DAILY TECHNICAL ANALYSIS FOR MARCH 22, 2023petar skakalov
Current level – 1.0770The past session was positive for the single European currency. After the market open, the rate is holding above the resistance at 1.0706. The bulls’ gains from last week could continue, but for that they need to test the second resistance at 1.0800. The bears, on the other hand, will look to steer the pair back to the support at 1.0631. The euro’s bull run is probably not over, but the final impact on traders’ sentiment will come from the U.S. Federal Reserve’s interest rate decision, today at 18:00 GMT.
Current level – 132.34
On the yen, the bulls controlled the market for the past session, but an attack on resistance at 132.50 has failed for now. The bears were able to activate upon reaching this level, but for now their strength is only sufficient to hold the breakout. The sentiment is positive and the bulls are likely to make another attempt to overcome the resistance at 132.50.
Current level – 1.2229
On the Cable, the bears dominated the market in the past session but their attempt to break the support at 1.2187 was unsuccessful. For now, the movement of the currency pair is trying to consolidate between the support at 1.2187 and the resistance at 1.2267, but the week has important news for the British pound: consumer price indices, today at 07:00 GMT, BOE interest rate decision on Thursday at 12:00 GMT and we are very likely to see high volatility.
Midday update for Gold
Gold price tested the key support 1933.20 and found solid support there, to show some bullish bias now, on its way for potential test to 1962.50 resistance line.
As we mentioned this morning, these levels represent the next trend keys, as the price needs to breach one of them to detect the next destination clearly.
Therefore, we will continue with our neutrality until we get clearer signal for the next trend, while you can review the details of the expected targets through our morning report.
The expected trading range for today is between 1920.00 support and 1965.00 resistance.
The expected trend for today: Neutral
Source: Technical analysis