Analyst from the company ForexMart (ForeksMart)
USD / JPY. 23.03. The pair is testing the resistance of 111.10.
Currency pair USD / JPY is testing the strong resistance line at 111.10. At the moment, the fundamental reasons for the weakening of the American currency is not, however, we saw the breakdown of the level of 112.00, and the second consecutive day the pair is testing 111.10. Near 108.50, in the area of 100.50, the goal is to reduce, now it seems that this is a distant goal, but if the pair consolidates below the resistance of the current, then the assault 100.00, and there is not far to 108.50. Today by the head of the Fed with the speech, which can strengthen the shaky US dollar’s position and clarify the situation in the pair.
Brent. 23.03. Oil in anticipation of supporting factors.
oil futures recently showed a drop below the important level of $ 50 per barrel, but quickly were able to return to a value of $ 51. However, this did not go unnoticed by the commodity market, and the breakdown of such an important level talks about the global trend of slow devaluation of oil. The main driver of such a downward dynamics of “black gold” appears unfavorable statistics from the US. Ministry of Energy reports one after another, show an increase in commercial hydrocarbon reserves and production in the United States. Production volumes have already reached their maximum values.
Prospects prolongation agreement and OPEC OPEC + are still unclear, and market participants are gradually losing interest in the subject. At this stage of Brent crude oil it has very few factors that will support her. The only thing – this is a technical factor. New attempts to break the level of $ 50 a barrel may cause the interest of buyers and send the asset above $ 51.
EUR / USD. 23.03. movement direction pair is not yet clear, likely the flat.
The European currency held Wednesday at the outset. Trading day the pair closed lower. However, the pair GBP / USD finished the day in positive territory. Such a diversity of trades due to the terrorist attack that took place yesterday in the UK, which killed four people. At this event the British reacted to the reduction of 1.2423, the cross EUR / GBP – rising to 0.8699. Against this backdrop, the dollar showed an increase up to a session high, which formed near the 1.0822 mark. After the elimination of the terrorist cross down and pulled a euro / dollar. Pound, in contrast, has responded to the news rising to 1.2488. Now, the euro / dollar is still located above the MA line, except for the simple moving average with a period of 20. RSI is in the neutral zone and continues to decline. MACD is in the positive area and gradually decreasing, and decreasing bar signals the dollar strengthening. Most likely, the pair will hold today in a flat, but a slight increase is possible in the area of 1.0830, and then expected to return to the side of the range.
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