Top 4 Latest Forex News and Market Analysis for 28 March, 2023

In this article, we have covered the highlights of global market news about the NZD/USD, AUD/USD, GBP/USD and USD/CAD.

NZD/USD is now seen between 0.6140 and 0.6280 – UOB

Markets Strategist Quek Ser Leang and Economist Lee Sue Ann of UOB Group believe that in the following weeks, NZD/USD will move between 0.6140 and 0.6280.

View for the next 24 hours: “We emphasized yesterday that “the slide lacks momentum and NZD is unlikely to weaken further” and that we anticipated the NZD to trade between 0.6185 and 0.6245. Even though the NZD moved in a smaller range than anticipated (0.6182/0.6217), our assessment of sideways trading was correct. The NZD will probably rise today as the underlying tone has slightly firmed up. Any gain, however, is unlikely to surpass 0.6245. Support is around 0.6185; a break of 0.6160 would signal the weakening of the recent rising impetus.

The NZD is anticipated to consolidate and trade in a range of 0.6140/0.6280 over the next 1-3 weeks, according to the same opinion we had yesterday (27 Mar, spot at 0.6205).

AUD/USD Price Analysis: The 100-EMA tests the Australian bulls inside the monthly triangle

Early on Tuesday, as the bulls wrestle with the 100-bar Exponential Moving Average (EMA), the AUD/USD seesaws around the intraday high of around 0.6700. The Australian pair moves higher as a result inside a three-week-old symmetrical triangle.

It’s important to note that the positive MACD indications encourage buyers of the AUD/USD pair to break over the nearby 100-EMA resistance level of around 0.6700.

However, the 200-EMA resistance level of 0.6736 can serve as an extra upward filter for the pair’s buyers before restraining the bears.

The monthly high at 0.6785, in particular, is the AUD/USD bears’ last line of defense.

Therefore, pullback movements are only possible once the price remains inside the above triangle, between 0.6710 and 0.6645.

The price may fall to the monthly low of 0.6564 if the current trend in the quotation continues beyond 0.6645. The round number 0.6700 can serve as a temporary stop during the descent.

Generally, the AUD/USD attracts buyers, but the 200-EMA barrier must confirm the upward trend.

GBP/USD presently indicates that it will remain in a range.

According to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBP/USD will trade around the 1.2140-1.2340 range over the next several weeks.

24-hour perspective: “We anticipated yesterday’s GBP trading sideways between 1.2200 and 1.2300. GBP increased to a high of 1.2294 in late NY trading after falling to a low of 1.2222. The upward momentum has increased. Today, the key barrier of 1.2340 will be tested by GBP. While a breach of this level is not entirely ruled out, it is doubtful that GBP will remain anchored above this level (the next resistance is at 1.2400). Support is around 1.2265; a break of 1.2240 would mean that further progress by the pound is unlikely.

During the next three weeks: “Our forecast from yesterday (27 Mar, spot at 1.2240) is still accurate. The recent GBP strength has gone, as was reported. The present movement is in a period of consolidation. From here, the price of GBP can fluctuate between 1.2140 and 1.2340. In the future, before a sustained gain is conceivable, GBP must break and hold above 1.2400.

USD/CAD bears applaud a weaker US dollar, with banks expecting the pair to touch 1.3600 despite the low oil price.

Going into Tuesday’s European session, USD/CAD bears maintain dominance around 1.3640-35, posing intraday losses of 0.17% throughout a two-day downturn. As a result, the Loonie pair unjustified the US Dollar’s widespread weakening and the most recent slowdown in the price of WTI Crude Oil.

It’s important to note that WTI Crude Oil records slight losses at $72.80 while consolidating the largest daily loss in 10 months, recorded the day before. Although the market’s cautious optimism may have contributed to the commodity’s initial ascent, stories about China have something to do with its most recent downturn.

In other news, the US Dollar Index (DXY) is down to 102.65, down 0.21% intraday as of press time, for the second day.

The efforts of international authorities to support the stronger attitude and pressure on the US Dollar are supported by extended emergency loan lines to ailing banks and deposit protection programs. Recent statements from central bank officials dismissing worries about the financial crisis and the Silicon Valley Bank (SVB) merger strengthened the risk-on attitude.

On Monday, the US Treasury Department said it would continue to use measures to stop the spread of financial instability. Before that, Fed Vice Chair for Supervision Michael Barr and Federal Reserve Governor Philip Jefferson showed their preparedness to control the financial crisis while easing inflation concerns.

Please click here for the Forex News Updates from 27 March, 2023.