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DAILY TECHNICAL ANALYSIS FOR MARCH 29, 2023

EUR/USD

Current level – 1.0840

Today, the euro continues to appreciate against the dollar and the resistance at 1.0823 has been breached. If the bull attack continues, a possible scenario is for the pair to head towards the next resistance level at 1.0887. In case the bears enter the market, we can probably see the rate taking the direction of the nearest support level at 1.0755. For today, higher volatility is likely during the announcement of the data from the U.S. on Pending Home Sales 15:00 GMT with a previous reading of 8.1% and a forecast for -2.3%.

USD/JPY

Current level – 131.03

For the Ninja the consolidation around the level at 130.56 continues. If the bulls take the upper hand, it is possible for the pair to head to the next resistance level at 132.50. Otherwise, if sellers enter the market, we are likely to witness an attempt to breach the support at 128.45.

GBP/USD

Current level – 1.2335

The past trading session for the Cable was positive once again. The pound continued to appreciate against the dollar, with the resistance at 1.2328 breached, but the breach is yet to be confirmed. If the bear attack continues, a possible scenario could be for the pair to head towards the next resistance level at 1.2401. Otherwise, if the bears enter the market, the price is likely to head towards the nearest support level at 1.2187.

Midday update for Gold

Gold price tested the key support 1962.50 level and keeps its stability above it until now, as the EMA50 meets this level to add more strength to it, waiting to resume the bullish wave that its targets begin at 2000.00.

Stochastic negativity interprets the reasons of the current negative fluctuation, while in general, the bullish trend will remain active for today unless breaking 1962.50 and holding with a daily close below it.

The expected trading range for today is between 1960.00 support and 1990.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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