Outlook on March 17:
Analytical review of popular currency pairs on the hourly chart:
The key levels for the EUR/USD pair are 1.2155, 1.2107, 1.2047, 1.2000, 1.1956, 1.1873 and 1.1836. The price, which is currently in a correction, is closely monitoring the formation of the upward trend from March 9. In this case, we expect this trend to extend after the level of 1.1956. The breakdown of the first target set at 1.2000 will allow us to further rise to 1.2047. The price may consolidate around this level. This can be followed by another breakdown of the next target level of 1.2050. After that, strong growth will continue to the target of 1.2107. Another price consolidation is expected near it. The final potential upward target is set at 1.2155. After reaching this level, the price may pull back downwards.
In turn, the breakdown of the key support level of 1.1873 will lead us to the next level of 1.1836. We expect the price to consolidate within this level. If the second target breaks down, strong decline will continue to the target of 1.1769.
The main trend is the upward trend from March 9, deep correction stage.
Trading recommendations:
Buy: 1.1957 Take profit: 1.2000
Buy: 1.2000 Take profit: 1.2045
Sell: 1.1873 Take profit: 1.1838
Sell: 1.1834 Take profit: 1.1770
The key levels for the GBP/USD pair are 1.4002, 1.3948, 1.3917, 1.3855, 1.3811, 1.3778, 1.3730, 1.3708 and 1.3664. The price has been moving in a downward trend since March 12. We expect the decline to continue after the level of 1.3855 is broken. The first target is set at 1.3811. Meanwhile, there is a possible short-term decline in the 1.3811 - 1.3778 range. Once the last value is broken, the decline will extend to the target of 1.3730. Another short-term decline and consolidation can be expected in the range of 1.3730 - 1.3708. The ultimate potential downward target is 1.3664. After reaching it, an upward pullback may occur.
On the other hand, a short-term growth can be expected in the range of 1.3917 - 1.3948. If the level of 1.3948 breaks down, the upward trend will develop. The potential target is set at 1.4002.
The main trend is the downward trend from March 12.
Trading recommendations:
Buy: 1.3917 Take profit: 1.3946
Buy: 1.3950 Take profit: 1.4002
Sell: 1.3855 Take profit: 1.3811
Sell: 1.3810 Take profit: 1.3780
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. We expect this trend to extend after the price breaks through the 0.9230 - 0.9206 range. The target is located at 0.9159. After that, there will be a short-term decline and consolidation in the range of 0.9159 - 0.9127. The final potential downward target is seen at 0.9059. Once this level is reached, the price may pullback upwards.
Alternatively, the price may consolidate in the 0.9274 - 0.9310 range. If the level of 0.9310 breaks down, a potential for an upward trend will be formed. 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 a bullish trend since February 23. Therefore, we expect a short-term growth in the range of 109.40 - 109.97, from which there will be a possible pullback into a correction.
A short-term decline can be expected in the 108.56 - 108.04 range. If the last value 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 1.2576, 1.2535, 1.2505, 1.2456, 1.2430, 1.2388, 1.2353 and 1.2288. The price has been moving in a bearish trend since March 5. Relative to this, we expect the decline to continue after the price successfully breaks through the range of 1.2456 - 1.2430. The target is set at 1.2388. On the other hand, a short-term decline and consolidation is observed in the 1.2388 - 1.2353 range. The ultimate potential downward target is set at 1.2288. After reaching it, an upward pullback can be expected.
Here, a short-term growth is possible in the range of 1.2505 - 1.2535. If the last value breaks down, a deep correction will occur. The target is set at 1.2576, which is also the key support level.
The main trend is the downward trend from March 5.
Trading recommendations:
Buy: 1.2505 Take profit: 1.2535
Buy: 1.2537 Take profit: 1.2576
Sell: 1.2430 Take profit: 1.2390
Sell: 1.2387 Take profit: 1.2355
The key levels for the AUD/USD pair are 0.7884, 0.7814, 0.7696, 0.7646, 0.7576, 0.7498, 0.7450 and 0.7352. The price is in a deep correction from the downward trend on February 25. Thus, we expect a short-term decline in the 0.7696 - 0.7646 range. If the last value is broken, strong decline will follow towards the first target of 0.7576. The price may consolidate around this level. If this level breaks down, the movement will continue to the next target of 0.7498. After that, a short-term decline and consolidation is possible in the 0.7498 - 0.7450 range. The final potential downward target is set at 0.7352. After reaching this level, an upward pullback is possible.
The price breaking through the key support level of 0.7814 will lead to the formation of an upward trend. The potential target is set at 0.7884.
The main trend is the downward trend from February 25, correction stage.
Trading recommendations:
Buy: 0.7814 Take profit: 0.7882
Buy: Take profit:
Sell: 0.7695 Take profit: 0.7648
Sell: 0.7644 Take profit: 0.7576
The key levels for the EUR/JPY pair are 131.48, 131.19, 130.78, 130.57, 130.18, 129.89, 129.54 and 129.11. The price has been moving in a local bullish trend since March 2. We expect this trend to extend after the level of 130.18 is broken. Here, the first target is set at 130.57. Meanwhile, a short-term growth and consolidation are in the 130.57 - 130.78 range. If the last value breaks down, the target will be next set at 130.19. The final potential upward target is set at 131.48, from which a downward pullback is possible.
In turn, a short-term decline is expected in the range of 129.89 - 129.54. If the last value breaks down, a deep correction will occur. The target is set at 129.11, which is also the key support level.
The main trend is the local upward trend from March 2.
Trading recommendations:
Buy: 130.20 Take profit: 130.55
Buy: 130.78 Take profit: 131.19
Sell: 129.86 Take profit: 129.55
Sell: 129.52 Take profit: 129.12
The key levels for the GBP/JPY pair are 154.15, 153.25, 152.70, 151.26, 150.59, 149.86 and 148.86. The price has been moving in a bullish trend since February 26. We expect this growth to continue after the level of 151.82 breaks down. In such a case, the first target is 152.70. Meanwhile, a short-term upward movement is seen in the range of 152.70 - 153.25. The final potential upward target is 154.15. After reaching it, a downward pullback is possible.
On the other hand, there is a possible short-term decline in the 150.59 - 149.86 range. If the level of 149.86 is broken, a deep correction will follow. The target is set at 148.86, which is also the key support level.
The main trend is the upward trend from February 26, correction stage.
Trading recommendations:
Buy: 151.82 Take profit: 152.70
Buy: 153.27 Take profit: 154.15
Sell: 150.57 Take profit: 149.90
Sell: 149.80 Take profit: 148.90
