DAILY TECHNICAL ANALYSIS FOR MARCH 09, 2022
EUR/USD
Current level – 1.0918
The market is in a pullback phase after the euro managed to push off a 22-month low at 1.0805. News of the issuance of new defense and energy bonds supported the bulls, but they failed to overcome resistance at 1.0936. The market seems stretched and despite negative expectations, a deeper and more aggressive retracement is possible. If the bulls manage to take over 1.0936, prices can test the zones at 1.1050 or 1.1107. Daily support bulls can expect in the range between 1.0850 and 1.0805. If this zone is however breached, it is possible that the declines will deepen to 1.0640 or 1.0450. Today there are no significant events in the economic calendar, but given the situation in Ukraine, volatility is expected to remain high.
USD/JPY
Current level – 115.83
In the early hours of today, the bulls managed to overcome the resistance at 115.73. The breakthrough has not yet been confirmed and the pair is likely to return to its range between 114.73 and 115.73. If buyers hold positions, prices can test the double top at 116.33. The structure comes from the higher time frames and if it’s broken a rally towards 118.00 could be expected.
GBP/USD
Current level – 1.3110
The Cable managed to form a bottom at 1.3100, and the zone is the first daily support. The shallow correction implies covering short positions rather than a return of the bulls to the market. Expectations are for a corrective movement towards 1.3214. Due to the worsened sentiment, with the continuation of the sell-offs and a break of 1.3100, the declines could reach 1.2920 and even 1.2710.
Midday update for Gold
Gold price shows some bearish bias affected by the strength of the intraday bullish channel’s resistance that appears on the chart, and it might lean on this channel’s support line around 2020.00 before resuming the bullish trend again.
Until now, the main bullish trend scenario still expected unless breaking 2000.00 and holding below it, reminding you that our next targets start at 2075.00 and extend to 2100.00.
The expected trading range for today is between 2030.00 support and 2080.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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