FX.co ★ Fractal analysis of major currency pairs on March 8

Outlook on March 8:

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 extend after the price breaks through the 1.1893 - 1.1864 range. The target is set at 1.1807. Meanwhile, a short-term decline, with 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 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 1.1948 - 1.1991 range. Once the level of 1.1991 is broken, 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 1.3766 level 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.

Meanwhile, a short-term growth is possible in the 1.3937 - 1.3987 range. 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 0.9379, 0.9328, 0.9267, 0.9239 and 0.9186. The price has been moving in a bullish trend since February 16. So, we expect a short-term upward movement in the 0.9302 - 0.9328 range. If the level of 0.9328 breaks down, the growth will continue towards the potential target set at 0.9379. After reaching this level, the price may pull back downwards.

On the other hand, a short-term decline is possible in the range of 0.9267 - 0.9239. Once the last value breaks down, a deep correction will occur. The target is set at 0.9186, which is also the key support level.

The main trend is the upward trend from February 16.

Trading recommendations:

Buy: Take profit:

Buy: 0.9330 Take profit: 0.9377

Sell: 0.9266 Take profit: 0.9240

Sell: 0.9237 Take profit: 0.9188

The key levels for the USD/JPY are 109.40, 108.77, 108.56, 107.77, 107.39, 106.86 and 106.56. The price has been moving in an upward trend since February 23. We expect this trend to resume after the price breaks through the range of 108.56 - 108.77. In such a case, the final potential upward target is set at 109.40, wherein a downward pullback can be expected.

Meanwhile, a short-term decline is expected in the 107.77 - 107.39 range. If the level of 107.39 breaks down, a deep correction can be expected. The target is set at 106.86. The key support is in the range of 106.86 - 106.56.

The main trend is the upward trend from February 23.

Trading recommendations:

Buy: 108.78 Take profit: 109.40

Buy: Take profit:

Sell: 107.75 Take profit: 107.40

Sell: 107.37 Take profit: 106.86

The key levels for the USD/CAD pair are 1.2926, 1.2891, 1.2834, 1.2753, 1.2715, 1.2643, 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 1.2643 - 1.2601. Once the last value is broken, a deep correction will occur. The target is set at 1.2556, which is also the key support level.

The main trend is the formation of an upward trend from February 25.

Trading recommendations:

Buy: 1.2753 Take profit: 1.2834

Buy: 1.2836 Take profit: 1.2890

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: 0.7822 Take profit: 0.7882

Buy: 0.7895 Take profit: 0.7953

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 153.25, 152.70, 151.47, 150.72, 149.42, 148.86, 148.12 and 147.39. The price has been moving in an upward trend since February 26. Thus, we expect a short-term growth in the range of 150.72 - 151.47. If the level of 151.47 is broken, strong growth will continue towards the next target set at 152.70. The ultimate potential upward target can be seen at 153.25. After reaching it, the price may consolidate and pullback downwards.

In turn, short-term decline is possible in the range of 149.42 - 148.86. Once the last value is broken, a deep correction will occur. The target is set at 148.12, which is also the key support level. The price breaking through it will lead to the development of a downward trend. In such a case, the potential target is 147.39.

The main trend is the upward trend from February 26.

Trading recommendations:

Buy: 150.72 Take profit: 151.45

Buy: 151.55 Take profit: 152.70

Sell: 149.42 Take profit: 148.86

Sell: 148.82 Take profit: 148.12