Technical Analysis & Forecast for March 2023
EURUSD, “Euro vs US Dollar”
The currency pair has completed a correctional structure of decline to 1.0700. At the moment, the market has formed a consolidation range around this level, and with an escape downwards, the correctional wave might continue to 1.0355. After the correction is over, a new structure of growth to 1.0700 should begin, from where a wave of growth might continue to 1.1080.
GBPUSD, “Great Britain Pound vs US Dollar”
The currency pair has formed a consolidation range around 1.2050. It is expected to extend downwards to 1.1840. Then growth to 1.2050 should follow. Next, an escape from the range downwards may happen, so that the correction might continue to 1.1680. After it is over, a wave of growth to 1.2050 should begin.
USDJPY, “US Dollar vs Japanese Yen”
The currency pair has broken through 132.67 and continues correcting to 137.07. The goal is local. After it is reached, a decline to 133.90 should follow, and next – growth to 138.02. Then a wave of decline should extend to 132.00.
BRENT
Brent has completed a wave of growth to 86.66 and a correction to 80.30. Now the market is forming a wave of growth to 89.20, from where the third wave might continue to 99.30. The goal is local. After it is reached, a link of correction to 89.20 is not excluded. Then a new wave of growth to 102.90 should start.
XAUUSD, “Gold vs US Dollar”
Gold has broken through 1840.00 downwards. Practically, the market is likely to correct to 1773.00. At the moment, a link of decline to 1822.60 has been reached. Today the market continues forming a consolidation range around it. The range should extend to 1800.00. Then a link of growth to 1822.60 is not excluded, followed by a decline to 1773.00. After this level is reached, a wave of growth to 1866.00 should start.
S&P 500
The stock index continues forming a consolidation range around 4000.0. We expect it to extend down to 3868.0. Then the price should grow back to 4000.0. Next, a new link of decline to 3838.0 should form. After this wave is over, the index might grow to 4000.0, from where the wave might develop to 4250.0.
