16.03.202113:15 Forex Analysis & Reviews: Fractal analysis of major currency pairs on March 16

Outlook on March 16:

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, 1.1948, 1.1915, 1.1873 and 1.1836. The price continues to move in an upward trend since March 9. So, 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.

In turn, the price may consolidate in the range of 1.1948 - 1.1915. Once the last value is broken, a prolonged correction can be expected. The target is set at 1.1873, which is also the key support level.

The main trend is the upward trend from March 9.

Trading recommendations:

Buy: 1.2000 Take profit: 1.2045

Buy: 1.2050 Take profit: 1.2107

Sell: 1.1946 Take profit: 1.1918

Sell: 1.1913 Take profit: 1.1877

The key levels for the GBP/USD pair are 1.4002, 1.3948, 1.3895, 1.3861, 1.3811, 1.3778, 1.3730, 1.3708 and 1.3664. The price has been moving in a bearish trend since March 12. Here, we expect a short-term decline to occur in the 1.3811 - 1.3778 range. If the level of 1.3778 breaks down, the price may further decline towards the next target of 1.3730. This can be followed by a possible short-term decline with consolidation in the range of 1.3730 - 1.3708. The final potential downward target is set at 1.3664. After reaching it, an upward pullback may occur.

On the other hand, a short-term growth is likely in the 1.3861 - 1.3895 range. If the last value breaks down, a deep correction can be expected. The target is set at 1.3948, which is also the key support level.

The main trend is the downward trend from March 12.

Trading recommendations:

Buy: 1.3861 Take profit: 1.3893

Buy: 1.3896 Take profit: 1.3948

Sell: 1.3810 Take profit: 1.3780

Sell: 1.3776 Take profit: 1.3730

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 continue after the price breaks through the range of 0.9230 - 0.9206. The target is set at 0.9159. This can be followed by a short-term decline and consolidation in the range of 0.9159 - 0.9127. The final potential downward target is seen at 0.9059. After reaching it, the price may pullback upwards.

Meanwhile, 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 an upward trend since February 23. In this case, we expect a short-term growth in the 109.40 - 109.97 range, wherein a pullback into a correction is possible.

A short-term decline can be expected in the range of 108.56 - 108.04. 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 and 1.2353. The price has been moving in a bearish trend since March 5. In this context, we expect the decline to continue after the price successfully breaks through the range of 1.2456 - 1.2430. Here, the target will be set at 1.2388. The price may consolidate closer to this level. The ultimate potential downward target is set at 1.2353. After reaching it, an upward pullback can be expected.

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. Against this background, we expect a short-term decline in the 0.7696 - 0.7646 range. If the last value is broken, strong decline will continue towards the first target of 0.7576. The price may consolidate near it. If this target breaks down, the movement will extend to the next target of 0.7498. After that, a short-term decline and consolidation is possible in the range of 0.7498 - 0.7450. 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 an upward trend since March 2. In this case, we expect a short-term growth with consolidation in the 130.57 - 130.78 range. If the last value is broken, strong growth will continue towards the target of 130.19. The final potential upward target is set at 131.48, from which a downward pullback may occur.

In turn, a short-term decline is expected in the range of 130.18 - 129.89. If the level of 129.89 breaks down, a deep correction may follow. The target is set at the key support level of 129.54. The price breaking through it will favor the development of a downward trend. The first potential target will be 129.11.

The main trend is the local upward trend from March 2.

Trading recommendations:

Buy: 130.78 Take profit: 131.19

Buy: 131.24 Take profit: 131.48

Sell: 130.18 Take profit: 129.92

Sell: 129.86 Take profit: 129.55

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 trend to extend after the level of 151.82 is broken. In such a case, the first target is 152.70. Meanwhile, a short-term upward movement is observed in the range of 152.70 - 153.25. The final potential upward target is 154.15. After reaching it, a downward pullback is possible.

Alternatively, a short-term decline is possible in the 150.59 - 149.86 range. Once the last value is broken, 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, 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