Outlook on March 31:
Analysis of popular currency pairs on the hourly (H1) chart:
The key levels for the EUR/USD pair are 1.1812, 1.1767, 1.1746, 1.1726, 1.1709, 1.1680, 1.1662 and 1.1625. The price has been moving in a downward trend since March 18. We expect the price to consolidate in the 1.1726 - 1.1709 range. If the last value breaks down, strong decline will continue to the target of 1.1680. A short-term decline and consolidation are in the range of 1.1680 - 1.1662. The final potential downward target is set at 1.1625. After reaching this level, the price may pullback upwards.
A short-term growth, in turn, is possible in the range of 1.1746 - 1.1767. If the latter breaks down, a deeper correction will develop. Here, the potential target is 1.1812. We expect the formation of initial conditions for the upward trend before moving to this level.
The main trend is the downward trend from March 18.
Trading recommendations:
Buy: 1.1746 Take profit: 1.1766
Buy: 1.1769 Take profit: 1.1810
Sell: 1.1706 Take profit: 1.1680
Sell: 1.1661 Take profit: 1.1627
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 moving in an upward trend since 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 ultimate potential upward target is set at 1.3920. After reaching it, the price may consolidate and pullback downwards.
A short-term decline is possible in the range of 1.3745 - 1.3714. If the level of 1.3714 is broken, 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 extend towards the next level of 1.3592. 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: 1.3712 Take profit: 1.3670
Sell: 1.3645 Take profit: 1.3594
The key levels for the USD/CHF pair are 0.9566, 0.9544, 0.9495, 0.9406, 0.9373 and 0.9338. The price has been moving in a bullish trend since March 17. We expect the upward movement to resume after breaking through the level of 0.9454. The target is set at 0.9495. The price may consolidate around this level. If the level of 0.9497 is broken, strong growth will resume towards 0.9544. The final potential upward target is 0.9566. After reaching it, the price may consolidate in the 0.9544 - 0.9566 range and pullback below.
Meanwhile, a short-term decline can be expected in the range of 0.9406 - 0.9373. If the level of 0.9373 breaks down, a deep correction will occur. The target is set at 0.9338, which is also the key support level.
The main trend is the upward trend from March 17.
Trading recommendations:
Buy: 0.9456 Take profit: 0.9495
Buy: 0.9497 Take profit: 0.9544
Sell: 0.9406 Take profit: 0.9375
Sell: 0.9371 Take profit: 0.9338
The key levels for the USD/JPY are 112.22, 111.92, 111.43, 111.22, 110.98, 110.43, 110.07 and 109.68. The price has been following the formation of the medium-term upward trend from March 23. We expect this trend to extend after the level of 110.98 breaks down. The target is set at 111.22 and the price may consolidate near it. If the price breaks through the 111.22 - 111.43 range, strong growth will continue towards the target of 111.92. The ultimate potential upward target is 112.22. After reaching this level, the price may consolidate and pullback downwards.
A short-term decline is likely in the range of 110.43 - 110.07. Once the latter is broken, a deep correction will occur. The target is set at 109.68, which is also the key support level.
The main trend is the mid-term upward trend from March 23.
Trading recommendations:
Buy: 110.98 Take profit: 111.22
Buy: 111.45 Take profit: 111.90
Sell: 110.43 Take profit: 110.08
Sell: 110.05 Take profit: 109.70
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 to continue after the price breaks through the range of 1.2626 - 1.2650. The target is set at 1.2700. The price is consolidating near it. After the breakdown of the target, strong growth will continue towards the level of 1.2753. The final potential upward target is 1.2788. After reaching this level, a downward pullback may occur.
On the other hand, 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 follow. 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 downward trend since March 18. We expect this trend to extend once the price breaks through the 0.7588 - 0.7554 range. The target is set at 0.7467. The price may consolidate in the range of 0.7467 - 0.7442. The ultimate potential downward target is the 0.7378 level. We expect the price to move here after the level of 0.7441 is broken.
On the other hand, a short-term growth is likely in the range of 0.7646 - 0.7686. If the level of 0.7686 is broken, 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 130.98, 130.61, 130.27, 129.86, 129.45, 129.16, 128.87 and 128.31. The price has been moving in an upward trend since March 25. We expect the upward movement to continue after the level of 129.86 is broken. The target is set at 130.27. Meanwhile, short-term growth and consolidation are possible in the 130.27 - 130.61 range. The final potential upward target is set at 130.98. After reaching it, a downward pullback can be expected.
In turn, a short-term decline may occur in the 129.45 - 129.16 range. If the latter breaks down, a deep correction is possible. The target is set at 128.87, which is the key support level. The price breaking through it will further develop the downward trend, with the first potential target at 128.31.
The main trend is the upward trend from March 25.
Trading recommendations:
Buy: 129.86 Take profit: 130.27
Buy: 130.28 Take profit: 130.60
Sell: 129.45 Take profit: 129.17
Sell: 129.14 Take profit: 128.88
The key levels for the GBP/JPY pair are 154.27,153.38, 152.61, 152.21, 151.53, 150.97 and 150.30. The price has been moving in an upward trend since March 24. We expect this trend to continue after the price breaks through the 152.21 - 152.61 range. The target is set at 153.38. The price may consolidate within it. The ultimate potential upward target is seen at 154.27, from which a downward pullback is expected.
Meanwhile, a short-term decline is possible in the 151.53 - 150.97 range. If the last value breaks down, a deep correction will occur. The target is set at 150.30, which is also the key support level.
The main trend is the formation of an upward trend from March 24.
Trading recommendations:
Buy: 152.61 Take profit: 153.36
Buy: 153.45 Take profit: 154.27
Sell: 151.53 Take profit: 151.00
Sell: 150.92 Take profit: 150.40
