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15Mar

DAILY TECHNICAL ANALYSIS FOR MARCH 15, 2022

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EUR/USD

Current level – 1.0974

There is a slowdown in the downtrend as the bears failed to secure a lower bottom and the pair managed to stay above the support at 1.0900. The first resistance before the buyers is 1.0982, and after two unsuccessful attempts, it is about to be breached. In such a scenario, prices could rise towards 1.1038. Sentiment has not yet turned positive as for that to happen, prices would have to stay above the resistance at 1.1106. The bears can expect better attack levels around this area, and in case of new declines, a test and a breach of the support at 1.0846 is possible. In such a scenario, the euro could plunge towards levels of around 1.0640. Today, higher volatility can be expected around the publication of the ZEW data on economic expectations (10:00 GMT) and that of the U.S. PPI (12:30 GMT).

USD/JPY

Current level –  118.31

In the last few sessions, the pair has seen strong growth, overcoming several resistances along the way. The rally has not yet entered a corrective phase and the expectations are for it to continue. The first support is the area around the weekly opening at 117.23. The first resistance is yesterday’s high at 118.43, with growth likely slowing due to market overcrowding. Looking at the highest time frames reveals that there is significant resistance around 118.60. The market is thus expected to enter a corrective phase when this level is reached.

GBP/USD

Current level – 1.3022

The Cable continues its downward trend, with any declines currently being limited by the support at 1.3000. Bearish attacks are becoming less frequent and it is possible that the market will enter a more complex correction or reverse the movement as a result. The first resistance for the bulls is the area at around 1.3050, and the next more serious obstacle is 1.3095. If this zone is breached and prices manage to stay above it, then a rally towards 1.3190 and even 1.3270 can be expected. A breach of 1.3190 would seriously increase the risk appetite of market participants, and depending on the fundamentals, the price movement may reverse its direction. If the bears still manage to breach 1.3000, then the declines could worsen towards 1.2860.

Gold price breaks the support 

Gold price confirmed breaking the neckline of the double top pattern to activate the negative effect of this pattern, as it rallied bearishly to break 1960.00 and open the way to head towards our next correctional target at 1925.35, noting that the mentioned pattern has negative targets that extend to 1890.10.

Therefore, the bearish trend scenario will remain dominant in the upcoming sessions conditioned by the price stability below 1960.00 and 1970.00 levels.

The expected trading range for today is between 1910.00 support and 1960.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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