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DAILY TECHNICAL ANALYSIS FOR MARCH 08, 2022

EUR/USD

Current level – 1.0828

The single European currency continues to lose ground against the dollar. The support at 1.0800 has so far managed to hold off the bearish pressure, but the overall market mood remains negative. In case of positive news about the war between Russia and Ukraine, the trend could change and the bulls might return to the market. If that’s the case, then their first resistance is expected to be the level of 1.0907. The important news for this week, which is also expected to have an impact on the market, is the interest rate of the European Central Bank and Christine Lagarde’s press conference.

USD/JPY

Current level –  115.38

The yen lost quite a bit of ground against the dollar, but unlike other major currencies, it has managed to move in a stable price range for the time being. A possible breach of the resistance at 115.70 would give the bulls a more serious advantage and enable them to test the next one at 116.15. That being said, the first resistance is more likely to hold off the pressure and so the currency pair is expected to return to the lower border of the support range at 114.50.

Current level – 1.3117

The support at 1.3150 was overcome and the price of the currency pair manages to stay below it for now. In case the bulls manage to return to the market, their first goal would be to overcome the resistance at 1.3150. Having the negative sentiment in mind, the movement is more likely to continue downward, overcoming the established minor support at 1.3099 and moving towards a test of the next important support at 1.3072, as seen from the higher time frames.

Gold price faces solid resistance

Gold price found difficulty to surpass 2000.00 barrier, to trade negatively and hint starting bearish correction on the intraday basis, to suggest the bearish bias in the upcoming sessions, which targets testing 1950.00 initially.

Note that the expected decline is temoprary, waiting to resume the main bullish trend again, noting that breaking the targeted level will extend the correctional wave to reach 1917.60 as a next target, while breaching 2000.00 and holding above it will stop the suggested negative scenario and lead the price to resume the main bullish trend again.

The expected trading range for today is between 1950.00 support and 2000.00 resistance.

The expected trend for today: Bearish temporarily

Source: Technical analysis

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