Forex Technical Analysis & Forecast for March 2021

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, after finishing the correction at 1.2040 along with ascending structure towards 1.2240, EURUSD has almost completed another correction to return to 1.2040; right now, it is consolidating not far from the latter level. Possibly, the pair may break the correctional channel and start a new growth to break 1.2240. Later, the market may continue trading upwards to reach 1.2450. this entire ascending movement should be considered as the third wave within the uptrend with the target at 1.3360.

GBPUSD, “Great Britain Pound vs US Dollar”

In the daily chart, after completing the ascending wave at 1.4160, GBPUSD is correcting to test 1.3860 from above. Later, the market may form one more ascending wave to break 1.4160 and then continue moving within the uptrend with the short-term target at 1.4526.

USDRUB, “US Dollar vs Russian Ruble”

As we can see in the daily chart, after finishing the descending wave at 73.23, USDRUB is forming a wide consolidation range above this level. Possibly, the pair may break this range to the upside at 75.00 and then form the fifth structure of the Flag correctional pattern with the target at 76.90. After that, the instrument may start a new decline to return to 75.00. It’s the first target within the downtrend towards 72.50.

USDJPY, “US Dollar vs Japanese Yen”

In the daily chart, after reaching the upside target at 106.55, USDJPY is expected to consolidate near the highs. After breaking this range to the downside, the instrument may form a new descending structure with the first target at 104.34.

BRENT

As we can see in the H4 chart, Brent is forming a wide consolidation range around 65.00. Possibly, the asset may resume growing with the short-term target at 70.00 and then start a new correction to test 65.00 from above. One shouldn’t exclude the possibility that the correction may continue down to 60.00. Later, the market may resume trading within the uptrend with the target at 90.00.

XAUUSD, “Gold vs US Dollar”

In the daily chart, Gold has completed another descending structure at 1730.00; right now, it is correcting to reach 1766.00 (at least). Possibly, the metal may start a new decline towards 1700.00 to complete the correction. After that, the instrument may resume moving upwards with the first target at 1900.00.

S&P 500

In the daily chart, after finishing the ascending wave at 3950.0, the S&P index is correcting towards 3737.0. Possibly, the asset may grow to test 3840.0 from below and then finish the correction by falling towards 3707.0. After that, the instrument may start a new growth to break 3940.0 and then continue trading upwards with the target at 4180.00.