Home Analysis Forex Weekly Forecasts – March 15th, 2022

Forex Weekly Forecasts – March 15th, 2022

Forex Weekly Forecasts – March 15th, 2022 - forexspacex.com

In the Forex Weekly Forecasts segment, we provide in-depth analysis from the financial experts for the latest trends in the foreign exchange market. This helps you to predict the latest price movement, current trend observations, and market updates easily.

EUR/USD – Euro US Dollar

Euro gained support at the beginning of this week with the progress in diplomacy between Russian and Ukraine delegates. Consequently, the EUR/USD pair edged higher on Monday and is trading up by 0.60% on Tuesday morning in the Asian trading session. A gradual decline in oil prices will also support the Euro in the short term.

Today, Euro is testing the major resistance at the 1.1000 mark. The market sentiment is positive amid the ongoing peace talks between Russia and Ukraine. The current geopolitical crisis is expected to end sooner. From a technical perspective, a move above the 1.1000 mark will lead to a stronger recovery in the pair.

AUD/USD – Australian Dollar US Dollar

Australian dollar attracted massive selling on Monday ahead of the major central bank monetary policy meeting this week. The AUD/USD pair fell by over 1.40% to trade below the major psychological support level at the 0.7200 mark. The interest rates hike expectations from US Federal Reserve have boosted the demand for the U.S. dollar while undermining the riskier assets. A short-term price correction in commodities has also contributed to the decline in the value of the Australian dollar.

The relative strength index indicator is making lower lows and lower highs on the daily chart, indicating the bearish sentiment in the market. The AUD/USD is trading well below the 9-day and 18-day exponential moving average, which suggests a bearish bias.

USD/JPY – US Dollar Japanese Yen

USD/JPY is consolidating the gains from previous sessions on Tuesday morning. The Japanese yen extended the decline towards 5 years low against the U.S. dollar amid the surge in commodity prices in the past few weeks. Investors are anticipating a 25-basis point interest rate hike from the US Federal Reserve on Wednesday’s monetary policy meeting.

The USD/JPY pair may exhibit high volatility during this event. Japan is one of the world’s largest importers of oil and a quick rally in energy prices over the last few weeks have dampened the economic stability. However, the Bank of Japan is expected to keep the interest rates unchanged to avoid economic stagflation.

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