators suggesting a potential downturn, the outlook is tilted towards a sell. However, traders should be cautious and set a stop loss at 0.6535 to mitigate risks.


📈 Intraday Trading Signal: USD/CAD


Action: BUY 🟢


Entry Point: 1.35654 🎯


Targets:

  • TP1: 1.3580

  • TP2: 1.3600


Stop Loss: 1.3540 ❌


Confidence Level: High 📊


Quick Insight: The USD/CAD pair shows a bullish momentum, trading above the daily pivot point of 1.3510. The RSI is rising towards the midline, indicating growing strength. The price is currently at 1.35654, with recent price action suggesting potential for further upside. Entry is recommended at the current level, with a stop loss placed below the recent swing low to protect against any sudden reversals.



📈 Intraday Trading Signal: EUR/GBP


Action: BUY 🟢


Entry Point: 0.85880 🎯


Targets:

  • TP1: 0.8600

  • TP2: 0.8620


Stop Loss: 0.8560 ❌


Confidence Level: High 📊


Quick Insight: EUR/GBP shows a bullish breakout above the daily pivot point of 0.8564. With the RSI in the overbought territory, there is momentum that could lead to further gains. Given the potential market-moving speeches and reports due today, including any updates from the Euro Summit, traders should monitor these events closely as they could cause significant price swings.


Important Economic Events:

  • Euro Summit could bring volatility to EUR pairs.

  • Keep an eye on the calendar for unexpected announcements that could affect the market.

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

📈 Intraday Trading Signal: EUR/JPY


Action: SELL 🔴


Entry Point: 163.89 🎯


Targets:

  • TP1: 163.60

  • TP2: 163.30


Stop Loss: 164.20 ❌


Confidence Level: Medium 📊


Quick Insight: The EUR/JPY pair is currently trading below the daily pivot point of 164.8. With the MACD indicating a bearish momentum and the RSI retreating from the overbought zone, a short position is favored at 163.89. Caution is advised due to potential volatility from economic reports or comments from policymakers, including Fed Chair Powell and the Euro Summit outcomes, which could impact the currency pair.


Economic News to Watch:

  • Monitor for updates from the Euro Summit and any remarks by Fed Chair Powell, as they could introduce significant volatility.


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

📈 Intraday Trading Signal: EUR/CHF


Action: BUY 🟢


Entry Point: 0.9742 🎯


Targets:

  • TP1: 0.9760

  • TP2: 0.9780


Stop Loss: 0.9720 ❌


Confidence Level: High 📊


Quick Insight: EUR/CHF is trading just above the daily pivot point of 0.9735, with the price at 0.9742. The MACD shows a bullish crossover, and the RSI is in the uptrend zone, indicating a possible continuation of the upward momentum. Given the current market dynamics and no major immediate economic news impacting the Swiss Franc, we have a high confidence level for this setup. Traders should, however, remain vigilant for any sudden economic news that could affect market conditions.


Economic Events to Consider:

  • No immediate Swiss-specific announcements, but keep an eye on the broader market sentiment and any news from the Eurozone that could influence EUR pairs.

 

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.





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.


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