Home Analysis Forex Weekly Forecasts – March 21st, 2022

Forex Weekly Forecasts – March 21st, 2022

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Forex Weekly Forecasts – March 21st, 2022 - forexspacex.com

In the Forex Weekly Forecasts segment, we provide insights from 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.

USD/RUB – US Dollar Russian Ruble

USD/RUB has experienced extreme volatility over the last few trading sessions. Western powers and the United States have already imposed strict sanctions against Russia. The Russian Rouble may collapse this week again as U.S. President Joe Biden will be meeting NATO allies on Thursday in Brussels. According to official sources, NATO allies want an immediate ceasefire between Russia and Ukraine through diplomatic solutions in order to avoid any World War three.

This means stricter sanctions and complete isolation of Russia from World Trade. Therefore, the near-term fundamental outlook for USD/RUB is bullish and one must look for potential buying opportunities in USD/RUB.

EUR/USD – Euro US Dollar

EUR/USD is directionless on Monday morning in the Asian trading session ahead of the Federal Reserve chair Jerome Powell’s testimony. However, the euro gained some traction after European central banks Chairwoman Lagarde denied the existence of stagflation amid the Russia Ukraine crisis. The EUR/USD pair is currently trading above the major support level at the 1.1000 mark.

According to financial analysts, the price action prints a bear flag on the daily chart which indicates a bearish bias in the market. Therefore, EUR/USD may break lower towards the 1.0800 mark. Investors are waiting for comments from Fed Chair Jerome Powell Regarding the economic outlook at the National Association for Business Economics annual conference.

GBP/USD – British Pound US Dollar

The British Pound Pulls back from the major resistance level at the 1.3200 mark and is trading 0.35% lower against the US dollar on Monday. The geopolitical tussle between Russia and Ukraine has boosted the demand for U.S. dollars as a safe haven asset. consequently, the British pound is performing under pressure and is expected to extend the decline towards the 1.31200 mark.

The ongoing aerial bombardment By the Russian forces in the capital city Kyiv has elevated the risk sentiment in the market. Investors are also expecting the Federal Open Market Committee members to adopt a more aggressive monetary policy to combat high inflation. From a technical perspective, the GBP/USD is trading well below the 9-day and 18-day exponential moving average which indicates the bearish sentiment in the market.

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