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Daily Technical analysis for March 19, 2021

EUR/USD

Current level – 1.1909

During the past trading session, the currency pair could not hold its position above the resistance level at 1.1967 and we have witnessed a downward movement for a test of the support at 1.1905. In case the mentioned support is breached, it is highly possible the EUR/USD will head towards the next important support at 1.1835. On the other hand, if this support resists, a rebound targeting the resistance at 1.1967 may be expected.

USD/JPY

Current level –  109.04

This week USD/JPY is traded in a narrow range and, at the time of writing, there is no clear signal for the future direction of the currency pair. Nevertheless, the forecasts are for the uptrend to be limited by the resistance at 109.20 and, respectively, for a downward movement targeting the support at 108.32.

GBP/USD

Current level – 1.3899

The currency pair has tested the key resistance at 1.3990 but couldn’t breach it, which led to appreciation of the U.S. dollar against the sterling. The forecasts for today are for the GBP/USD to test the support level at 1.3856 and rebound from it and afterwards to continue its uptrend targeting the resistance at 1.3990. A breach of this critical resistance there may lead the pair towards the psychological level at 1.4000.

Gold price needs a confirmation signal

Gold price is stuck between the intraday bullish channel’s support line that rises now to 1725.00 and the key resistance 1739.50, facing contradiction between the indicators, which makes us continue with our neutrality until the price manages to surpass one of these levels to detect its next destination clearly.

Note that breaking the mentioned support will press on the price to resume the main bearish trend that its next target located at 1692.00, while breaching the resistance represents the key to start correctional bullish wave and achieve gains that start at 1765.00 and extend to 1800.00.

The expected trading range for today is between 1710.00 support and 1755.00 resistance.

The expected trend for today: Neutral

Source: Technical analysis

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