FX.co ★ Fractal analysis of major currency pairs on March 22, 2021

Outlook on March 22:

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, 1.1951, 1.1935, 1.1911, 1.1873 and 1.1836. The upward trend from March 9 is clearly monitored. We expect the price to close this trend after breaking through the level of 1.1873. In such a case, the first potential target is 1.1836. Alternatively, the growth will continue after the level of 1.1951 is broken. A breakout of the first target of 1.2000 will lead us to the next level of 1.2047. The price is consolidating around this level. We will continue to rise to 1.2050, whose breakdown will allow the strong growth to resume to the target of 1.2107. Another price consolidation can be expected around it. The final potential upward target is 1.2155. After reaching this level, a downward pullback can be expected.

The main trend is the upward trend from March 9, correction stage.

Trading recommendations:

Buy: 1.1951 Take profit: 1.2000

Buy: 1.2000 Take profit: 1.2045

Sell: Take profit:

Sell: 1.1871 Take profit: 1.1836

The key levels for the GBP/USD pair are 1.3938, 1.3900, 1.3873, 1.3811, 1.3771, 1.3706 and 1.3680. The price has been moving in a downward trend since March 18. We expect this trend to extend after the level of 1.3811 breaks down. The target is set at 1.3771 and the price may consolidate within this level. If the target breaks down, strong decline will resume to the next target of 1.3706. The final potential downward target is 1.3680. After reaching it, an upward pullback is possible.

A short-term growth, in turn, is possible in the range of 1.3873 - 1.3900. In case that the latter is broken, a deep correction will occur. The target is set at 1.3938, which is also the key support level. The price breaking through it will favor the development of an upward trend. In this case, the potential target is 1.3999.

The main trend is the formation of an upward trend from March 16.

Trading recommendations:

Buy: 1.3873 Take profit: 1.3900

Buy: 1.3902 Take profit: 1.3936

Sell: 1.3810 Take profit: 1.3775

Sell: 1.3769 Take profit: 1.3706

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 range of 0.9230 - 0.9206. The target is set at 0.9159. On the other hand, there will be a short-term decline and consolidation in the range of 0.9159 - 0.9127. The ultimate potential downward target is located at 0.9059. Once this level is reached, the price may pullback upwards.

Meanwhile, the price may consolidate in the range of 0.9274 - 0.9310. If the last level breaks down, there will be a formation of an upward potential. The first target is set at 0.9379.

The main trend is the formation of a downward trend from March 9.

Trading recommendations:

Buy: Take profit:

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 an upward trend since February 23. Now, we expect a short-term growth in the 109.40 - 109.97 range, from which there will be a possible pullback into a correctional movement.

On the other hand, a short-term decline 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. Here, we expect a short-term growth in the range of 1.2529 - 1.2561. If the level of 1.2561 breaks down, strong growth will continue to the target of 1.2626. Meanwhile, a short-term growth, with price consolidation, can be seen in the 1.2626 - 1.2650 range. 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 been moving in a downward trend since March 9. So, we expect a short-term decline in the 0.7696 - 0.7646 range. If the last value breaks down, a strong decline will resume to the first target of 0.7576. The price is consolidating near this level. If the first target is broken, it will lead us to the next target of 0.7498. Another short-term decline and consolidation is observed in the range of 0.7498 - 0.7450. The final potential downward target is set at 0.7352. After reaching it, an upward pullback can be expected.

The price breaking through the key support level of 0.7814 will lead to the formation of an upward trend. In this case, the target is set at 0.7884, whose breakdown will allow us to resume towards the potential target of 0.8009.

The main trend is the downward 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 130.09, 129.81, 129.54, 129.11, 128.87, 128.53, 128.36 and 128.01. The price has been moving in a bearish trend since March 18. We expect the decline to resume after the price breaks through the 129.11 - 128.87 range. Here, the target is set at 128.53. The price may consolidate in the range of 128.53 - 128.36. The final potential downward target is 128.01. After reaching which, the price may pullback upwards.

Meanwhile, a short-term growth is possible in the 129.54 - 129.81 range. If the last value breaks down, a deep correction will occur. The target is set at 130.09, which is also the key support level.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 129.55 Take profit: 129.80

Buy: 129.82 Take profit: 130.07

Sell: 128.85 Take profit: 128.55

Sell: 128.36 Take profit: 128.04

The key levels for the GBP/JPY pair are 151.82, 151.33, 150.98, 120.25, 149.75, 149.00 and 148.35. The price has formed the downward potential from March 18. Now, we expect a short-term decline in the 150.25 - 149.75 range. If the last value breaks down, strong decline will resume towards the target of 149.00. The final potential downward target is set at 148.35. After reaching this level, the price may consolidate and pullback upwards.

In turn, a short-term growth is possible in the 150.98 - 151.33 range. If the last value breaks down, a deep correction will follow. The target is set at 151.80, which is also the key support level.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 151.00 Take profit: 151.30

Buy: 151.35 Take profit: 151.80

Sell: 150.25 Take profit: 149.80

Sell: 149.70 Take profit: 149.00