Outlook on March 11:
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 bearish trend since February 25. We expect this trend to continue after the price breaks through the range of 1.1893 - 1.1864. The target is set at 1.1807. Meanwhile, a short-term decline and a consolidation are possible in the 1.1807 - 1.1769 range. If 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 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 now in a correction and forms a potential for an upward trend from March 5, has been declining since February 24. Now, we expect a short-term decline and consolidation in the range of 1.3839 - 1.3767. If the last value is broken, a strong decline will continue towards the next target of 1.3689. After that, the price may consolidate in the range of 1.3689 - 1.3640. The ultimate downward target is set at 1.3545. After reaching it, an upward pullback can be expected.
On the other hand, short-term growth is possible in the range of 1.3937 - 1.3987. Once the level of 1.3987 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 range of 0.9302 - 0.9267. 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.
In contrast, 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 a bullish trend since February 23. Therefore, we expect a short-term growth in the range of 109.40 - 109.97, from which a pullback into a correction is possible.
Meanwhile, a short-term decline can be expected in the 108.56 - 108.04 range. If 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 an upward potential from February 25. Relative to which, we expect a short-term growth in the range of 1.2715 - 1.2753. 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. A price consolidation may occur in the 1.2891 - 1.2926 range.
A consolidated movement is possible in the 1.2601 - 1.2556 range. If the price breaks through the key support level of 1.2556, the downward trend will develop. In this 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, 0.7696, 0.7646, 0.7576, 0.7498, 0.7450 and 0.7352. The price has been moving in a downward trend since February 25. In view of this, a short-term decline can be expected in the range of 0.7696 - 0.7646. Once the last value is broken, a strong decline will continue towards the first target of 0.7576. The price may consolidate around this level. If the first target breaks down, the movement will resume to the next target of 0.7498. Meanwhile, 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, the price may pullback upwards.
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 131.19, 130.78, 130.57, 130.18, 129.89, 129.40, 129.11 and 128.75. The price has been following the local upward trend from March 2. Against this background, we expect it to make a short-term growth in the 129.89 - 130.18 range. If the level of 130.18 breaks down, strong growth will continue towards the target of 130.57. This can be followed by a short-term growth and consolidation in the range of 130.57 - 130.78. The final upward target is set at 131.19, from which a downward pullback may occur.
In turn, a short-term decline is possible in the 129.40 - 129.11 range, wherein a key upward reversal is expected. If the level of 129.11 breaks down, a deep correction will occur. The target is set at 128.75, which is also the key support level.
The main trend is the local upward trend from March 2.
Trading recommendations:
Buy: 129.89 Take profit: 130.16
Buy: 130.20 Take profit: 130.56
Sell: 129.40 Take profit: 129.14
Sell: 129.09 Take profit: 128.78
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. Thus, we expect this trend to continue after the level of 151.47 is broken. Here, 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