Forex Forecast: Pairs In Focus - Sunday, Mar. 21

US Dollar Index

USD/JPY

This major currency pair despite being clearly within a long-term bullish trend traded within a narrow and seemingly topping range just under the key resistance level at 109.23. This puts the trend in some doubt but a daily close above 109.23 will suggest that the trend is ready to resume following a bullish breakout if it happens. I therefore see the best approach as to wait for a daily (New York) close above 109.23 and then to go long here (FXY).

USD/JPY daily chart

USD/CAD

This major currency pair despite being clearly within a long-term bearish trend seemed to strongly reject the supportive area at 1.2400 over the past week. This puts the trend in doubt but a daily close below 1.2400, while unlikely to happen, will suggest that the trend is ready to resume following a bullish breakdown if it happens. I therefore see the best approach as to wait for a daily (New York) close below 1.2400 and then to go short here (FXC).

USD/CAD daily chart

Bottom Line

I see the best likely opportunities in the financial markets this week as being long of USD/JPY following a daily close above 109.23 and a less attractive trade in being short of USD/CAD following a daily close below 1.2400.

1 2 3
View single page >> |

Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.