Daily technical analysis and forecast for 16 March 2026

Here is a detailed daily technical analysis and forecast for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, XAUUSD, and Brent for 16 March 2026.

EURUSD forecast

On the H4 chart of the EURUSD pair, the market completed a downward wave, reaching 1.1411. Today, 16 March 2026, a consolidation range is expected to develop above this level. An upside breakout from the range would open the potential for a correction towards 1.1536. If the price breaks downwards, the downward wave may extend to 1.1390.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the wave matrix with a pivot point at 1.1666. It is regarded as key within the structure of the downward wave for EURUSD. At the moment, the market has completed the local target of the downward wave at the lower boundary of the Price Envelope at 1.1411. Further, a growth leg to its central line at 1.1536 is expected, followed by a decline to 1.1434.

Technical indicators for today’s EURUSD forecast suggest a consolidation range could form above 1.1411. A breakout above the range and the beginning of a correction towards 1.1536 is considered the most relevant scenario.

USDJPY forecast

On the H4 chart of the USDJPY pair, the market completed a correction wave to 159.00 and, having received support at this level, continues its upward momentum. Today, 16 March 2026, the wave is expected to extend towards 159.93. Subsequently, a consolidation range could form around this level. An upside breakout would open the way to 160.80, while a downside breakout could trigger a correction wave towards 156.00.

Technically, this scenario for USDJPY is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 156.00. It is regarded as key within the structure of this wave. At the moment, the market is forming an upward wave towards the upper boundary of the Price Envelope at 159.93, which could extend upwards to 160.80. Subsequently, the price is expected to drop to the lower boundary at 156.00.

Technical indicators for today’s USDJPY forecast suggest potential growth to 159.93.

GBPUSD forecast

On the H4 chart of the GBPUSD pair, the market continues to develop a downward wave towards 1.3120. Today, 16 March 2026, the market reached 1.3215. Next, a consolidation range could form above this level, with a downward breakout likely to push the pair lower towards the local target of 1.3120. After the price reaches this level, a correction might begin, aiming for 1.3300.

Technically, this GBPUSD scenario is confirmed by the indicated Elliott wave structure and the downward wave matrix with a pivot point at 1.3400. It is regarded as key within the structure of this wave. Today, a downward wave could develop, aiming for the lower boundary of the Price Envelope at 1.3120. Later, an upward move to its central line at 1.3300 is possible.

Technical indicators for today’s GBPUSD forecast suggest a potential decline to 1.3120.

AUDUSD forecast

On the H4 chart of the AUDUSD pair, the market broke below 0.7145 and completed a downward wave, reaching 0.6975. Today, 16 March 2026, a consolidation range is expected to develop around this level. Afterwards, an upward wave could begin, targeting 0.7080.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the wave matrix of the AUDUSD downward wave with a pivot point at 0.7080. It is regarded as key within the structure of this wave. At the moment, the market completed the downward wave, reaching the lower boundary of the Price Envelope at 0.6975. Next, growth to its central line at 0.7080 is expected.

Technical indicators for today’s AUDUSD forecast suggest an upward move towards 0.7080.

USDCAD forecast

On the H4 chart of the USDCAD pair, the market is forming an upward wave towards 1.3777. Today, 16 March 2026, the pair has reached the local target of this wave at 1.3735, with a corrective move towards 1.3640 expected next. Subsequently, growth towards 1.3700 may follow, with the trend potentially continuing towards 1.3777.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 1.3629. It is regarded as key for USDCAD within the structure of this upward wave. At the moment, the market is forming a wave towards the central line of the Price Envelope at 1.3640. Later, growth to its upper boundary at 1.3777 is expected.

Technical indicators for today’s USDCAD forecast suggest a potential rise towards 1.3777.

XAUUSD forecast

On the H4 chart of XAUUSD, the market has broken below 5,043 and is forming a downward wave towards 4,954. Today, 16 March 2026, prices are expected to reach this target. Later, an upward wave could begin, aiming for 5,180, with prospects for continuation of the trend to 5,412. As an alternative scenario, if the market breaks lower, another downward move to 4,900 is possible.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 5,140. It is regarded as key for XAUUSD within this wave. At the moment, the market is forming a consolidation range above the central line of the Price Envelope at 5,090. A downward breakout could trigger a decline to its lower boundary at 4,954. Conversely, an upward breakout would open the potential for a move higher towards 5,257.

Technical indicators for today’s XAUUSD forecast suggest a potential decline to 4,954.

Brent forecast

On the H4 chart of Brent crude oil, the market is forming a consolidation range around 99.62. Today, 16 March 2026, the market broke above the range. Prices could maintain their upward momentum towards 103.30, with prospects for continued movement towards 115.00, a local target.

Technically, this scenario is confirmed by the indicated Elliott wave structure and the upward wave matrix with a pivot point at 99.15. It is regarded as key for Brent within this wave. At the moment, the market is forming an upward move towards the upper boundary of the Price Envelope at 103.30.

Technical indicators for today’s Brent forecast suggest potential growth to 103.30.

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