DAILY TECHNICAL ANALYSIS FOR MARCH 07, 2023petar skakalov
Current level – 1.0627
The week started positively for the European currency as the bulls took advantage of the bears and managed to convincingly breach through the resistance at 1.0631, above which the EUR/USD exchange rate remained. If the bulls hold on to the momentum they have gained, they could take the rate to the next resistance at 1.0762, but if the bears take matters into their own hands, they could retrace the previous day’s move back to the newly formed support at 1.0631. Jerome Powell’s address to the Congress, which begins at 15:00 GMT, is likely to cause high volatility. It is expected that the chairman of the Federal Reserve will express his willingness to maintain higher interest rates for an extended period, leading to some turbulence in the markets.
Current level – 135.96
As the trading session opened for the Ninja, the bears tried several times to break the support level at 135.76, but the bulls managed to hold off the bearish attack and kept USD/JPY above this level. If the bears continue their push, we could see a break of the support at 135.76, but otherwise the bulls would have the opportunity to reach the resistance at 136.89.
Current level – 1.2038
During the first half of the day, the bears took control of the Cabel’s rate as they managed to make an attempt to overcome the support at 1.1997, but the bulls responded to the bearish attack by managing to hold the rate between the support and resistance at the levels of 1.1997 and 1.2088. In today’s trading session, we could see an attempt to break either the resistance, or the support. This will be determined by the strength of the Greenback and its reaction to Jerome Powell’s testimony.
Midday update for Gold
Gold price fluctuates around the breached neckline of the inverted head and shoulders’ pattern that appears on the chart, keeping its stability above it, to keep the positive effect of this pattern active, which gets continuous support by the EMA50, waiting to visit 1878.80 as a next main target.
We remind you that breaking 1843.70 followed by 1828.70 levels will stop the suggested rise and put the price under the negative pressure again.
The expected trading range for today is between 1835.00 support and 1870.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis