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DAILY TECHNICAL ANALYSIS FOR MARCH 16, 2023

EUR/USD

Current level – 1.0592

Yesterday’s trading session was extremely successful for the U.S. dollar. Following the release of the disconcerting data for the European banks, the bears activated on EUR/USD and managed to overcome three key resistance levels and tested a fourth resistance at 1.0527. However, the bulls managed to rally and recoup some of their losses and, at the time of writing the analysis, the pair is headed towards the nearest resistance at 1.0631. Today will be marked by very high volatility, one of the reasons for this is the dense macroeconomic calendar. During today’s trading session, traders will be watching with particular interest the news on: U.S. Housing Starts at 12:30 GMT, Initial Jobless Claims at 12:30 GMT and the European Central Bank’s Key Interest Rate decision at 13:15 GMT.

USD/JPY

Current level – 132.84

The bears recorded success which was marked by a breach of the key support at 133.58 and a test of the next one at 132.51. The failed breach of the second support has been winged by the bulls and, at the time of writing the analysis, they have recovered some of their losses. If they manage to maintain the momentum they gained, we could see an attempt to reach the resistance at 135.35.

GBP/USD

Current level – 1.2067

During yesterday’s trading session, the dollar also gained against the British pound. Two supports at 1.2140 and 1.2085 failed to stop the bears’ momentum. It was only when bearish investors reached the psychological support at 1.2000 that their momentum ran out. At the time of writing, the bulls are trying to impose themselves on the market and recover yesterday’s losses.

Midday update for Gold

Gold price resumes its positive trading to approach 1928.60 level, waiting to breach this level to confirm extending the bullish wave towards our next target that reaches 1960.00.

Holding above 1905.00 is important to continue the expected rise, as breaking it will press on the price to face intraday negative pressure that targets visiting 1878.80 before any new positive attempt.

The expected trading range for today is between 1895.00 support and 1935.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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