Outlook on March 10:
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 declining since February 25. Thus, we expect this trend to continue after the price breaks through the 1.1893 - 1.1864 range. The target is seen at 1.1807. On the other hand, a short-term decline and a consolidation is possible in the range of 1.1807 - 1.1769. If the last value breaks down, strong decline will continue towards the next target of 1.1686. The ultimate potential downward target is 1.1648. After reaching this level, the price may pullback upwards.
In turn, short-term growth is possible in the range of 1.1948 - 1.1991. If the level of 1.1991 breaks down, a prolonged correction will occur. The target is set 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, which is currently in correction, has been moving in a downward 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. After that, the price may consolidate in the range of 1.3689 - 1.3640. The final downward target is set at 1.3545. Once this level is reached, an upward pullback may occur.
Meanwhile, 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, correction stage.
Trading recommendations:
Buy: 1.3938 Take profit: 1.3985
Buy: 1.3988 Take profit: 1.4042
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 forming the potential for the development of a downward correction. Now, a short-term decline can be expected in the 0.9302 - 0.9267 range. This can be followed by the noise range of 0.9267 - 0.9239, whose breakdown will lead the price to the next potential target set at 0.9186. We expect strong initial conditions to be formed before moving to this level.
Alternatively, 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. In such a case, we expect a short-term growth in the range of 109.40 - 109.97, from which a pullback into a correction is possible.
On the other hand, 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 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 1.2926, 1.2891, 1.2834, 1.2753, 1.2715, 1.2601, 1.2556 and 1.2466. The price is forming a potential from the upward trend that started on February 25. We expect a short-term growth in the 1.2715 - 1.2753 range. Once the level of 1.2753 is broken, strong growth will follow towards the next target of 1.2834. Its breakdown will lead the price to the final potential upward target set at 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, 0.7814, 0.7741, 0.7703, 0.7646, 0.7576, 0.7498, 0.7450 and 0.7352. The price has been moving in a downward trend since February 25. Against this background, we expect a short-term decline in the range of 0.7646 - 0.7576. If the level of 0.7576 breaks down, the strong decline will continue to the target of 0.7498. After that, a short-term decline and consolidation are possible in the range of 0.7498 - 0.7450. The final downward target is set at 0.7352. After reaching this level, an upward pullback can be expected.
In contrast, short-term growth is possible in the 0.7703 - 0.7741 range. Once the level of 0.7703 breaks down, a deep correction will follow. The target is set at 0.7814, which is also the key support level. The price breaking through it will lead to the formation of strong initial conditions for the upward trend. In such a case, the potential target will be 0.7884.
The main trend is the formation of a downward trend from February 25, correction stage.
Trading recommendations:
Buy: 0.7703 Take profit: 0.7740
Buy: 0.7743 Take profit: 0.7814
Sell: 0.7645 Take profit: 0.7577
Sell: 0.7574 Take profit: 0.7500
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 since March 2. In view of this, we expect a short-term growth in the range of 129.63 - 130.00. If the last value breaks down, the upward movement may continue to the potential target of 130.52. A downward pullback can be expected from this level.
A price consolidation is possible in the range of 128.70 - 128.26, from which there will be a key upward reversal. 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. We expect this trend to extend after the level of 151.47 breaks down. In this case, the target is set at 152.70. Meanwhile, a short-term growth and consolidation can be expected in the 152.70 - 153.25 range. The final potential upward target is set at 154.15. After reaching this level, the price may consolidate and pullback downwards.
A short-term decline, in turn, 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
