29.03.202111:50 Forex Analysis & Reviews: Fractal analysis of major currency pairs on March 29, 2021

Outlook on March 29:

Analysis of popular currency pairs on the hourly (H1) chart:

The key levels for the EUR/USD pair are 1.1924, 1.1869, 1.1836, 1.1812, 1.1766, 1.1726, 1.1709, 1.1680 and 1.1662. The price has been moving in a bearish trend since March 18. We expect this trend to extend after the level of 1.1766 breaks down. The target is set at 1.1726. The price may consolidate in the range of 1.1726 - 1.1709. If the latter is broken, it will provoke a further decline to 1.1680. The final potential downward target is set at 1.1662. After reaching this level, the price may pullback upwards.

A short-term growth, in turn, is possible in the range of 1.1812 - 1.1836. In case that the last value is broken, a deep correction will develop with the potential target of 1.1869.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 1.1812 Take profit: 1.1836

Buy: 1.1838 Take profit: 1.1867

Sell: 1.1764 Take profit: 1.1727

Sell: 1.1709 Take profit: 1.1680

The key levels for the GBP/USD pair are 1.3920, 1.3882, 1.3836, 1.3807, 1.3745, 1.3714, 1.3670, 1.3647, 1.3592 and 1.3553. The price has been following the formation of the upward trend from March 25. In this case, we expect a short-term growth in the 1.3807 - 1.3836 range. If the last value breaks down, strong growth will continue towards the target of 1.3882. The final potential upward target is set at 1.3920. After reaching it, the price may consolidate and pullback downwards.

A short-term decline is likely in the 1.3745 - 1.3714 range. If the level of 1.3714 breaks down, the downward trend will develop. The target is set at 1.3670. If the price breaks through the noise range of 1.3670 - 1.3647, strong decline will resume towards the 1.3592 mark. The final potential downward target is 1.3553. Once this level is reached, an upward pullback can be expected.

The main trend is the downward trend from March 18, formation of an upward potential from March 25.

Trading recommendations:

Buy: 1.3807 Take profit: 1.3835

Buy: 1.3837 Take profit: 1.3880

Sell: 1.3745 Take profit: 1.3715

Sell: 1.3712 Take profit: 1.3670

The key levels for the USD/CHF pair are 0.9495, 0.9454, 0.9406, 0.9363, 0.9338 and 0.9307. The price has been moving in an upward trend since March 17. We expect this growth to continue after the level of 0.9406 breaks down. The target is set at 0.9454. The price may consolidate around this level. The final potential upward target is 0.9495. After reaching it, a downward pullback is possible.

Meanwhile, short-term growth is possible in the range of 0.9363 - 0.9338. If the latter is broken, this will lead to a deep correction. The target is seen at 0.9307, which is also the key support level.

The main trend is the upward trend from March 17.

Trading recommendations:

Buy: 0.9407 Take profit: 0.9454

Buy: 0.9456 Take profit: 0.9495

Sell: 0.9363 Take profit: 0.9338

Sell: 0.9337 Take profit: 0.9308

The key levels for the USD/JPY are 111.22, 110.98, 110.43, 110.07, 109.31, 108.97, 108.77 and 108.41. The price has been following the formation of the medium-term upward trend from March 23. We expect the upward trend to continue after the level of 110.07 is broken. The target is set at 110.43 and the price may consolidate around it. If the level of 110.45 breaks down, strong growth will follow towards the target of 110.98. The ultimate potential upward target is 111.22. After reaching it, a price consolidation and downward pullback is possible.

The price may make a correction after the level of 109.31 is broken. The target is set at 108.91. The key support is in the range of 108.97 - 108.77. If the price breaks through it, the downward trend will develop. The first target is set at 108.41.

The main trend is the mid-term upward trend from March 23.

Trading recommendations:

Buy: 110.07 Take profit: 110.40

Buy: 110.45 Take profit: 110.98

Sell: 109.30 Take profit: 109.00

Sell: 108.75 Take profit: 108.45

The key levels for the USD/CAD pair are 1.2788, 1.2753, 1.2700, 1.2650, 1.2626, 1.2561, 1.2529 and 1.2489. The price has been moving in a bullish trend since March 18. We expect this trend if the price successfully breaks through the range of 1.2626 - 1.2650. The target is set at 1.2700. The price is consolidating near it. If the specified target breaks down, strong growth will continue towards the next target of 1.2753. The ultimate potential upward target is 1.2788. After reaching this level, a downward pullback can be expected.

Meanwhile, a short-term decline is possible in the range of 1.2561 - 1.2529. If the level of 1.2529 breaks down, a deep correction will occur. The target is set at 1.2489, which is also the key support level.

The main trend is the upward trend from March 18.

Trading recommendations:

Buy: 1.2650 Take profit: 1.2700

Buy: 1.2703 Take profit: 1.2752

Sell: 1.2560 Take profit: 1.2531

Sell: 1.2527 Take profit: 1.2490

The key levels for the AUD/USD pair are 0.7742, 0.7686, 0.7646, 0.7588, 0.7554, 0.7467, 0.7442 and 0.7378. The price has been moving in a bearish trend since March 18. We expect this trend to extend after the price breaks through the range of 0.7588 - 0.7554. Here, the target is set at 0.7467. The price may consolidate in the range of 0.7467 - 0.7442. The final potential downward target is the level of 0.7378. We expect the price to move here after the level of 0.7441 is broken.

On the other hand, a short-term growth can be expected in the 0.7646 - 0.7686 range. If the last value breaks down, a deep correction will occur. The target is set at 0.7742, which is also the key support level.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 0.7646 Take profit: 0.7685

Buy: 0.7887 Take profit: 0.7741

Sell: 0.7554 Take profit: 0.7468

Sell: 0.7441 Take profit: 0.7378

The key levels for the EUR/JPY pair are 129.54, 129.11, 128.36, 128.01, 127.79, 127.31 and 127.09. The price has been moving in a downward trend since March 18. However, it is currently in correction and is forming an upward potential from March 25. We expect the downward trend to resume after the 128.36 level is broken. The target is set at 128.01. The price may consolidate in the range of 128.01 - 127.79. If the latter is broken, strong decline will continue towards the target of 127.31. The final potential downward target is set at 127.09. After reaching it, an upward pullback is likely.

Alternatively, a short-term growth can be expected in the 129.54 - 129.11 range. If the level of 129.11 breaks down, the upward trend from March 25 will develop. The first target is set at 129.79.

The main trend is the downward trend from March 18, deep correction stage.

Trading recommendations:

Buy: 129.20 Take profit: 129.50

Buy: 129.55 Take profit: 129.77

Sell: 128.34 Take profit: 128.01

Sell: 127.77 Take profit: 127.35

The key levels for the GBP/JPY pair are 154.27, 153.38, 152.61, 152.21, 151.53, 150.37, 149.65, 149.24 and 148.45. The price has been moving in an upward trend since March 24. We expect this trend to extend after the level of 151.53 is broken. The target is set at 152.21. The price may consolidate around it. In the event that it breaks through the range of 152.21 - 152.61, the upward movement will resume to 153.38 level. Another price consolidation is possible around this level. The final potential upward target is set at 154.27, wherein a downward pullback can be expected.

A correction, in turn, is likely after the level of 150.37 is broken. The target is set at 149.65. The key upward support is in the range of 149.65 - 149.24. If the price manages to break through it, the downward trend will develop. The target will be at 148.45.

The main trend is the formation of an upward trend from March 24.

Trading recommendations:

Buy: 151.55 Take profit: 151.21

Buy: 152.61 Take profit: 152.65

Sell: 150.35 Take profit: 149.70

Sell: 149.24 Take profit: 148.45