24.03.202110:30 Forex Analysis & Reviews: Fractal analysis of major currency pairs on March 24, 2021

Outlook on March 24:

Analysis of popular currency pairs on the hourly (H1) chart:

The key levels for the EUR/USD pair are 1.1924, 1.1893, 1.1869, 1.1836, 1.1812, 1.1766, 1.1726 and 1.1709. The price has been moving in a downward trend since March 18. Now, we expect a short-term decline in the 1.1836 - 1.1812 range. In case that the latter is broken, strong decline will continue to the target of 1.1766. The price may consolidate around this level. The final potential downward target is set at 1.1709. After reaching this level, the price may consolidate in the range of 1.1726 - 1.1709 and pullback upwards.

A short-term growth, in turn, is possible in the 1.1869 - 1.1893 range. If the level of 1.1893 breaks down, a deep correction will develop. The potential target here is 1.1924.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 1.1870 Take profit: 1.1891

Buy: 1.1894 Take profit: 1.1924

Sell: 1.1836 Take profit: 1.1813

Sell: 1.1811 Take profit: 1.1770

The key levels for the GBP/USD pair are 1.3807, 1.3766, 1.3740, 1.3699, 1.3670, 1.3647, 1.3592 and 1.3553. The price has been moving in a downward trend since March 18. We expect this trend to extend after the level of 1.3699 is broken. The target is set at 1.3670. The price may consolidate in the range of 1.3670 - 1.3647. If the last value breaks down, the sharp decline will resume towards the next target of 1.3592. The final potential downward target is set at 1.3553. Once this level is reached, a price consolidation, as well as an upward pullback, can be expected.

Meanwhile, a short-term growth is expected in the range of 1.3740 - 1.3766. If the level of 1.3766 breaks down, a deep correction will follow. The target is set at 1.3807, which is also the key support level.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 1.3740 Take profit: 1.3764

Buy: 1.3767 Take profit: 1.3805

Sell: 1.3699 Take profit: 1.3670

Sell: 1.3645 Take profit: 1.3592

The key levels for the USD/CHF pair are 0.9454, 0.9406, 0.9390, 0.9363, 0.9324, 0.9302 and 0.9269. The price has been moving in a bullish trend since March 17. We expect this growth to continue after the level of 0.9363 breaks down. The target is set at 0.9390. The price may consolidate in the 0.9390 - 0.9406 range. The final potential upward target is 0.9454. After reaching it, a downward pullback is possible.

A short-term growth is likely in the range of 0.9324 - 0.9302. If the latter is broken, this will lead to a deep correction. The target is seen at 0.9269, which is also the key support level.

The main trend is the upward trend from March 17.

Trading recommendations:

Buy: 0.9363 Take profit: 0.9390

Buy: 0.9407 Take profit: 0.9454

Sell: 0.9324 Take profit: 0.9303

Sell: 0.9301 Take profit: 0.9270

The key levels for the USD/JPY are 109.97, 109.40, 108.56, 108.04 and 107.39. The price has been moving in a bullish trend since February 23. Therefore, we expect a short-term growth in the 109.40 - 109.97 range, wherein a possible pullback into a correctional movement may happen.

On the other hand, a short-term decline is possible in the range of 108.56 - 108.04. If the level of 108.04 is broken, a deep correction will occur. The target is set at 107.39, which is also the key support level.

The main trend is the upward trend from February 23, correction is expected.

Trading recommendations:

Buy: 109.40 Take profit: 109.95

Buy: Take profit:

Sell: 108.54 Take profit: 108.06

Sell: 108.02 Take profit: 107.40

The key levels for the USD/CAD pair are 1.2788, 1.2753, 1.2700, 1.2650, 1.2626, 1.2561, 1.2529 and 1.2489. The price has been moving in an upward trend since March 18. We expect this trend to continue once the price manages to break through the range of 1.2626 - 1.2650. The target is set at 1.2700. The price is consolidating around it. If this target breaks down, strong growth will continue towards the next target of 1.2753. The final potential upward target is 1.2788. After reaching this level, a downward pullback is possible.

Meanwhile, a short-term decline can be expected in the 1.2561 - 1.2529 range. If the latter breaks down, a deep correction will occur. The target is set at 1.2489, which is also the key support level.

The main trend is the upward trend from March 18.

Trading recommendations:

Buy: 1.2650 Take profit: 1.2700

Buy: 1.2703 Take profit: 1.2752

Sell: 1.2560 Take profit: 1.2531

Sell: 1.2527 Take profit: 1.2490

The key levels for the AUD/USD pair are 0.7742, 0.7686, 0.7646, 0.7588, 0.7554, 0.7467, 0.7442 and 0.7378. The price has been moving in a downward trend since March 18. We expect this trend to extend after the price breaks through the range of 0.7588 - 0.7554. Here, the target is set at 0.7467. The price may consolidate in the range of 0.7467 - 0.7442. The ultimate potential downward target is the level of 0.7378. We expect the price to move here after the level of 0.7441 is broken.

Alternatively, a short-term growth can be expected in the range of 0.7646 - 0.7686. If the last value breaks down, a deep correction will occur. The target is set at 0.7742, which is also the key support level.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 0.7646 Take profit: 0.7685

Buy: 0.7887 Take profit: 0.7741

Sell: 0.7554 Take profit: 0.7468

Sell: 0.7441 Take profit: 0.7378

The key levels for the EUR/JPY pair are 129.54, 129.11, 128.87, 128.36, 128.01, 127.79, 127.31 and 127.09. The price has been moving in a bearish trend since March 18. The downward movement is expected to resume after the level of 128.36 breaks down. The target is set at 128.01. The price may consolidate in the 128.01 - 127.79 range. In case that the level of 127.77 is broken, strong decline will continue to the next target of 127.31. The final potential downward target is 127.09. After reaching this level, an upward pullback can be expected.

So, a short-term growth is possible in the 128.87 - 129.11 range. If the level of 129.11 is broken, a deep correction can be expected. The target is set at 129.54, which is also the key support level.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 128.87 Take profit: 129.10

Buy: 129.13 Take profit: 129.52

Sell: 128.34 Take profit: 128.01

Sell: 127.77 Take profit: 127.35

The key levels for the GBP/JPY pair are 150.52, 149.75, 149.34, 148.35, 147.75, 147.33 and 146.43. The price has been moving in a bearish trend since March 18. We expect this trend to resume after the level of 148.35 is broken. The target is set at 147.75. On the other hand, there is a price consolidation in the range of 147.75 - 147.33. The final downward target is the level of 146.43. After reaching this level, the price may consolidate and pullback upwards.

In turn, a short-term growth can be expected in the range of 149.34 - 149.75. If the level of 149.75 breaks down, a deep correction will occur. The target is set at 150.52, which is also the key support level.

The main trend is the downward trend from March 18.

Trading recommendations:

Buy: 149.34 Take profit: 149.75

Buy: 149.80 Take profit: 150.36

Sell: 148.35 Take profit: 147.90

Sell: 147.33 Take profit: 146.45