Outlook on March 19:
Analysis of popular currency pairs on the hourly (H1) chart:
The key levels for the EUR/USD pair are 1.2155, 1.2107, 1.2047, 1.2000, 1.1935, 1.1911, 1.1873 and 1.1836. The price has been moving in an upward trend since March 9. We expect this trend to extend after the level of 1.2000 is broken. The target is set at 1.2047. The price may consolidate within this level. If the level of 1.2050 breaks down, strong growth will continue to the next target of 1.2107. Another price consolidation can be expected around it. The ultimate potential upward target is seen at 1.2155. After reaching this level, a downward pullback can be expected.
A short-term decline, in turn, is possible in the range of 1.1911 - 1.1873. Once the last value is broken, it will provoke the downward trend from developing. Here, the potential target is 1.1836.
The main trend is the upward trend from March 9, correction stage.
Trading recommendations:
Buy: 1.2000 Take profit: 1.2045
Buy: 1.2048 Take profit: 1.2106
Sell: 1.1909 Take profit: 1.1875
Sell: 1.1871 Take profit: 1.1836
The key levels for the GBP/USD pair are 1.4154, 1.4101, 1.4039, 1.3999, 1.3936, 1.3908, 1.3873 and 1.3811. The price continues to move in an upward trend since March 16. Therefore, we expect this growth to resume after the level of 1.3999 breaks down. The target is set at 1.4039 and the price is consolidating around it. If the level of 1.4040 breaks down, strong growth will continue to the next target, which is the level of 1.4101. Another price consolidation is observed here. The final potential upward target is 1.4154. After reaching it, a downward pullback may occur.
Meanwhile, a short-term decline is possible in the 1.3908 - 1.3873 range. In case that the level of 1.3873 breaks down, the downward trend will develop. The first target is set at 1.3811 and the price may consolidate near it.
The main trend is the formation of an upward trend from March 16.
Trading recommendations:
Buy: 1.4000 Take profit: 1.4037
Buy: 1.4041 Take profit: 1.4100
Sell: 1.3906 Take profit: 1.3875
Sell: 1.3872 Take profit: 1.3813
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 downward 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. Afterwards, 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.
As an alternative, 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. In this case, we expect a short-term growth in the range of 109.40 - 109.97, from which there will be a possible pullback into a correctional movement.
A short-term decline, on the other hand, can be expected in the range of 108.56 - 108.04. If the latter 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 1.2700, 1.2650, 1.2626, 1.2561, 1.2529, 1.2468, 1.2428, 1.2399 and 1.2363. The price has formed the upward potential from March 18. So, we expect a short-term growth in the 1.2529 - 1.2561 range. In case that the last value breaks down, strong growth will continue to the target of 1.2626. Meanwhile, a short-term growth, with price consolidation, is observed in the range of 1.2626 - 1.2650. The ultimate potential upward target is 1.2700. After reaching this level, the price may pull back downwards.
A short-term decline is possible in the 1.2468 - 1.2428 range. The key upward support is in the range 1.2428 - 1.2399. The price breaking through it will allow the downward trend to develop. The target is set at 1.2363.
The main trend is the formation of upward potential from March 18.
Trading recommendations:
Buy: 1.2530 Take profit: 1.2560
Buy: 1.2562 Take profit: 1.2626
Sell: 1.2468 Take profit: 1.2430
Sell: 1.2427 Take profit: 1.2400
The key levels for the AUD/USD pair are 0.8009, 0.7884, 0.7814, 0.7696, 0.7646, 0.7576, 0.7498, 0.7450 and 0.7352. The price has entered an equilibrium state – the downward trend from February 25 and the upward trend from March 9. The key support level is set at 0.7814. The price breaking through it will lead to the formation of an upward trend. In this case, the target is 0.7884. Its breakdown will allow us to move to the potential target of 0.8009.
A short-term decline, in turn, can be expected in the 0.7696 - 0.7646 range. If the level of 0.7646 is broken, strong decline will continue to the first target of 0.7576. The price is consolidating close to this level. If the first target is broken, the downward trend will extend to 0.7498. There is a short-term decline and consolidation in the 0.7498 - 0.7450 range. The final potential downward target is set at 0.7352. After reaching it, an upward pullback is possible.
The main trend is the equilibrium state: the downward trend from February 25 and the upward trend from March 9.
Trading recommendations:
Buy: 0.7814 Take profit: 0.7882
Buy: 0.7886 Take profit: 0.8009
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, 129.54 and 129.11. The price has been moving in a local bullish trend from March 16. Here, we expect this trend to continue after the level of 130.18 is broken. The first target is set at 130.57. If the price manages to break through the range of 130.57 - 130.78, then growth can resume to 131.19. The final potential upward target is 131.48. After reaching it, the price may consolidate.
We expect the downward trend to form after the level of 129.54 is broken. In this case, the target is set at 129.11. The price will consolidate around this level.
The main trend is the upward trend from March 2, correction stage.
Trading recommendations:
Buy: 130.18 Take profit: 130.57
Buy: 130.78 Take profit: 131.19
Sell: 129.54 Take profit: 129.13
Sell: Take profit:
The key levels for the GBP/JPY pair are 155.27, 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 a short-term growth in the 152.70 - 153.25 range. Once the level of 153.25 is broken, the movement will resume to the level of 154.15. The price may consolidate around it. The final potential upward target is set at 155.27. A downward pullback is possible from this level.
The price may consolidate in the range of 151.82 - 151.14. If the last value breaks down, a deep correction will occur. The target is set at 150.25, which is also the key support level.
The main trend is the upward trend from February 26.
Trading recommendations:
Buy: 152.70 Take profit: 153.23
Buy: 153.27 Take profit: 154.15
Sell: Take profit:
Sell: 151.12 Take profit: 150.25