DAILY TECHNICAL ANALYSIS FOR MARCH 28, 2023petar skakalov
Current level – 1.0813
Yesterday’s trading session was successful for the single European currency with the EUR/USD hovering around the support level at 1.0755 at the start of the day, but shortly before the U.S. open, the bulls took over and by the end of the day the rate was gradually climbing higher. If the bulls maintain their momentum, we could see the resistance at 1.0823 being reached, otherwise the bears could take the course back to the support at 1.0755. Today all eyes are set on the Consumer Confidence reading (14:00 GMT), which promises to shape investor sentiment and dictate the course for the pair until the end of the session. This crucial economic indicator will reveal the degree of optimism or pessimism among consumers in the U.S., providing a glimpse into their spending habits and future financial expectations.
Current level – 130.74
The Ninja had a positive day in the past trading session. The bulls got the better of the bears as the support at 130.56 was reached and the rate headed north for USD/JPY to recover some of its losses. If the bulls continue their attack, we could see a test of the resistance at 132.50 and the 50-period moving average.
Current level – 1.2308
The trading session was positive for the pound as it appreciated against the dollar and successfully broke the resistance level at 1.2267. If the bulls’ attack continues, it is possible that the pair will head towards the next resistance level at 1.2328. Otherwise, if bearish investors attempt to recover their losses, the pair is likely to head towards the nearest support level at 1.2187.
Midday update for Gold
Gold price trades negatively to press on the key support 1950.00, and as we mentioned this morning, this level represents one of the next trend keys besides 1962.50 resistance, as the price needs to surpass one of these levels to detect its next destination clearly, which makes us continue with our neutrality until now.
We remind you that breaking the mentioned support will press on the price to achieve correctional negative targets that start a t1933.20 and extend to 1909.55, while breaching the resistance represents the key to resume the main bullish trend to head towards 2000.00 initially.
The expected trading range for today is between 1945.00 support and 1980.00 resistance.
The expected trend for today: Neutral
Source: Technical analysis