Technical analysis for March 2021

01.03.2021

EURUSD

euro The currency pair against the US dollar has been revised up to 1.2040. At the moment, the market has already made another wave of growth to 1.2240 and today finishes the correction to 1.2040. Now on its low scope consolidation arises. We expect to exit the correction channel and start the next wave of growth to 1.2240. And with its distribution it will open up growth potential to 1.2450. And this whole move is seen as the third wave of an upward trend, to the level of 1.3360.

GBPUSD

Pound currency pair to THE US dollar has worked a wave of growth to the level of 1.4160. At the moment, the market is trading at a correction to 1.3860 (pre-test). Once assured, we expect the next wave of growth to start at 1.4160. And with its explosion upwards it will open up growth potential to 1.4526. The target is local.

USDRUB

US dollar currency pair against the Russian ruble has worked a wave of decline to 73.23. At the moment, the market is creating a wide range of consolidation over it. With a break of 75.00 upwards, you should take into account the probability of developing the next, already fifth wave of growth in the “Flag” correction. His target is 76.90. After its development, we expect the beginning of a wave of decline to 75.00 – the first trend target towards 72.50.

USDJPY

Japanese dollar-to-Japanese yen currency pair met its growth wave target to 106.55 (bottom test). We expect the scope of consolidation at current peaks. When exiting it, the probability of starting the next wave of decline to 104,34 should be taken into account. The goal in a downward trend is the first.

BRENT

Crude oil is traded at a wide range of consolidation around the level of 65.00. We expect the trend to continue to 70.00. The target is local. After overwork, consider the probability of correction to at least 65.00 (test in advance). A deeper correction of 60.00 is not excluded. Then we expect the trend to continue to 90.00.

GOLD

Gold worked another compound wave of decline to 1730.00. At the moment the market is trading in correction to 1766.66 (at least). Another reduction structure to 1700.00 is not excluded. This potential for the correction wave will be exhausted. Then we expect to start developing the next wave of growth by 1900.00. The goal is the first.

Bitcoin

Bitcoin market worked a wave of growth to 58,000 and a correction to 43,000. It is not excluded to develop another correctable link up to level 41300. Once completed, we expect to start developing the next wave of growth to 50,500. The goal is the first. And with the split and this level we will consider continuing the trend to 60,000.

S’P 500

The stock market index has worked a wave of growth to 3950 During this time the market is trading at a correction to 3737. The link between growth and level 3840 (bottom test) is not excluded. Then the relapse is to drop to 3707. At the end of this adjustment, we expect the next wave of growth to start at 3940. And with its explosion upwards, the growth potential will open up to 4180.

Ind.)

Financial Market Forecasts are private opinions of the authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results of the work that may occur when using the trading recommendations of the presented reviews.