Forex And Cryptocurrencies Forecasts For March 8 - 12

When making a forecast for the coming days, most experts (60%) do not exclude the continuation of the downtrend and the fall of the EUR/USD pair to the zone 1.1800. 100% of trend indicators and 75% of oscillators on H4 and D1 are looking down. But the remaining 25% is already signaling that the pair is oversold.

The picture changes radically with the transition to monthly and quarterly forecasts. Here 70% of analysts expect that the scales will tilt towards the euro after the $1.9 trillion in aid appears on the US market, and the pair will go up. Resistance levels are 1.2025, 1.2060, 1.2170, 1.2200 and 1.2270.
As for the events of the coming week, the publication of data on GDP in the Eurozone on Tuesday March 09, statistics on the US consumer market on Wednesday March 10, and Germany on Friday March 12, as well as the decision of the European Central Bank on the interest rate on Thursday March 11should be considered. According to forecasts, the rate is likely to remain unchanged, at zero. Therefore, the press conference of the ECB leadership, which will be held on the same day, will be of greater interest;

GBP/USD

Bank of England Governor Andrew Bailey is scheduled to speak on Monday, March 8, where he intends to outline the main parameters of the country's monetary policy while it tries to cope with the financial damage caused by the COVID-19 pandemic. According to ING analysts, “overall, fiscal support should highlight the constructive prospects for the pound sterling in the second quarter of 2021. Further fiscal assistance will contribute to economic recovery and make the pound sterling a leader in the currency market of the G10 countries."

But until this happens, 50% of analysts expect that the GBP/USD pair will break through the support in the 1.3775-1.3800 area and rush to the 1.3600-1.3760 zone. This forecast is supported by 85% of trend indicators and 100% of oscillators on H4, but only 65% of their “colleagues” on D1.
25% of experts, supported by graphical analysis on both timeframes, expect the pair to grow, and another 25% have taken a neutral position. At the same time, as in the case of EUR/USD and for the same reasons, the number of bulls' supporters increases to 60% when switching to the monthly forecast. The resistance levels are 1.3900, 1.3950, 1.4000, 1.4085 and 1.4185, the target is the February 24 high of 1.4240;

Forex Forecast and Cryptocurrencies Forecast for March 08 - 12, 20211

 USD/JPY

After the pair literally soared by 215 points last week and reached eight-month highs, it is clear that 100% of the trend indicators are colored green. But as for the oscillators, 35% are already signaling fully that it is overbought. Graphical analysis also points to the south. Many traders are afraid to open both long and short positions in such a situation.

As for the experts, the scales have already begun to tilt in favor of a downward correction: there are 50% of bears' supporters now. 25% expect the USD/JPY pair to continue to rise, and another 25% remain neutral. In the transition from a weekly to a monthly forecast, 80% of analysts are already expecting the pair to decline and return to the 105.00 zone. Support levels are 108.00, 106.70, 106.10 and 105.70; Resistance - 109.80;

Cryptocurrencies

A Glassnode study found that only 4 million bitcoins are in free float on the market. The third halving in May 2020 halved the miners' reward for the mined block from 12.5 BTC to 6.25 BTC. It further enhances the shortage of coins in the market. And as you know, it is the limited emission of bitcoin that is one of its main advantages over gold and fiat currencies.

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Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is ...

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