Forex Technical Analysis & Forecast 17.03.2021

EURUSD, “Euro vs US Dollar”

After finishing another descending structure at 1.1888, EURUSD has started a new growth to reach 1.1937. After that, the instrument may correct towards 1.1910 and then resume trading upwards with the target at 1.2000.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed another descending structure at 1.3810; right now, it is growing towards 1.3931 and may later start a new correction with the target at 1.3871. After that, the instrument may resume trading upwards to reach 1.4055.

USDRUB, “US Dollar vs Russian Ruble”

After completing the descending wave at 72.30 along with the correction towards 72.80, USDRUB is expected to start a new decline to return to 72.30. Later, the market may form one more ascending structure towards 72.55 and then resume falling with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 109.12 without any particular direction. 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 consolidating around 0.9255. Possibly, the pair may break the range to the downside and reach 0.9186. Later, the market may start a new correction towards 0.9260 and then resume trading downwards with the target at 0.9160.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.7740. Today, the pair may grow and break 0.7780 and then continue moving upwards with the target at 0.7860.

BRENT

After completing the correction at 67.00, Brent is expected to form one more ascending structure towards 68.60. After that, the instrument may start a new decline to reach 67.90 and then resume growing with the target at 70.00.

XAUUSD, “Gold vs US Dollar”

Gold is forming a wide consolidation range around 1721.30. Possibly, today the metal may expand the range up to 1742.15. Later, the market may correct with the target at 1710.00.

S&P 500

The S&P index is consolidating around 3960.0. Possibly, the asset may expand the range up to 4000.0 and then start a new correction towards 3860.0. After that, the instrument may resume moving upwards with the target at 4126.0.