DAILY TECHNICAL ANALYSIS FOR MARCH 17, 2022
Current level – 1.1033
A rate hike by the Fedis already a fact – the first of its kind since 2018. At the time of writing the analysis, the pair is just about to test the resistance zone at 1.1038, and a successful breach here could boost the bullish sentiment towards the next significant level at 1.1106. Today, the important economic news that would be of interest to the market participants, is the data on the consumer price index for Europe (10:00 GMT), as well as the initial jobless claims data for the U.S. (12:30 GMT).
Current level – 118.67
The bulls were limited to the 119.00 level, and at the moment, the subsequent withdrawal cannot yet be considered as a sentiment reversal. It is quite possible that the appreciation of the U.S. dollar against the Japanese yen will continue, reaching levels of around 120.00, and for the current depreciation to be considered as a corrective phase, which could possibly deepen the market towards the support level at 117.80 in order to find better market entry levels.
Current level – 1.3153
The cable managed to gain momentum, and at the time of writing, it is trading just below the resistance zone at 1.3187. The interest rate decision of the Bank of England (today; 12:00 GMT) will be crucial for the future of the currency pair. In the event of a continuation of the positive sentiment, the currency pair would experience more serious difficulties only in overcoming the main resistance at 1.3270.
Gold price surpasses the resistance
Gold price approached our waited negative target at 1890.10 yesterday, but it bounced upwards clearly and begins today with additional rise to breach 1925.35 and settles above it, which leads the price to attempt to regain the main bullish trend again, on its way to test 1960.00 initially, noting that breaching this level will confirm opening the way to achieve more gains in the upcoming period.
Therefore, we expect the continuation of the bullish bias for today unless breaking 1925.35 and holding below it.
The expected trading range for today is between 1920.00 support and 1970.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis