DAILY TECHNICAL ANALYSIS FOR MARCH 29, 2022
Current level – 1.0989
At the time of writing, the currency pair is consolidating just above the support level at 1.0974 after several unsuccessful attempts to breach that level. Currently, the most likely scenario for the currency pair is for it to maintain the range movement in the narrow channel of 1.0974 – 1.1044, but in the event of bullish predominance, the first significant resistance would be the level at 1.1126. There is no economic news planned for today that could affect the market.
Current level – 123.47
At the local high from yesterday’s trading session, one U.S. dollar was trading for 125 Japanese yen – a level last reached in 2015. The subsequent depreciation does not put an end to the upward movement at the moment, with the more likely scenario being a corrective move in order to find better market entry levels. According to the higher time frames, the level at 125.00 is also the main resistance for the currency pair. The first significant support is the area at around 122.00.
Current level – 1.3095
The support zone at 1.3100 was overcome during yesterday’s session, but at the time of writing the analysis, we are seeing a consolidation just below the mentioned level, which currently plays the role of first resistance. This could put an end to the downward move and a successful breach of the resistance could pave the way for an upward move and an attack towards the next resistance at 1.3185.
Gold price gets a negative close
Gold price closed yesterday below 1925.35, to reinforce the expectations of the bearish trend domination, expecting to resume the bearish bias to visit 1890.00 as a next negative station, supported by the negative pressure formed by the EMA50.
Holding below 1928.00 is important to continue the expected decline, as breaching it will lead the price to start recovery attempts that target testing 1960.00 before any new attempt to decline.
The expected trading range for today is between 1900.00 support and 1940.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis