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DAILY TECHNICAL ANALYSIS FOR MARCH 09, 2023

EUR/USD

Current level – 1.0549

During the past session, the movement of the currency pair remained in a narrow range. Neither the support at 1.0514 nor the resistance at 1.0631 were even tested. The downward movement is probably not over, but until the announcement of the weekly U.S. unemployment data which comes out today at 13:30 GMT, we will probably not see any significant movements in the market.

USD/JPY

Current level – 136.92

The bears managed to activate with the Ninja, but their attempt to break the support at 136.90 has been unsuccessful for now. Even if they succeed, it will likely be limited by the bulls to the support at 135.76, where they are expected to face more serious resistance and an attempt to recover what has been lost so far.

GBP/USD

Current level – 1.1844

The Cable has been in a range this past session and the bears are making an unsuccessful attempt to test the support at 1.1800. The bulls managed to stop them, but their strength was not enough even for a test of the resistance at 1.1929. The sentiment is negative, but until the release of the weekly U.S. unemployment data which comes out today at 13:30 GMT, traders are unlikely to risk taking large positions.

Midday update for Gold

Gold price fluctuates within tight range since morning, and as long as the price is below 1828.70, the bearish trend scenario will remain valid for the upcoming period, supported by the negative pressure formed by the EMA50, reminding you that our next target is located at 1788.20.

Breaching 1828.70 followed by 1843.70 levels will lead the price to attempt to stop the current bearish correction and regain the main bullish trend again.

The expected trading range for today is between 1790.00 support and 1825.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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