| Elliott wave analysis of GBP/JPY for March 10, 2021 2021-03-10 
We continue to look for GBP/JPY to move closer to the 423.6 extension target near 152.54 to complete blue wave v and red wave iii/. Once red wave iii/ is complete a correction into the 150.21 - 150.37 are is expected. Short-term support is seen near 150.37, which we expect will be able to protect the downside for the next push higher towards the expected 152.54 target. R3: 152.54 R2: 152.00 R1: 151.60 Pivot: 150.99 S1: 150.85 S2: 150.37 S3: 150.21 Trading recommendation: We are long GBP from 149.25 and we have our stop placed at 150.00. Stop-profit is placed at 152.25 Will gold reach the $ 15,000 target? 2021-03-10  Gold's near-term prospects excite traders and investors. Analysts are careful in their forecasts, but some of them offer great solutions. The short-term planning range for the dynamics of gold still does not go beyond $ 2,000 per ounce. On Wednesday, the yellow metal started to move upwards after the prolonged decline. Yesterday, futures for precious metals noticeably increased, breaking through the target of $ 1,700 per ounce. Earlier, gold's price found support near $ 1,680 per ounce and in the morning of March 10, it was trading at $ 1,713 an ounce, trying to expand the current range.  Analysts believe that the specified metal received strong support from the US dollar's weakening and decline in the yield of US Treasury bonds from 12-month highs. It should be noted that these factors positively affect the price of commodities, which include the yellow metal. Investors are willing to invest in it, as they are looking for long-term instruments to hedge inflation risks. Despite the decline in recent weeks, gold still leads the protective assets. Investors primarily turn to it during periods of strong market volatility. However, there are different opinions when it comes to the price dynamics of gold. Some experts even make ambitious forecasts. As an example, representatives of Goehring & Rozencwajg are almost sure that gold's value will not only rise, but also reach a target of $ 15,000 per ounce. Analysts from this company believe that the downward trend of the precious metals market will turn into the opposite this 2021. Gold is expected to return to an upward trend in the second half of this year. According to Goehring & Rozencwajg experts, the second stage of the bullish market will begin this period. At the same time, the company believes that inflation will act as an impulse that will lead gold upwards. They also assume that the key metal may rise to $ 15,000 per ounce at the end of the current bullish cycle. However, experts stressed that this is only possible in the long term. Therefore, they recommend aggressive market behavior for investors who adhere to a long-term planning strategy, as this will provide large-scale purchases of gold and silver with each price correction. As stated by analysts, the yellow metal will retain its "safe haven" status in the next few years. They are confident that its protective function is still relevant and will remain so. A strong support for gold is provided by the decline in the purchasing power of the dollar by 95%, which is due to endless issuance of the US dollar. According to economists, the current trend will extend for quite some time. Technical analysis of Silver for March 10, 2021 2021-03-10 
Silver has been correcting since the February 1 peak at 30.02 and is now ready to resume the underlying uptrend for a new test of key-resistance at 30.00. A clear break above 30.00 will open for a strong impulsive rally higher to 50.00 and ultimately above here too. Short-term a break above minor resistance at 26.13 will call for a firm test of short-term key-resistance at 27.30 and above here confirm re-test of key-resistance at 30.00 Trading recommendation: Buy a break above 26.13 and place your stop at 24.75 Trading plan for EUR/USD on March 10 2021-03-10 
The situation in the US and Britain are progressing rapidly. In fact, in the United States, COVID-19 incidents do not go above 60,000 a day, which is approximately 5 times lower than the peak records last year. Meanwhile in the UK, the drop in new cases is so strong that authorities are lifting restrictions. Unfortunately, the same can not be said in Europe, which is in danger of another pandemic wave. Until now, there's a high infection rate in France and Italy. And so far, the pace of vaccination in the bloc is very slow. In the US and Britain, around 20% of the population are vaccinated. But in the EU, no more than 5% has been vaccinated. 
EUR/USD - euro remains in a downward trend. Open short positions from 1.1990 to 1.2035. A report on US inflation will be released today at 13:30 GMT. Investors anticipating US CPI data; EUR/USD and gold may decline 2021-03-10 The stock markets in the US and Europe, as well as in Asia, kicked off the week on a positive note. As the economic calendar lacks any important releases, traders are fully focused on the Senate's decision on Biden's $1.9 trillion relief package. At the beginning of the week, buoyant market sentiment boosted demand for stocks, yet pushed down the US dollar. At the same time, US Treasury yields have been correcting for several days. Yields moved upwards mostly due to concerns over the strengthening of inflationary pressure in the US. If it happens, the Fed will have to reduce its bond-buying program sooner or later. Naturally, it will affect the equity market and the US currency. The rally of US government bonds helped the major stock indexes consolidate at their highs, while the US dollar asserted strength across the board. On Wednesday, the greenback is likely to halt its decline. At the same time, US stocks may stop rising. Speculators will focus on the publication of the US CPI data. According to the forecast, in annual terms, consumer inflation rose to 1.7% from 1.4%. in February. On a monthly basis, it added 0.4% compared with a 0.3% increase in January. The basic values of consumer inflation, which take into account changes in the prices of goods and services, except for food and energy, from the consumer's point of view, should maintain the growth rate of 1.4% in annual terms, but add 0.2% for the month against an increase of 0.1% a month earlier. The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of consumer goods and services, such as food and energy. In annual terms, the indicator is expected to total 1.4% but gain 0.2% per month against an increase of 0.1% a month earlier. This data is of great importance as it will have a significant impact on the dynamics of US Treasury yields. Despite the recent correction, Treasuries still remain at high levels. For example, the 10-year Treasury yield is still held above the psychological level of 1.5%. If the inflation data meets the forecast values or even surpasses them, US Treasury government bonds will peak up steam. Besides, an increase in inflation looks likely as business and manufacturing activity in the US improved albeit slightly. If so, the equity market may experience a decrease, whereas the US dollar is likely to gain momentum. Daily forecast: The EUR/USD pair is trading above the level of 1.1865 ahead of consumer inflation data. If the report shows a rise in inflation, the pair may drop to 1.1800 amid the strengthening of the US dollar. Gold is trading above 1708.00 after a sharp recovery over the past two days. If the inflation data triggers the rally of US Treasuries, gold may again decline to the recent low of 1677.00. 
Indicator analysis. Daily review of the EUR/USD currency pair for March 10, 2021 2021-03-10 Yesterday, the pair moved down and tested the lower limit of the Bollinger line indicator 1.1831 (black dotted line). Together with the daily volumes, the price went up, closing the daily candlestick at 1.1900. Today, the market may continue to move up in the afternoon. As per the economic calendar, news is expected at 13.30 and 15.30 UTC (USD). Trend analysis (Fig. 1). Today, the market from the level of 1.1900 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the 61.8% retracement level, which is 1.1866 (blue dotted line). When this level is reached, further upward movement is possible, with the target of 1.1954, the historical resistance level (blue dotted line). In case of testing this level, the upper work may continue. 
Figure 1 (Daily Chart). Comprehensive analysis: - Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion: Today, the market from the level of 1.1900 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the 61.8% retracement level, which is 1.1866 (blue dotted line). When this level is reached, further upward movement is possible, with the target of 1.1954, the historical resistance level (blue dotted line). In case of testing this level, the upper work may continue. Unlikely scenario: from the level of 1.1900 (closing of yesterday's daily candlestick), the price will try to continue moving down with the target of 1.1811, the historical retracement support level (blue dotted line). When testing this level, the lower work may continue with the target of 1.1779 - the 76.4% retracement level (red dotted line). Trading recommendations for starters of EUR/USD and GBP/USD on March 10, 2021 2021-03-10 The US dollar was slightly under pressure from sellers on Tuesday, but this may be only a temporary regrouping of trading forces in the market. It is worth considering that the dollar index (DXY), which shows the ratio of the US dollar to a basket of six other major currencies: the euro, the yen, the pound sterling, the Canadian dollar, the Swedish krona and the Swiss franc, has recently shown strong growth. This is confirmed by the broad strengthening of the dollar's position in the currency market. As for the economic calendar, Europe published its statistics on the third estimate of GDP for the fourth quarter, where the indicators exceeded the forecast. The economic decline slowed down to -4.9%, instead of accelerating from -4.3% to -5.0%. Although this might seem to be a small margin of error, this does not worsen the situation, which was noticed by the market right away. As a result, the value of the Euro currency locally strengthened. In turn, the UK and the US did not release any statistics yesterday. What happened on the trading chart? The EUR/USD pair found a variable pivot point around the 1.1835 level, where a stop, followed by a pullback with a scale of 80 points, occurred. Given the continuous relevance of the correction move from the high of the mid-term trend among market participants, the recent pullback can be regarded as a regrouping of trading forces. Following the Euro currency, the GBP/USD pair reflected a pullback in the market with a scale of just over 120 points from the support level of 1.3785. It should be noted that the pound is still highly overbought in the market, which can give confidence to sellers to further decline. 
Trading recommendations of EUR/USD and GBP/USD on March 10, 2021 Today, the United States will publish its inflation data, which is expected to rise from 1.4% to 1.6% due to the revision of forecasts. Such optimistic forecasts may lead to the fact that the Fed may think about tightening the monetary policy. Everything is directed to the US dollar's growth. USA 13:00 Universal Time - Inflation data 
Looking at the current EUR/USD trading chart, one can see that the quote restores the volume of short positions relative to the recent pullback. Now, updating the correction low of 1.1835 may result in the euro's further weakening towards the 1.1750 level. As for the current GBP/USD trading chart, it shows that the correction move from the high of the mid-term trend at 1.4224 is still relevant in the market, which indicates the possibility of a subsequent decline towards the level of 1.3750 in the near future. 
Technical Analysis of EUR/USD for March 10, 2021 2021-03-10 Technical Market Outlook: The EUR/USD pair has bounced towards the level of 1.1914 which is the intraday technical resistance, but the bounce was capped immediately be bears. The market reversed back under the 1,1900 level and is trading around the level of 1.1880. The key short term technical support is located at the level of 1.1813, so please keep an eye on this level because any violation will lead to another wave down towards 1.1799 - 1.1789 zone. The weak and negative momentum supports the short-term bearish outlook. Weekly Pivot Points: WR3 - 1.2243 WR2 - 1.2176 WR1 - 1.2024 Weekly Pivot - 1.1958 WS1 - 1.1798 WS2 - 1.1738 WS3 - 1.1580 Trading Recommendations: The long term trend on EUR/USD pair remains up on monthly time frame char, however the weekly time frame chart show the counter-trend corrective cycle is in progress. This corrective cycle has not been completed yet, because the key level for bulls is located at 1.1608. As long as the market trades above this level the up trend is valid and all of the down waves should be used to open long positions. 
Technical Analysis of GBP/USD for March 10, 2021 2021-03-10 Technical Market Outlook: The GBP/USD pair bounced from the local low made at the level of 1.3778 and tried to rally above the level of 1.3930, but was capped at the level of 1.3924. The market made a Pin Bar candlestick at the top of the bounce and since then the price reversed back towards the level of 1.3857. The bears are still in control of the market in the short-term, so traders should expect another push down towards 1.3780 and below. Please keep and eye on the weekly time frame chart as well as there is an interesting trend reversal candlestick known as Shooting Star at the very top of the last rally towards 1.4224. Weekly Pivot Points: WR3 - 1.4174 WR2 - 1.4089 WR1 - 1.3934 Weekly Pivot - 1.3853 WS1 - 1.3702 WS2 - 1.3617 WS3 - 1.3458 Trading Recommendations: The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370. 
Indicator Analysis. Daily review for the GBP/USD currency pair 03/10/21 2021-03-10 Trend Analysis (Fig. 1). Today, the market will try to continue moving up from the level of 1.3887 (the closing of yesterday's daily candle) to reach the upper fractal of 1.4015 (the daily candle from 03/04/2021). If this level is tested, it is possible to continue moving up with the target of 1.4217 at the historical resistance level (blue dotted line). 
Figure 1 (daily chart). Comprehensive Analysis: - Indicator Analysis – up - Fibonacci Levels – up - Volumes – up - Candle Analysis – up - Trend Analysis – up - Bollinger Bands – up - Weekly Chart – up General Conclusion: Today, the price will try to continue moving up from the level of 1.3887 (the closing of yesterday's daily candle) in order to reach the upper fractal of 1.4015 (the daily candle from 03/04/2021). If this level is tested, it is possible to continue moving up with the target of 1.4217 at the historical resistance level (blue dotted line). Unlikely scenario: the price will try to start moving down from the level of 1.3887 (the closing of yesterday's daily candle) to reach the pullback level of 14.6% at 1.3815 (the red dotted line). In the case of testing this level, it will go up with the target of 1.3944 – a pullback level of 85.4% (yellow dotted line). AUD/USD. JobKeeper's completion, Lowe's "dovish" rhetoric and AUD downward prospects 2021-03-10 Yesterday, the AUD/USD pair showed an upward correction, taking advantage of the US dollar's general weakening. However, the Australian dollar began to lose positions again during the Asian session on Wednesday. It is noteworthy that the AUD/USD pair is declining not only due to the dollar rally, but also due to the weakness of the Australian one, which is also observed in many cross-pairs. Apparently, traders are concerned about the prospects for the Australian labor market amid the upcoming completion of the government's JobKeeper program. Some currency strategists at banking conglomerates, which includes the Commonwealth Bank of Australia, voiced out extremely pessimistic forecasts contrary to the general optimism associated with Australia's economic recovery. 
It can be recalled that the Australian labor market has been acting as a reliable ally for the AUD in recent months. The key components of the releases come out in the "green" zone ahead of experts' forecasts. For example, the February unemployment rate declined to 6.4%, against the forecasted 6.5%. This indicator has been showing a downward trend for three consecutive months. In turn, the increase in the number of employed was primarily due to full employment, whereas part-time employment showed a negative result (ratio of +59/-29.8). In other words, Australian Nonfarm contributed to the country's economic recovery, thereby moving the AUD/USD pair to new price levels. In view of such optimism, the pair reached the key resistance level of 0.8000, but failed to break through it. The upward trend took a break here, as the AUD/USD bears took control especially amid the general strengthening of the greenback. This week, the bearish mood continues to dominate the pair, which is not only due to the US dollar's strong positions. As mentioned above, some experts have voiced the idea that the ideal time the recovery of the Australian labor market is already ending, as the government's JobKeeper program will only be until March 28th. Since the fall of last year, subsidies under this program have been paid at a reduced rate and under stricter criteria – according to the government, support was provided only to those who really need help. However, the salary subsidy scheme is currently used by about 900 thousand Australians. Analysts believe that the completion of the JobKeeper program will hit not only the labor market, but also the country's economy as a whole. Experts from the Commonwealth Bank of Australia (largest Australian financial conglomerate) believe that more than 100 thousand Australian residents will lose their jobs (mainly in the tourism industry and in the restaurant sector) in the next few months. In turn, this can lead to a decline in the income of many Australian families and accordingly, a slowdown in the growth of consumer spending, which are the drivers for the economic recovery. It should be noted that Philip Lowe said that further steps in terms of expanding the program to stimulate the economy will largely depend on the dynamics of key indicators, where unemployment plays a significant role. 
Today, the RBA Governor also put some pressure on the Australian dollar. He voiced out "dovish" rhetoric while speaking at an economic summit in Sydney. Initially, he denied recent rumors that the interest rate may be increased next year or in 2023, so the main target year (2024) remains in force. At the same time, he emphasized that the cancellation of the target level of bond yield or its change will not be considered. Against this background, Lowe said that the Central Bank will consider the possible extension of the validity of the bond purchase program. On the one hand, such rhetoric did not surprise traders, but on the other hand, it still put pressure on the Australian dollar. Overall, the future prospects of the AUD/USD pair will depend on the dynamics of the US currency. In this case, the Australian dollar has to follow the US dollar amid the above-mentioned fundamental factors, which will be guided by the release of growth of US inflation data. From a technical viewpoint, the downward impulse of the AUD/USD pair is still not over. If the US inflation does not disappoint investors, the AUD will strengthen the decline and move to the base of the 0.76 level. The downward target is the nearest support level set at 0.7605 – lower line of the Bollinger Bands indicator on the daily time frame. Meanwhile, the main support is located below it, which is the target of 0.7550 (lower limit of the Kumo cloud on the same time frame). Forex forecast 03/10/2021 on USD/CAD, USD/JPY, SP500 and Dow Jones from Sebastian Seliga 2021-03-10 Let's take a look at the technical picture of USD/CAD, USD/JPY, SP500 and Dow Jones at the daily time frame chart ahead of key economic data release.
Author's today's articles: Torben Melsted  Born in November 1962. Graduated from CBS, got Diploma in Finance. Began trading on Forex in 1986 and since that time held various positions such as advising clients, hedging client flows on FX and commodity markets. Also worked for major corporations as Financial Risk Manager. Uses Elliott wave analysis in combination with classic technical analysis, and has been using a Calmar Ratio of 5.0 for over 3 years. Has his own blog, where he uses Elliott wave and technical analysis on all financial markets. l Kolesnikova  text Mihail Makarov  - Viktor Vasilevsky  Viktor Vasilevskiy is a practicing trader, analyst, and teacher. He has been studying financial markets professionally since 2005. Since then, he has gained wide experience of forecasting the movements of currency exchange rates on economic statistics and analysis of reasons and consequences of the world's political events. He focuses on the dynamics of government bonds, situation on the stock markets of developed countries as well as general market sentiment. Sergey Belyaev  Born December 1, 1955. In 1993 graduated from Air Force Engineering Academy. In September 1999 started to study Forex markets. Since 2002 has been reading lectures on the technical analysis . Is fond of research work. Created a personal trading system based on the indicator analysis. Authored the book on technical analysis "Calculation of the next candlestick". At present the next book is being prepared for publishing "Indicator Analysis of Forex Market. Trading System Encyclopedia". Has created eleven courses on indicator analysis. Uses classical indicators. Works as a public lecturer. Held numerous seminars and workshops presented at international exhibitions of financial markets industry. Is known as one of the best specialists in the Russian Federation researching indicator analysis. Vladislav Tukhmenev  Vladislav graduated from Moscow State University of Technologiy and Management. He entered the forex market in early 2008. Vladislav is a professional trader, analyst, and manager. He applies a whole gamut of analysis – technical, graphical, mathematical, fundamental, and candlestick analysis. Moreover, he forecasts the market movements using his own methods based on the chaos theory. Vladimir took part in development of trading systems devoted to fractal analysis. In his free time, Vladimir blogs about exchange markets. Hobbies: active leisure, sporting shooting, cars, design, and marketing. "I do not dream only of becoming the best in my field. I also dream about those who I will take with me along the way up." Sebastian Seliga  Sebastian Seliga was born on 13th Oсtober 1978 in Poland. He graduated in 2005 with MA in Social Psychology. He has worked for leading financial companies in Poland where he actively traded on NYSE, AMEX and NASDAQ exchanges. Sebastian started Forex trading in 2009 and mastered Elliott Wave Principle approach to the markets by developing and implementing his own trading strategies of Forex analysis. Since 2012, he has been writing analitical reviews based on EWP for blogs and for Forex websites and forums. He has developed several on-line projects devoted to Forex trading and investments. He is interested in slow cooking, stand-up comedy, guitar playing, reading and swimming. "Every battle is won before it is ever fought", Sun Tzu Irina Manzenko  Irina Manzenko
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A Zotova, Aleksey Almazov, Alexander Dneprovskiy, Alexandr Davidov, Alexandros Yfantis, Andrey Shevchenko, Arief Makmur, Dean Leo, Evgeny Klimov, Fedor Pavlov, Grigory Sokolov, I Belozerov, Igor Kovalyov, Irina Manzenko, Ivan Aleksandrov, l Kolesnikova, Maxim Magdalinin, Mihail Makarov, Mohamed Samy, Mourad El Keddani, Oleg Khmelevskiy, Oscar Ton, Pavel Vlasov, Petar Jacimovic, R Agafonov, S Doronina, Sebastian Seliga, Sergey Belyaev, Sergey Mityukov, Stanislav Polyanskiy, T Strelkova, Torben Melsted, V Isakov, Viktor Vasilevsky, Vladislav Tukhmenev, Vyacheslav Ognev, Yuriy Zaycev, Zhizhko Nadezhda
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