Forex Technical Analysis & Forecast 02.03.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD continues the correction. Possibly, today the pair may reach 1.2010 and then form a new consolidation range near the current lows. Later, the market may break the range to the upside and form one more ascending structure to break 1.2070. After that, the instrument may continue trading upwards with the first target at 1.2140.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating near the lows. Possibly, the pair may expand the range 1.3820 to extend the correction. Later, the market may form the first ascending wave with the target at 1.4138.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 74.58. Today, the pair may grow to reach 75.00 and then fall to return to 74.58. If later the price breaks this range to the upside, the market may start another growth with the short-term target at 75.85.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 106.60. Possibly, today the pair may fall to reach 106.33 and then grow to return to 106.60. Later, the market may break the range to the downside and resume trading downwards with the first target at 105.80.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9140. Today, the par may break the range to the downside and then start a new decline with the first target at 0.9044.

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

After breaking 64.00 to the downside, Brent is expected to correct with the short-term target at 62.22. Later, the market may form one more ascending structure to test 64.00 from below and then resume moving downwards with the target at 61.00.

XAUUSD, “Gold vs US Dollar”

After rebounding from 1759.00, Gold is falling towards 1702.72. Possibly, the metal may reach 1700.00 to complete the descending wave. After that, the instrument may resume growing with the first target at 1760.00.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD has finished the ascending wave at 50000.00 and may consolidate there. If later the price breaks this range to the downside, the market may resume trading downwards to reach 41700.00; if to the upside – start another growth with the target at 60000.00.

S&P 500

After breaking 3800.0 to the upside, the S&P index is expected to form the fifth ascending structure to reach 3973.0. Later, the market may resume trading downwards with the target at 3611.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.