Daily Technical analysis for March 29, 2021
EUR/USD
Current level – 1.1788
The depreciation of the single European currency against the U.S. dollar is not over yet, although the bears failed to gain enough momentum during the last trading session and the buyers managed to limit the sell-off slightly above the support level at 1.1751. It is possible to witness a move in the positive direction, however, the sentiment is still negative and the bulls should be kept below the key resistance level at 1.1835. This week, investors will focus on the ADP non-farm employment change data for the U.S. (Wednesday; 13:15 GMT), as well as on the announcement of the unemployment rate data (Friday; 13:30 GMT) and the non-farm payrolls change data for the U.S. (again on Friday from 13:30 GMT).
USD/JPY
Current level – 109.48
After the currency pair reached values, last recorded in early June last year, it is possible to witness a corrective move and a test of the first major support at 109.20. A successful breach of the mentioned level may provoke a deeper sell-off and a test of the next important support area at 108.32.
GBP/USD
Current level – 1.3777
The bears managed to limit the appreciation of the pound at the main resistance at 1.3797. The test of the mentioned level cannot yet be considered as completed as we are currently observing a consolidation just below this level. The sentiment is rather positive, for a breach of 1.3797and a move towards the next significant zone at 1.3990, which still acts as a key psychological level for the buyers. During this week, the most important economic news that would affect the movement of the Cable, is the data on the preliminary GDP for the UK (Wednesday; 06:00 GMT), as well as the manufacturing PMI (Thursday; 08:30 GMT).
Gold price continues to fluctuate
The tight and sideways range continues to dominate Gold price trades, confined between 1720.00 support and 1740.00 resistance, thus, the sideways track will remain suggested on the intraday basis until the price manages to surpass one of the mentioned levels.
We remind you that breaking the mentioned support will press on the price to visit 1700.00 followed by 1692.00 levels initially, while breaching the resistance represents the key to start recovery attempts that target 1765.00 level asa first main station.
The expected trading range for today is between 1710.00 support and 1750.00 resistance.
The expected trend for today: Sideways
Source:Technical analysis
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