DAILY TECHNICAL ANALYSIS FOR MARCH 16, 2022
EUR/USD
Current level – 1.0968
The bulls did not manage to gain enough momentum to confirm the breach of the resistance at 1.0982 and the EUR/USD continued to trade under the mentioned zone. A new successful attack, followed by a violation of the target at 1.1038, could continue the recovery and easily pave the way for a test of the important resistance at 1.1106. The first support for the bears can be found at the level of 1.0900. A breach of the lower zone at 1.0846 could lead to some losses for the euro against the dollar and strengthen the negative expectations for the future path of the pair. The most important news for investors is the expected Fed Interest Rate decision (today; 18:00 GMT) and the following press-conference at 18:30 GMT.
USD/JPY
Current level – 118.21
The correction was limited to the zone at 117.80, and during the early hours of today`s trading, the currency pair is heading for a new test of the resistance at 118.43. A successful breach for the bulls could lead to future gains for the Ninja and could further fuel the rally towards the levels at around 118.60. If the bullish momentum fades and the bears enter the market and violate the zone at 117.81, then the decline could deepen towards the support level at 117.23.
GBP/USD
Current level – 1.3047
Neither the bears, nor the bulls managed to gain enough momentum and trading for the Cable remained locked in the zone between 1.2997 and 1.3050. A breach of the upper border, followed by a violation of the next target at 1.3095, could lead to a recovery and a move towards the major resistance at 1.3187. If the bears take control, then a breach of the support zone at 1.2997 could deepen the sell-off and could easily lead to new future losses for the sterling against the greenback.
Gold price confirms the break
Gold price confirmed breaking 1925.35 level after closing the daily candlestick below it, to reinforce the expectations of continuing the domination of the correctional bearish trend, and the way is open to head towards our next target that reaches 1890.10.
The EMA50 continues to support the suggested bearish wave, noting that breaching 1925.35 will push the price to start recovery attempts that target testing 1960.00 areas initially.
The expected trading range for today is between 1890.00 support and 1940.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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