Outlook on March 23:
Analysis of popular currency pairs on the hourly (H1) chart:
The key levels for the EUR/USD pair are 1.2155, 1.2107, 1.2047, 1.2000, 1.1951, 1.1935, 1.1911, 1.1873 and 1.1836. The price has been moving in an upward trend since March 9. Now, we expect this trend to continue after the level of 1.1951 is broken. The first target is set at 1.2000, whose breakdown will lead us to the next level of 1.2047. The price is consolidating near this level. In case that the level of 1.2050 breaks down, strong growth will resume to the target of 1.2107. Another price consolidation can be expected around this level. The final potential upward target is set at 1.2155. After reaching this level, a downward pullback can be expected.
A short-term decline, in turn, is possible in the 1.1911 - 1.1873 range. If the latter breaks down, it will lead to the development of a downward trend. The potential target is seen at 1.1836.
The main trend is the upward trend from March 9, correction stage.
Trading recommendations:
Buy: 1.1951 Take profit: 1.2000
Buy: 1.2000 Take profit: 1.2045
Sell: 1.1910 Take profit: 1.1875
Sell: 1.1871 Take profit: 1.1836
The key levels for the GBP/USD pair are 1.3938, 1.3900, 1.3873, 1.3811, 1.3771, 1.3706 and 1.3680. The price has been moving in a downward trend since March 18. We expect this trend to extend after the level of 1.3811 breaks down. The target is set at 1.3771. The price may consolidate around this level. If the target breaks down, strong decline will continue to the next target of 1.3706. The final potential downward target is 1.3680. After reaching it, the price may make an upward pullback.
Meanwhile, a short-term growth is likely in the range of 1.3873 - 1.3900. In case that the latter is broken, a deep correction will occur. The target is set at 1.3938, which is also the key support level. The price breaking through it will favor the development of an upward trend. In this case, the potential target is 1.3999.
The main trend is the formation of an upward trend from March 16.
Trading recommendations:
Buy: 1.3873 Take profit: 1.3900
Buy: 1.3902 Take profit: 1.3936
Sell: 1.3810 Take profit: 1.3775
Sell: 1.3769 Take profit: 1.3706
The key levels for the USD/CHF pair are 0.9379, 0.9310, 0.9272, 0.9230, 0.9206, 0.9159, 0.9127 and 0.9059. The price has been moving in a bearish trend since March 9. This trend is expected to continue after the price breaks through the range of 0.9230 - 0.9206. The target is set at 0.9159. On the other hand, there will be a short-term decline and consolidation in the range of 0.9159 - 0.9127. The ultimate potential downward target is located at 0.9059. If this level is reached, the price may pullback upwards.
Meanwhile, the price may consolidate in the range of 0.9274 - 0.9310. In case that the level of 0.9310 breaks down, there will be a formation of an upward potential. The first target is set at 0.9379.
The main trend is the formation of a downward trend from March 9.
Trading recommendations:
Buy: 0.9274 Take profit: 0.9310
Buy: 0.9312 Take profit: 0.9377
Sell: 0.9206 Take profit: 0.9164
Sell: 0.9158 Take profit: 0.9128
The key levels for the USD/JPY are 109.97, 109.40, 108.56, 108.04 and 107.39. The price has been moving in an upward trend since February 23. In such a case, we expect a short-term growth in the range of 109.40 - 109.97, from which a possible pullback into a correctional movement may occur.
On the other hand, a short-term decline can be expected in the range of 108.56 - 108.04. If the latter is broken, a deep correction will occur. The target is set at 107.39, which is also the key support level.
The main trend is the upward trend from February 23, correction is expected.
Trading recommendations:
Buy: 109.40 Take profit: 109.95
Buy: Take profit:
Sell: 108.54 Take profit: 108.06
Sell: 108.02 Take profit: 107.40
The key levels for the USD/CAD pair are 1.2700, 1.2650, 1.2626, 1.2561, 1.2529, 1.2468, 1.2428, 1.2399 and 1.2363. The price has formed the growth potential from March 18. Now, we expect a short-term growth in the range of 1.2529 - 1.2561. If the last value is broken down, strong growth will continue towards the target of 1.2626. On another note, a short-term growth, with price consolidation, can be seen in the range of 1.2626 - 1.2650. The ultimate potential upward target is 1.2700. After reaching this level, the price may pull back downwards.
A short-term decline is likely in the range of 1.2468 - 1.2428. The key upward support is in the range 1.2428 - 1.2399. The price breaking through it will allow the downward trend to develop. The target is set at 1.2363.
The main trend is the formation of upward potential from March 18.
Trading recommendations:
Buy: 1.2562 Take profit: 1.2626
Buy: 1.2627 Take profit: 1.2650
Sell: 1.2468 Take profit: 1.2430
Sell: 1.2427 Take profit: 1.2400
The key levels for the AUD/USD pair are 0.8009, 0.7884, 0.7814, 0.7696, 0.7646, 0.7576, 0.7498, 0.7450 and 0.7352. The price has been moving in a downward trend since March 18. Here, we expect a short-term decline in the range of 0.7696 - 0.7646. In the event that the last level is broken, strong decline will resume to the first target of 0.7576. The price is consolidating close to this level. If the first target is broken, it will lead us to the next target of 0.7498. Another short-term decline and consolidation can be expected in the 0.7498 - 0.7450 range. The final potential downward target is set at 0.7352. After reaching it, an upward pullback can be expected.
The price breaking through the key support level of 0.7814 will lead to the formation of an upward trend. In this case, the target is set at 0.7884, whose breakdown will allow us to resume towards the potential target of 0.8009.
The main trend is the downward trend from March 18.
Trading recommendations:
Buy: 0.7814 Take profit: 0.7882
Buy: 0.7886 Take profit: 0.8009
Sell: 0.7695 Take profit: 0.7648
Sell: 0.7644 Take profit: 0.7576
The key levels for the EUR/JPY pair are 130.09, 129.81, 129.54, 129.11, 128.87, 128.53, 128.36 and 128.01. The price has been moving in a bearish trend since March 18. Currently, it is in the area of initial conditions. We expect the downward movement to continue after the price breaks through the 129.11 - 128.87 range. The target is set at 128.53 and the price may consolidate in the range of 128.53 - 128.36. The final potential downward target is 128.01. After reaching which, the price may pullback upwards.
The price is expected to consolidate in the 129.54 - 129.81 range. If the level of 129.81 breaks down, a deep correction can be expected. The target is set at 130.09, which is also the key support level.
The main trend is the downward trend from March 18.
Trading recommendations:
Buy: 129.82 Take profit: 130.07
Buy: 130.12 Take profit: 130.60
Sell: 128.85 Take profit: 128.55
Sell: 128.36 Take profit: 128.04
The key levels for the GBP/JPY pair are 151.82, 151.33, 150.98, 120.25, 149.75, 149.00 and 148.35. The price has formed the downward potential from March 18. In view of this, we expect a short-term decline in the range of 150.25 - 149.75. If the last value is broken, strong decline will extend towards the target of 149.00. The final potential downward target is set at 148.35. After reaching this level, the price may consolidate and pullback upwards.
In turn, a short-term growth is possible in the 150.98 - 151.33 range. If the last value breaks down, a deep correction will follow. The target is set at 151.80, which is also the key support level.
The main trend is the downward trend from March 18.
Trading recommendations:
Buy: 151.00 Take profit: 151.30
Buy: 151.35 Take profit: 151.80
Sell: 150.25 Take profit: 149.80
Sell: 149.70 Take profit: 149.00
