Outlook on March 9:
Analytical review of popular currency pairs on the hourly chart:
The key levels for the EUR/USD pair are 1.2066, 1.1991, 1.1948, 1.1893, 1.1807, 1.1769, 1.1686 and 1.1648. The price has been moving in a downward trend since February 25. We expect this trend to continue after the price breaks through the 1.1893 - 1.1864 range. The target is set at 1.1807. Meanwhile, a short-term decline as well as a consolidation is possible in the range of 1.1807 - 1.1769. Once the last value breaks down, strong decline will continue towards the next target of 1.1686. The final potential downward target is 1.1648. After reaching this level, the price may pullback upwards.
A short-term growth, in turn, is possible in the 1.1948 - 1.1991 range. If the last value breaks down, a prolonged correction will occur. The target is seen at 1.2066, which is also the key support level.
The main trend is the downward trend from February 25.
Trading recommendations:
Buy: 1.1948 Take profit: 1.1990
Buy: 1.1993 Take profit: 1.2064
Sell: 1.1863 Take profit: 1.1808
Sell: 1.1805 Take profit: 1.1770
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 bearish trend since February 24. In this case, we expect a short-term decline and consolidation in the range of 1.3839 - 1.3767. The breakdown of the level of 1.3766 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.
On the other hand, short-term growth is possible in the range of 1.3937 - 1.3987. If the last value breaks down, a deep correction can be expected. The target is set at 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 0.9416, 0.9379, 0.9302, 0.9267, 0.9239 and 0.9186. The price is seen around the limit values for the upward trend from February 16. In this case, a correction is expected. A short-term decline is possible in the 0.9302 - 0.9267 range. The next range is set at 0.9267 - 0.9239. If this breaks down, the downward movement will continue to a potential target of 0.9186. We expect strong initial conditions to be formed before moving to this level.
Meanwhile, short-term growth can be expected in the range of 0.9379 - 0.9416, hence we should expect a downward reversal.
The main trend is an upward trend from February 16, correction stage.
Trading recommendations:
Buy: 0.9379 Take profit: 0.9414
Buy: Take profit: 0
Sell: 0.9302 Take profit: 0.9267
Sell: 0.9237 Take profit: 0.9188
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. Against this background, we expect a short-term growth in the 109.40 - 109.97 range, wherein a pullback into a correction is possible.
Alternatively, a short-term decline can be expected in the range of 108.56 - 108.04. Once the level of 108.04 breaks down, 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 stage.
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 1.2926, 1.2891, 1.2834, 1.2753, 1.2715, 1.2601, 1.2556 and 1.2466. 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. .
The price may consolidate in the range of 1.2601 - 1.2556. The breakdown of the key support level (1.2556) will encourage the development of a downward trend. In such a case, the first potential target is set at 1.2466.
The main trend is the formation of an upward trend from February 25.
Trading recommendations:
Buy: 1.2715 Take profit: 1.2750
Buy: 1.2753 Take profit: 1.2834
Sell: 1.2643 Take profit: 1.2603
Sell: 1.2598 Take profit: 1.2556
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 moving in a bearish trend since February 25. Now, we expect the price to consolidate in the 0.7744 - 0.7695 range. Subsequently, a short-term decline is possible in the next range of 0.7695 - 0.7648. If the last value breaks down, strong decline will continue to the next target of 0.7576. The final potential downward target is set at 0.7450. After reaching this level, there will be a price consolidation in the 0.7498 - 0.7450 range, followed by an upward pullback.
In contrast, short-term growth is possible in the range of 0.7819 - 0.7884. If the last value breaks down, the upward trend will continue. 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: 0.7695 Take profit: 0.7743
Buy: 0.7747 Take profit: 0.7819
Sell: 0.7695 Take profit: 0.7650
Sell: 0.7647 Take profit: 0.7576
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 upward trend since March 2. In this context, we expect a short-term growth in the range of 129.63 - 130.00. Once the last value breaks down, 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 March 2.
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 154.15, 153.25, 152.70, 151.47, 150.59, 149.86 and 148.86. The price has been moving in an upward trend since February 26. In this case, we expect a short-term growth in the 150.59 - 151.47 range. If the level of 151.47 breaks down, strong upward movement will continue to the next target of 152.70. The final upward target is set at 153.25. After reaching this level, the price may consolidate and pullback downwards.
In turn, a short-term decline is possible in the range of 150.59 - 149.86. If the last value breaks down, a deep correction will occur. The target is set at 148.86, which is also the key support level.
The main trend is the upward trend from February 26.
Trading recommendations:
Buy: 151.50 Take profit: 152.70
Buy: 153.27 Take profit: 154.15
Sell: 150.59 Take profit: 149.88
Sell: 149.84 Take profit: 148.87
