DAILY TECHNICAL ANALYSIS FOR MARCH 21, 2022
EUR/USD
Current level – 1.1047
Last week, the pair managed to finish in green territory and broke a streak of five consecutive losing weeks. The bulls managed to test the resistance at around 1.1125 and the response of the bears was not late. In the early hours of today, prices gravitate around the 1.1044 support, however expectations are for a second test of 1.1125. The first support for buyers is the area at around 1.0980 – 1.1000. The area at around 1.0900 is the weekly support and it is expected to hold off a possible bearish pressure. The market is trying to move upwards and the lower time frames already reveal new peaks and successive higher lows. In order for the transition to be completed, however, prices would first need to overcome the barrier at 1.1360. The zone to watch is 1.1125 as it will signal for the development of this scenario. In case the bulls fail their attack, then the correction should continue and the main support will remain in the zone between 1.0900 and 1.0850.
USD/JPY
Current level – 119.13
The uptrend for the Ninja remains strong and the market managed to form several supports over the past week. Pullbacks in the trend are shallow and are caused by realised profits rather than the bears entering the market. The support at 118.84 has not yet been tested and confirmed and 118.37 can be noted as the main one, followed by the weekly level of 117.67. If the rally continues, then the next target may be 121.20, but should the market enter a corrective phase, then it is expected to be limited by the support at 117.67.
GBP/USD
Current level – 1.3161
The British pound also performed well last week as the bulls are trying to reverse the downtrend. The market managed to form support at around 1.3100 and it will be the first support for today. The current price structure can be interpreted as an inverted “head and shoulders” figure, which is a formation signalling a trend reversal. A confirmation of this formation would be a breach of 1.3191, followed by corrective movement and a successful test of the figure’s “neck” zone. Upon completion of the formation, a subsequent rally with the potential to reach the resistance at around 1.3400 can be expected.
Midday update for Gold
Gold price trades below 1925.35 level now, to hint heading to decline in the upcoming sessions, but the positive scenario still valid unless the price close the daily candlestick below the mentioned level, which will push the price to head towards 1890.00 mainly, while the price needs to step above 1925.35 to resume the bullish track that targets 1960.00 as a next station.
The expected trading range for today is between 1910.00 support and 1950.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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