France and Germany will present their updated production data this week. The forecast is generally positive for production in both countries, however, the positive data may be overshadowed by a new closure of the economies. The low rate of vaccination added to their secondary effects may be the reason that Europe needs a new shutdown of the economy. The euro remains stable within its operating range of 1.19 and 1.1850. However, if a new economic closure is confirmed, we could pass the minimum of 1.1880 to new minimums for the month of March. The European Union summit will also be an event to keep in mind on Friday. It will take place in Brussels and will last all day. This summit meeting could be key for the economy. An optimistic tone and an agreement between the countries of the union will suffice for them to decide in a coordinated way to end the pandemic.
Market projections week from March 22 to 26
EURUSD closed its week on sell. Sell preference below 1.19 to 1.1885 and 1.1880. Then sell would continue below 1.18860 to 1.18850. Attention on Wednesday with the production data for France and Germany. Faced with good data, the cross could take an upward turn.
GBPUSD closes the week unchanged. Buyers hold positions above 1.3850 but it prevents us from having a buy strategy below 1.39. The preference is sell next week if the price passes 1.3850, so we will have the next levels at 1.3830 and 1.3825. Otherwise we change to buy preference above 1.39 to 1.3920 and 1.3930.
USDJPY closed its week below 109.0. The cross is losing buy strength at 109.0 We will wait for the levels of 109.10 to evaluate a possible buy up to 109.20 and 109.30. The strategy is buy above 108.70 and 108.60.
USDCAD closed its week higher. The preference is buy over 1.25, we will wait 1.2510 to buy again until 1.2530, above 1.2530 possible levels at 1.2550 and 1.2570. Above 1.2450 the strategy will remain buy.
AUDUSD closes its week unchanged. The cross remains in consolidation between the prices of 0.77 and 0.7750. At the end of the week, it is below 0.7750, therefore it gives an indication of sell up to 0.7730 and 0.7720. The initial strategy is a buy above 0.77.
XAGUSD XAUUSD. Silver closed unchanged, we maintain a buy strategy above 25.80 and 26.0, the target levels are 26.30 and above 26.30 we continue to buy until 26.50. In gold the market closed by buy, however, the strategies combined below 1750.0 sell are favorable in this metal. Below 1730.0 we also have sell pressure up to 1720.0 and 1712.0. The only turn that the metal can give is above 1750.0, from that price we only go to buys.
BTCUSD bitcoin closed bought. Buys are preferably over 59,000 to 59,800 over which it could again reach the maximum of 60,000 and 60,300. Below 59,000 we expect possible correction and profit taking.