Forex Technical Analysis & Forecast 03.03.2021

EURUSD, “Euro vs US Dollar”

After completing the correction at 1.2000 along with the ascending structure towards 1.2090, EURUSD is forming a new consolidation range around the latter level. Later, the market may break the range to the downside and start another decline to reach 1.2060. After that, the instrument may form one more ascending structure with the first target at 1.2140.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating near 1.3929. Possibly, the pair may expand the range up to 1.4000 and then complete the correction by forming a new descending structure to reach 1.3820. Later, the market may start another growth with the first target at 1.4000.

USDRUB, “US Dollar vs Russian Ruble”

After finishing the descending structure at 73.63, USDRUB is consolidating around this level. If later the price breaks this range to the downside, the market may start another decline with the short-term target at 72.62; if to the upside – resume trading upwards to reach 75.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 106.60. If later the price breaks this range to the downside, the market may start another decline with the first target at 105.80; if to the upside – resume trading upwards to reach 107.00 and then form a new descending structure towards 105.00.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is falling towards 0.9130. Today, the pair may grow to reach 0.9160 and then break the range to the downside. Later, the market may start a new decline with the first target at 0.9040.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is moving upwards to reach 0.7848. After that, the instrument may start a new decline towards 0.7760 and then form one more ascending structure with the target at 0.7950.

BRENT

Brent continues falling towards 62.22. Later, the market may form one more ascending structure to reach 64.00 and then resume moving downwards to complete the correction at 61.00.

XAUUSD, “Gold vs US Dollar”

Gold is correcting towards 1742.00. Possibly, the metal may reach 1700.00 and then resume growing with the first target at 1900.00.

S&P 500

The S&P index is still consolidating above 3875.0. If later the price breaks this range to the upside, the market may start another growth with the target at 3950.0; if to the downside – resume trading downwards to return to 3875.0 and then form one more ascending structure towards 3973.0.