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Daily Technical analysis for March 31, 2021

EUR/USD

Current level – 1.1722

During yesterday’s trading session, the U.S. dollar continued to appreciate against the single European currency after the pair had initially breached the support at 1.1760. At the time of writing this analysis, the currency pair is testing the next support level at 1.1711 and the expectations are for the downtrend to continue towards 1.1677. However, before this happens, we may witness a correction towards the resistance at 1.1760. The main economic news during today’s session that would have an impact on the market is the data on the consumer price index for the euro area (09:00 GMT) and the ADP non-farm employment change for the U.S. (12:15 GMT).

USD/JPY

Current level –  110.63

After the currency pair managed to stay above the key level at 110.16, we are now witnessing a strong upward impulse and a test of the resistance at 110.60. If the bulls prevail and this resistance gets breached, then the USD/JPY should head toward the psychological level at 111.00. If the resistance lasts, a correction or even a reversal of the trend may be expected. The first important support can be found at 110.16.

GBP/USD

Current level – 1.3737

The forecasts for today’s trading session are for the sterling to continue its depreciation against the U.S. dollar. A breach of the support at 1.3671 is a highly possible scenario and could lead to a further decline towards the next support at 1.3580. The first important resistance is the level of 1.3800.

Gold price suffers more losses

Gold price confirmed breaking 1692.00 level after closing the daily candlestick below it, reinforcing the expectations of continuing the bearish trend on the intraday and short term basis, and the way is open to head towards our next target that reaches 1665.00.

The bearish channel continues to organize the suggested bearish wave, which gets good support by the EMA50, noting that breaching 1692.00 might push the price to achieve intraday gains that target testing 1730.00 before any new attempt to decline.

The expected trading range for today is between 1660.00 support and 1695.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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