Forex Technical Analysis & Forecast 04.03.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the ascending structure at 1.2112, EURUSD has finished the descending wave towards 1.2044, thus forming a new consolidation range around 1.2077. Possibly, the pair may grow to reach 1.2125 and then return to 1.2077 to test it from above. If later the price breaks this range to the downside, the market may start another decline with the target at 1.2000; if to the upside – resume trading upwards to reach 1.2250.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has finished the ascending structure at 1.4000 along with the correction towards 1.3920, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may start another decline with the target at 1.3821; if to the upside – resume trading upwards to reach 1.4166.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating below 73.93. Possibly, today the pair may fall to reach 73.13 and then return to 73.93 to test it from below. Later, the market may resume trading downwards with the target at 72.72.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has expanded its consolidation range up to 107.00. Today, the pair may start another growth towards 107.25 and then form a new descending structure to break 106.60. After that, the instrument may continue trading downwards with the target at 105.42.

USDCHF, “US Dollar vs Swiss Franc”

After completing the ascending wave at 0.9175 and breaking it to the upside, USDCHF has formed a continuation pattern there. Possibly, the pair may grow to reach 0.9220 and then fall to break 0.9128 to the downside. Later, the market may continue trading downwards with the target at 0.9050.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the ascending wave at 0.7838, AUDUSD has completed the correction towards 0.7725; right now, growing to return to 0.7838. After that, the instrument may break this level and then form one more ascending structure with the target at 0.7950.

BRENT

Brent has completed the ascending wave at 64.00; right now, it is consolidating around this level. Later, the market may break this range to the upside and form one more ascending structure to reach 65.80. After that, the instrument may fall to test 64.00 from above and then resume moving upwards with the target at 69.00.

XAUUSD, “Gold vs US Dollar”

Gold is moving downwards. After reaching 1702.70 and then growing to test 1771.00, the asset is expected to complete this descending wave by falling towards 1699.00. Later, the market may resume growing with the first target at 1760.60.

BTCUSD, “Bitcoin vs US Dollar”

After finishing the ascending wave at 52000.00, BTCUSD is falling towards 47470.00. After that, the instrument may grow to break 52000.00 and then continue trading upwards with the target at 60000.00. However, if the price breaks 47470.00 to the downside, the market may start another decline with the target at 42700.00.

S&P 500

After breaking 3850.5 to the downside, the S&P index has reached the downside border of the range at 3782.0. Today, the asset may grow to return to 3850.5. If later the price breaks this range to the upside, the market may start another growth with the target at 3977.0; if to the downside – form a new descending structure towards 3660.0.

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.