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18.03.202111:17 Forex Analysis & Reviews: Fractal analysis of major currency pairs on March 18, 2021

For the euro/ dollar pair, we expect the continuation of the upward movement after the breakout of 1.2000, the level of 1.1873 acts as is the key support. For the pound/dollar pair, the price is about to test the high from March 16. The level of 1.4039 is the key resistance, while the level of 1.3908 is the key support. For the dollar/franc pair, we expect the downward movement to continue after the breakout of 0.9206 with the level of 0.9310 serving as key support. For the dollar/yen pair, we expect the formation of initial conditions to continue the upward movement to the target at 109.97. For the euro/yen pair, the price has potential to reach the high from March 16. The level of 130.78 acts as key resistance, while the level of 129.89 is the key support during the day. For the pound/ yen pair, we expect the continuation of the upward movement after the breakout of 153.25, with key support at the level of level of 151.14.

Forecast for March 18

Analysis of currency pairs on H1:

Exchange Rates 18.03.2021 analysis

On EUR/USD, the key levels on the H1 time frame are: 1.2155, 1.2107, 1.2047, 1.2000, 1.1935, 1.1911, 1.1873, and 1.1836. Here, we are following the ascending structure from March 9. The continuation of the upward movement is expected after the breakout of 1.2000. In this case, the target is located at 1.2047 where consolidation is expected to start. A breakout of the 1.2050 level will lead to a clear upward movement with the target at 1.2107. At this level, the price is consolidating. The level of 1.2155 is considered an upside potential level. The price is likely to pull back after reaching this mark.

A short-term downward movement is expected in the channel of 1.1935 - 1.1911. A breakout of the latter will lead to a deep correction with the target at 1.1873. This level serves as key support for the upward movement.

The main trend is the upward structure from March 9

Trading tips:

Buy: 1.2000 Take profit: 1.2045

Buy: 1.2048 Take profit: 1.2106

Sell: 1.1935 Take profit: 1.1912

Sell: 1.1909 Take profit: 1.1875

Exchange Rates 18.03.2021 analysis

On GBP/USD, the key levels on the H1 time frame are: 1.4154, 1.4101, 1.4039, 1.3999, 1.3936, 1.3908, and 1.3873. Here, we are following the formation of the upward structure from March 16. Continuation of the upward movement is expected after the breakout of 1.3999 with the target at 1.4039. Near this level, the price is going consolidate. The breakout of 1.4040 will lead to a strong upward movement with the target at 1.4101 where the price will start to consolidate. The level of 1.4154 is considered an upside potential level. The price is likely to pull back to the downside after reaching this mark.

A short-term downward movement is expected in the channel of 1.3936 - 1.3908. A breakout of the latter will lead to a deep correction with the target at 1.3873. This level serves as key support for the upward movement.

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

Trading tips:

Buy: 1.4000 Take profit: 1.4037

Buy: 1.4041 Take profit: 1.4100

Sell: 1.3936 Take profit: 1.3909

Sell: 1.3906 Take profit: 1.3874

Exchange Rates 18.03.2021 analysis

On USD/CHF, the key levels on theH4 time frame are: 0.9379, 0.9310, 0.9272, 0.9230, 0.9206, 0.9159, 0.9127 and 0.9059. Here, we are following the descending structure from March 9. The continuation of the downward movement is expected after the price passes the range of 0.9230 - 0.9206. In this case, the target is located at 0.9159. A short-term downward movement in expected in the channel of 0.9159 - 0.9127 along with consolidation. The nearest downward target is located at 0.9059. The price is likely to start a pullback after reaching this level.

Consolidation is possible in the channel of 0.9274 - 0.9310. A breakout of the latter will create momentum for an upward trend with the first target at 0.9379.

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

Trading tips:

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

Exchange Rates 18.03.2021 analysis

On USD/JPY, the key levels on this time frame are: 109.97, 109.40, 108.56, 108.04, and 107.39. Here, we are following the ascending structure from February 23. A short-term upward movement id possible in the range of 109.40 - 109.97. From here, the price is likely to pull back and start a correctional movement.

A short-term downward movement is expected in the channel of 108.56 - 108.04. A breakout of the latter will lead to a deep correction with the target at 107.39. This level serves as key support for the upside movement.

Main trend: ascending structure from February 23 with expected correction.

Trading tips:

Buy: 109.40 Take profit: 109.95

Buy: Take profit:

Sell: 108.54 Take profit: 108.06

Sell: 108.02 Take profit: 107.40

Exchange Rates 18.03.2021 analysis

On CAD/USD, the key levels on the H1 time frame are: 1.2571, 1.2535, 1.2502, 1.2456, 1.2430, 1.2388, 1.2353, 1.2288, and 1.2259. Here, we are following the development of the descending structure from March 5. A short-term downward movement is expected in the channel of 1.2388 - 1.2353. The breakout of the latter will lead to a strong upward movement with the target at 1.2288. A potential downside target is located at 1.2259. Upon reaching this level, the price is expected to consolidate and rebound to the upside.

A short-term upward movement is expected in the channel of 1.2430 - 1.2456. The breakout of the latter will lead to a deep correction with the target at 1.2502. This is the key support for the descending structure. Its breakdown will lead to the formation of an upward structure with the first potential target at 1.2535.

The main trend is the descending structure from March 5.

Trading tips:

Buy: 1.2430 Take profit: 1.2455

Buy: 1.2457 Take profit: 1.2500

Sell: 1.2387 Take profit: 1.2355

Sell: 1.2352 Take profit: 1.2290

Exchange Rates 18.03.2021 analysis

On AUD/USD, the key levels on the H1 time frame are: 0.7884, 0.7814, 0.7696, 0.7646, 0.7576, 0.7498, 0.7450, and 0.7352. Here, the price has entered an equilibrium position between the descending structure from February 25 and the ascending structure from March 9.

A short-term downward movement is possible in the range of 0.7696-0.7646. The breakout of the latter will lead to a clear downward movement with the first target at 0.7576. At this level, consolidation is likely to start. A breakout of the level of 0.7576 will push the price to 0.7498. A short-term downward movement is possible in the channel of 0.7498 - 0.7450 along with consolidation. A potential downside target is the level of 0.7352. Upon reaching this level, the price is likely to pull back to the upside.

The level 0.7814 is the key support at the bottom. A breakout of this level will lead to the formation of an upward structure with the potential target at 0.7884.

The main trend is the equilibrium situation: the descending structure from February 25 and the ascending structure from March 9.

Trading tips:

Buy: 0.7814 Take profit: 0.7882

Buy: Take profit:

Sell: 0.7695 Take profit: 0.7648

Sell: 0.7644 Take profit: 0.7576

Exchange Rates 18.03.2021 analysis

On EUR/JPY, the key levels on the H1 time frame are: 131.48, 131.19, 130.78, 130.57, 130.18, 129.89, 129.54, and 129.11. Here, we are following the local ascending structure formed on March 2. At the moment, the price has an upside potential to test the high from March 16. The continuation of the movement is expected after the price passes the range of 130.57 - 130.78. In this case, the target is set at 131.19, and the nearest upside target is located at the level of 131.48. Upon reaching this level, we expect the start of consolidation.

A short-term downward movement is expected in the channel of 130.18 - 129.89. A breakout of the latter will lead to a deep correction with the target at 129.54. This level serves as key support for the ascending structure formed on March 2.

The main trend is the local ascending structure from March 16.

Trading tips:

Buy: 130.78 Take profit: 131.19

Buy: 131.20 Take profit: 131.46

Sell: 130.18 Take profit: 129.90

Sell: 129.87 Take profit: 129.55

Exchange Rates 18.03.2021 analysis

On GBP/JPY, the key levels on the H1 time frame are: 155.27, 154.15, 153.25, 152.70, 151.26, 150.59, 149.86, and 148.86. Here, we are following the development of the ascending structure formed on February 26. A short-term upward movement is expected in the channel of 152.70 - 153.25. A breakout of the latter will lead the pair to the level of 154.15 where consolidation is excepted. The level of 155.27 is a potential upward target from where a pullback is expected.

A short-term downward movement is expected in the channel of 151.82 - 151.14. A breakout of the latter will lead to a deep correction with the target at 150.25. This level serves as is key support for the top.

The main trend is the ascending structure from February 26.

Trading tips:

Buy: 152.70 Take profit: 153.23

Buy: 153.27 Take profit: 154.15

Sell: 151.82 Take profit: 151.15

Sell: 151.12 Take profit: 150.25

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Daichi Takahashi,
Experto analítico de InstaForex
© 2007-2021
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