Outlook on March 4:
Analytical review of popular currency pairs on the hourly chart:
The key levels for the EUR/USD pair are 1.2155, 1.2107, 1.2065, 1.1991, 1.1950, 1.1893, 1.1864 and 1.1807. The price has been declining since February 25. In this case, we expect a short-term decline in the 1.1991 - 1.1950 range. If the level of 1.1950 is broken, strong decline will continue to the target of 1.1893. The price is likely to consolidate in the range of 1.1893 - 1.1864. The final potential downward target is 1.1807. After reaching it, the price may consolidate and pullback upwards.
A short-term growth, in turn, is possible in the range of 1.2065 - 1.2107. If the last value breaks down, a prolonged correction can be expected. The target is set at 1.2155, which is also the key support level.
The main trend is the downward trend from February 25.
Trading recommendations:
Buy: 1.2065 Take profit: 1.2105
Buy: 1.2108 Take profit: 1.2155
Sell: 1.1990 Take profit: 1.1952
Sell: 1.1948 Take profit: 1.1893
The key levels for the GBP/USD pair are 1.4085, 1.4042, 1.3987, 1.3937, 1.3839, 1.3767, 1.3689, 1.3640 and 1.3545. The price has been following the development of the downward trend since February 24. We expect the decline to resume after breaking through the level of 1.3839. In such a case, the target will be set at 1.3768. The price may consolidate around this level. The breakdown of 1.3766 level will lead to a strong decline towards the next target of 1.3689. The price may consolidate in the 1.3689 - 1.3640 range. The ultimate downward target is 1.3545. Once this level is reached, an upward pullback can be expected.
A consolidated movement is possible in the 1.3937 - 1.3987 range. Once the last value breaks down, a deep correction may occur. The target is 1.4042. The key support is in the range of 1.4042 - 1.4085.
The main trend is the downward trend from February 24.
Trading recommendations:
Buy: 1.3988 Take profit: 1.4042
Buy: 1.4043 Take profit: 1.4085
Sell: 1.3839 Take profit: 1.3768
Sell: 1.3765 Take profit: 1.3690
The key levels for the USD/CHF pair are 0.9306, 0.9267, 0.9242, 0.9186, 0.9159, and 0.9123. The price has been moving in an upward trend since February 16. We expect this growth to continue towards the level of 0.9242. Meanwhile, a short-term upward movement and consolidation are possible in the range of 0.9242 - 0.9267. The final potential upward target is set at the level of 0.9306. After reaching this level, the price may pull back downwards.
Meanwhile, a short-term decline is possible in the range of 0.9186 - 0.9159. If the level of 0.9159 breaks down, a deep correction will occur. The target is set at 0.9123, which is also the key support level.
The main trend is the upward trend from February 16.
Trading recommendations:
Buy: 0.9242 Take profit: 0.9265
Buy: 0.9268 Take profit: 0.9304
Sell: 0.9186 Take profit: 0.9162
Sell: 0.9157 Take profit: 0.9125
The key levels for the USD/JPY are 108.56, 108.01, 107.77, 107.39, 106.86, 106.56, 106.13 and 105.85. The price has been moving in a bullish trend since February 23. We expect this trend to resume once the level of 107.39 breaks down. The target is set at 107.77. On the other hand, the price may consolidate in the 107.77 - 108.01 range. The final potential upward target is 108.56. After reaching this level, the price may consolidate and pullback downwards.
A short-term decline is expected in the 106.86 - 106.56 range. If the last value breaks down, a deep correction will occur. The target is set at 106.13. The key upward support is in the range of 106.13 - 105.85.
The main trend is the upward trend from February 23.
Trading recommendations:
Buy: 107.41 Take profit: 107.77
Buy: 108.02 Take profit: 108.55
Sell: 106.86 Take profit: 106.58
Sell: 106.54 Take profit: 106.15
The key levels for the USD/CAD pair are 1.2926, 1.2891, 1.2834, 1.2753, 1.2715, 1.2643, 1.2601 and 1.2556. The price is forming a potential for the upward trend from February 25. Now, we expect a short-term growth in the 1.2715 - 1.2753 range. If the last value breaks down, strong growth will follow towards the next target of 1.2834. Its breakdown will lead us to the final potential target of 1.2926. The price may consolidate in the range of 1.2891 - 1.2926.
In turn, a short-term decline is possible in the range of 1.2643 - 1.2601. If the level of 1.2601 breaks down, a deep correction may occur. The target is set at 1.2556, which is also the key support level.
The main trend is the formation of an upward trend from February 25.
Trading recommendations:
Buy: 1.2753 Take profit: 1.2834
Buy: 1.2836 Take profit: 1.2890
Sell: 1.2559 Take profit: 1.2556
Sell: 1.2554 Take profit: 1.2466
The key levels for the AUD/USD pair are 0.7884, 0.7819, 0.7744, 0.7695, 0.7648, 0.7576, 0.7498 and 0.7450. The price has been following the formation of the bearish trend from February 25. In this case, we expect the trend to continue after the level of 0.7744 breaks down. The first target is set at 0.7695. This will be followed by a short-term decline in the 0.7695 - 0.7648 range. If the last value breaks down, we can expect a strong decline towards the target of 0.7576. The final potential downward target is set at 0.7450. After reaching this level, the price may consolidate in the range of 0.7498 - 0.7450, and then pullback upwards.
On the contrary, short-term growth is possible in the range of 0.7819 - 0.7884. If the last value breaks down, the upward trend will develop. In this case, we expect the strong initial conditions for an upward trend to be formed.
The main trend is the formation of a downward trend from February 25, correction stage.
Trading recommendations:
Buy: 0.7822 Take profit: 0.7882
Buy: 0.7895 Take profit: 0.7953
Sell: 0.7744 Take profit: 0.7696
Sell: 0.7695 Take profit: 0.7650
The key levels for the EUR/JPY pair are 130.52, 130.00, 129.63, 128.70, 128.26 and 127.23. The price has been moving in a local bullish trend from February 17. Thus, we expect a short-term growth in the range of 129.63 - 130.00. Upon the breakdown of the last value, the upward movement may resume to the potential target of 130.52. A downward pullback can be expected from this level.
The price may consolidate in the range of 128.70 - 128.26, from which a key upward reversal can be expected. If the level of 128.26 breaks down, the downward trend will develop. In this case, the potential target is set at 127.23.
The main trend is the local upward trend from February 17.
Trading recommendations:
Buy: 129.63 Take profit: 130.00
Buy: 130.02 Take profit: 130.52
Sell: 128.68 Take profit: 128.27
Sell: 128.24 Take profit: 127.53
The key levels for the GBP/JPY pair are 150.40, 149.66, 148.12, 147.39, 146.70, 146.30, 145.49 and 145.07. The price continues to follow the formation of the bearish trend from February 25. We expect the trend to extend after the 148.12 level is broken. The target is set at 147.39 and the price may consolidate around this level. Once the target breaks down, the downward movement will continue to the level of 146.70. Another price consolidation may occur within this level. The price breaking through the 146.70 - 146.30 range should be accompanied by a strong decline. The target is seen at 145.49, with a consolidation in the range of 145.49 - 145.07.
The key support level is 149.66. The breakout of this level will encourage the development of an upward trend. The potential target is set at 150.40.
The main trend is the downward trend from February 25.
Trading recommendations:
Buy: 149.67 Take profit: 150.40
Buy: Take profit:
Sell: 148.12 Take profit: 147.40
Sell: 147.37 Take profit: 146.70
