DAILY TECHNICAL ANALYSIS FOR MARCH 21, 2023petar skakalov
Current level – 1.0714
The past trading session was successful for EUR/USD. Despite the bearish pressure at the start of the day, the bulls took control after reaching the support at 1.0631 and managed to overcome the resistance at 1.0706. If the bullish attack continues, we are likely to see an attempt to break the 200-period daily moving average and reach the resistance at 1.0801. Otherwise, if the bears re-enter the market, it is possible for the currency pair to return to the support level at 1.0631.Volatility is expected to pick up after the release of the ZEW economic sentiment at 10:00 GMT and new house sales in the US at 14:00 GMT.
Current level – 131.20
In the past session, the Ninja managed to gain strength against the dollar and reach the support level of 130.36. The bulls repelled the attack of the bears at this support level and managed to hold the course between the aforementioned support and the resistance level at 132.50. We could see a breakout at one of two levels today depending on whether the bulls or the bears will get the upper hand.
Current level – 1.2254
Yesterday was an extremely successful day for the Cable, as the bulls managed to take the currency pair to the level at 1.2282 overcoming the two resistances on its way at 1.2187 and 1.2267. In the coming days, we are going to observe a search for new resistances or a resumption of the upward movement.
Midday update for Gold
Gold price faces additional negative pressure to test 1960.00 level, which urges caution from the upcoming trading, as continuing the decline and breaking this level will stop the expected rise for today and push the price to suffer additional losses that reach 1928.60.
Stochastic and the EMA50 continue to provide the positive signals to keep the chances valid to continue the expected bullish trend on the intraday and short term basis, and the price needs to breach 1985.35 to ease the mission of rallying towards our next main target that reaches 2040.00.
The expected trading range for today is between 1960.00 support and 2010.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis