Forex Technical Analysis & Forecast 31.03.2022

EURUSD, “Euro vs US Dollar”

Having finished the ascending wave at 1.1182, EURUSD is expected to form a new descending structure with the first target at 1.1111. After that, the instrument may start another correction towards 1.1140 and then resume trading downwards to reach 1.1010.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the correctional wave at 1.3178, GBPUSD is forming a new descending structure towards 1.3048. Later, the market may correct to reach 1.3111 and then resume trading downwards with the target at 1.2990.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the correctional structure at 122.22. Possibly, today the pair may start another decline with the short-term target at 120.90.

USDCHF, “US Dollar vs Swiss Franc”

Having completed the correctional structure at 0.9220, USDCHF is expected to form one more ascending wave to break 0.9300 and then continue growing with the target at 0.9380.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.7495. Possibly, the pair may fall to break 0.7444 and then continue trading downwards with the target at 0.7400.

BRENT

Having completed the ascending impulse at 114.44, Brent is correcting down to 108.00. After that, the instrument may start another growth to break 124.44 and then continue moving within the uptrend with the target at 142.22.

XAUUSD, “Gold vs US Dollar”

Gold has finished the ascending impulse at 1938.30; right now, it is correcting and may later reach 1913.68. After that, the instrument may form one more ascending wave to break 1962.65 and then continue trading upwards with the target at 1989.90.

S&P 500

The S&P index has finished the descending impulse at 4590.0 along with the correction towards 4614.5. Today, the asset may resume falling to break 4525.5 and then continue trading downwards with the target at 4368.6.