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DAILY TECHNICAL ANALYSIS FOR MARCH 15, 2023

EUR/USD

Current level – 1.0755

At the onset of yesterday’s trading session, the euro faced downward pressure from the bears and struggled to break support at 1.0706. However, a swift bullish response ensued, and the EUR/USD managed to hold steady above both crucial support levels and the 200-period moving average. If the bullish trend persists, the euro may face resistance at 1.0801 levels, but failure to do so could lead to a breach of the support at 1.0706. As we gear up for today’s events, brace yourselves for heightened volatility as we anticipate the release of the U.S. producer price index and retail sales reports at 12:30 GMT.

USD/JPY

Current level – 134.07

In the previous trading session, the Ninja performed impressively well as the USD/JPY pair managed to maintain its position above both the key support level of 135.58 and the 200-period moving average. This marks a promising start for the Ninja and indicates a potential upward trend in the future. If the bullish investors continue their push, we could see the Ninja rate reaching its resistance level of 135.34. However, if the bullish momentum weakens, the support level at 133.58 and the 200-period moving average could be vulnerable to a breakout, leading to a potential bearish trend.

GBP/USD

Current level – 1.2140

During the previous trading session of the Cable, we did not witness any significant price movements, as the exchange rate oscillated within the established support and resistance levels of 1.2114 and 1.2189, respectively. However, today’s trading session could be more eventful, with the possibility of a breakout from the newly created range. The direction of the breakout may be determined by the release of key U.S. economic data at 12:30 GMT, which is detailed in our economic calendar.

Midday update for Gold 

Gold price faced temporary strong negative pressure to settle inside the bullish pennant’s pattern again, accompanied by witnessing new positive signals by stochastic, waiting to motivate the price to resume the expected bullish trend for today, which its next target located at 1928.60.

Therefore, we will keep our bullish overview conditioned by the price stability above 1878.80, as continuing the decline and breaking this level will open the way to suffer additional losses that reach 1828.70 areas.

The expected trading range for today is between 1890.00 support and 1928.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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