Mar 17 2021 0

The important signals are coming. We can all feel it. So buckle up and get ready to trade.

Latest updates:

  • US retail sales fell sharply compared to expectations.
  • The dollar rallied higher on Tuesday, as traders remained cautious about the upcoming meetings of central banks, especially the Fed.
  • Both the Bank of Japan (BoJ) and the Bank of England (BoE) have a policy meeting this week on Thursday, however, the focus will remain on the Fed meeting that begins late Tuesday.
  • Deutsche Bank has cut its entire 2021 economic growth forecast for the euro zone, citing blockade/restriction orders spreading within the bloc - capital measures to prevent stopping the third pandemic wave. However, growth forecasts for the UK, US and India are all improved.
  • Bank of Japan Governor Haruhiko Kuroda said on Tuesday it is important to keep long-term rates "stable at a low level" as the economy is still affected by the COVID-19 pandemic.

USD/JPY

USD/JPY Mar 17

The price could not break above the 109.2 zone after completing the bullish flag pattern. Currently, selling pressure seems to increase around this price zone. Note the possibility of forming a Double Top pattern. Anyone who had a buy order on a bullish flag pattern before should consider exiting or moving Stop Loss. The risks to the upside are steadily increasing and the target band isn't much away either. For reversal traders, wait for clear signals on the H4 chart and enter probing orders. In case the price successfully breaks down to 108.5 and confirms the Double Top pattern, additional positions may be considered. The target will then be 107.

EUR/USD

EUR/USD Mar 17

The price is moving further away from the 1.20-1.21 price zone where we look for bearish signals to trigger sell orders. Therefore, the sale was missed this time. The price reached the 1.190 zone. It is likely to continue to decline to the 1.185 zone before a correction can appear. We need to wait for price action around this zone for more information.

GBP/USD

GBP/USD Mar 17

The price fell to the bottom of the range, around 1.38 and rebounded as expected. Sell ​​orders have reached the target. Range traders may continue to take advantage of new bullish signals to form and buy in the 1.4 zone. If you follow the uptrend, wait until 1.4 is broken. The reversed head and shoulders pattern was gone, but it was replaced by the Double Bottom Pattern. Pay close attention to this pattern.

USD/CAD

USD/CAD Mar 17

The breakout signal at 1.245 is not really sure since the price has not fallen below the lowest level of the doji formed in the previous session. However, due to the lack of strong buying pressure and the price repeatedly retesting this range, the possibility of a breakdown has increased. Be ready to enter when the price falls. The target then would be around 1.23.

AUD/USD

AUD/USD Mar 17

There was no significant change on the AUD/USD chart. Price remains in the accumulation zone 0.77-0.78. Please wait patiently for bearish signals around this zone to follow the new bearish structure.

author

Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

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