Daily Technical analysis for March 30, 2021
Current level – 1.1769
The euro continues to lose its value against the dollar and this trend was observed during yesterday’s trading session as well. The forecast is for the euro to continue to weaken against the greenback and for the pair to focus on a test of the important support at 1.1748. In case an upward movement is to develop, the first important resistance is expected to be the level of 1.1834. Today, investors will focus on the U.S. consumer confidence data (15:00 GMT).
Current level – 109.95
The currency pair continues its upward movement, but the forecasts are for an upcoming correction. A critical level that will determine the pair’s direction is the key resistance at 110.20. If it is breached, we can expect the upward movement to continue. If the resistance lasts, we will witness a correction or even a reversal of the trend. The first important support can be found at 109.20.
Current level – 1.3776
The pound failed to breach the key resistance at 1.3856 during yesterday’s trading session and this signalled the end of the correction. Although today’s trading session started with an appreciation of the pound against the dollar, the forecasts are for it to be short-term and for the downward movement to then resume. The first important support is the level of 1.3671.
Gold price confirms the break
Gold price confirmed breaking 1720.00 after the strong decline that it witnessed yesterday, attempting to return to the main bearish channel, which confirm the activation of the bearish trend scenario on the intraday and short term basis, on its way to achieve negative targets that start at 1692.00 and extend to 1665.00.
Therefore, the bearish bias will be suggested for the upcoming sessions, supported by the EMA50, noting that breaching 1720.00 will stop the negative pressure and lead the price to start new recovery attempts.
The expected trading range for today is between 1690.00 support and 1720.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis