Forex Technical Analysis & Forecast 16.03.2021

EURUSD, “Euro vs US Dollar”

After finishing another descending structure at 1.1911, EURUSD has started a new growth to break 1.1937. After that, the instrument may continue trading upwards with the first target at 1.1963. In fact, the price is expected to form another ascending wave to reach 1.2000.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is falling towards 1.3849 and may later form one more ascending structure with the target at 1.3947. In fact, the price is expected to start a new ascending wave to reach 1.4055.

USDRUB, “US Dollar vs Russian Ruble”

After completing the descending wave at 73.00, USDRUB is consolidating around 73.27. Possibly, the pair may break the range downwards to reach 72.80 and then start a new correction to reach 73.30. Later, the market may resume falling with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 109.12. Today, the pair may expand the range up to 109.40 and then resume trading downwards with the target at 108.40.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues falling towards 0.9186. Later, the market may start a new correction to reach 0.9278 and then resume trading downwards with the target at 0.9023.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the correction at 0.7740, AUDUSD is expected to grow and break 0.7800. Later, the market may continue moving upwards with the target at 0.7860.

BRENT

After completing the correction at 68.86, Brent is expected to consolidate around it. Possibly, the asset may break the range to the upside and reach 70.00. After that, the instrument may start a new decline towards 69.00 and then form one more ascending structure with the target at 71.20.

XAUUSD, “Gold vs US Dollar”

After completing the ascending structure at 1721.72, Gold is expected to consolidate above this level. Possibly, the metal may break the range to the upside and reach 1743.15. Later, the market may correct with the target at 1721.72.

S&P 500

The S&P index is still trading to reach 4000.0. Later, the market may correct towards 3850.0 and then resume moving upwards with the target at 4126.0.