Forex Technical Analysis & Forecast 09.03.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is forming a new consolidation range above 1.1840. If later the price breaks this range to the upside, the market may resume trading upwards with the first target at 1.1983.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is consolidating around 1.3830. If later the price breaks this range to the upside, the market may grow to break 1.3895 and then continue trading upwards with the target at 1.4000.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is forming a wide consolidation range around 74.00. If later the price breaks this range to the downside at 73.50, the market may form a new descending structure with the target at 72.50; if to the upside at 74.74 – resume growing to reach 75.50.

USDJPY, “US Dollar vs Japanese Yen”

After extending the ascending wave up to 109.20, USDJPY is expected to fall towards 108.10, thus forming a new consolidation range between these two levels. After that, the instrument may break the range to the downside and continue trading downwards with the first target at 106.90.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the ascending structure towards 0.9370 and may later fall to reach 0.9250, thus forming a new consolidation rang between these two levels. After that, the instrument may break the range to the downside and resume trading downwards with the first target at 0.9131.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating below 0.7719. Possibly, the pair may expand the range down to 0.7600. Later, the market may break the range to the downside and form one more descending structure with the target at 0.7425.

BRENT

Brent has finished the correction at 67.67. Possibly, today the asset may later grow to break 70.10 and then continue trading upwards to reach 73.10. However, if the price falls and breaks 67.50, the market may resume falling with the target at 62.50.

XAUUSD, “Gold vs US Dollar”

Gold is still falling. Today, the metal may reach 1673.00 and then start a new growth towards 1707.00, thus forming a reversal pattern not far from these two levels. Later, the market may start a new growth with the target at 1744.55.

S&P 500

After completing the ascending wave at 3879.0, the S&P index is expected to correct towards 3792.2, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may resume trading upwards with the target at 3973.0; if to the downside – start a decline to reach 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.