DAILY TECHNICAL ANALYSIS FOR MARCH 28, 2022petar skakalov
Current level – 1.0969
The EUR/USD is testing the support at 1.0974 yet again during the early hours of today`s trading.. A confirmation of the breach here could deepen the decline and could lead to a test of the target at 1.0900, followed by the lower zone at 1.0846. However, if the bearish momentum fades and the bulls prevail, then the first resistance would be the upper border of the range between 1.0974 and 1.1044. A violation of the level at 1.1126 would strengthen the positive expectations for the future path of the pair and could lead to a rally towards the zone at 1.1231. An increase in market volatility can be expected around the announcement of the data on Non-farm Payrolls Change and Unemployment change in the U.S. (Friday; 13:30 GMT).
Current level – 122.86
The dollar continues its massive rally against the yen as the currency pair had previously violated the resistance zone at 122.41. If the bullish attack continues, then а test of the important zone at 123.00 would be the most probable scenario and could easily lead to even more gains for the Ninja. If the bears take control instead, then the correction should be limited to the support zone at 120.44.
Current level – 1.3154
The pound lost some ground against the dollar during the early hours of today`s trading, and if the bears continue to prevail, then a successful test of the support zone at 1.3099 would strengthen the negative sentiment and could easily deepen the decline towards the zone at 1.3050. Better-than-expected data in the UK for its GDP (Thursday; 07:00 GMT) could help the bulls re-enter the market. A potential breach of the close resistance at 1.3185, followed by a violation of the next target at 1.3289, could lead to a more sustained recovery towards the resistance at 1.3354.
Gold price settles below the resistance
Gold price shows new negative trades now, to test the EMA50 that forms intraday support line at 1944.00, noting that breaking this level will push the price to test 1925.35 direct.
Therefore, we will continue to suggest the bearish bias on the intraday basis, noting that breaking the targeted level will extend gold price losses to reach 1890.00 as a next station, while breaching 1960.00 will stop the expected decline and lead the price to resume the bullish trend again.
The expected trading range for today is between 1920.00 support and 1965.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis