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31Mar

DAILY TECHNICAL ANALYSIS FOR MARCH 31, 2022

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EUR/USD

Current level – 1.1165

The single European currency managed to overcome and stay above the important resistance at 1.1126. The expectations for today’s session are rather positive – for a move towards the next level of resistance at 1.1230. The alternative and less likely scenario is for the bears to manage to overcome the level of support at 1.1126, which should help them bring the pair towards their next goal at 1.1044. In the absence of new developments around the war in Ukraine, we are unlikely to see more significant movements in the currency pair until the release of the important economic data for the United States – the initial jobless claims data (today; 12:30 GMT) and the unemployment rate and non-farm payrolls reports to be released on Friday.

USD/JPY

Current level –  122.03

During the last session, there was a consolidating movement of the currency pair between the support level at 121.41 and the resistance level at 122.47. This shows that the corrective phase, in which the pair is currently in, may be coming to an end. A successful breach of 122.47 can be considered a signal that the bulls are regaining control and that the upward trend is resuming. However, if the support at 121.41 is overcome, then this could be considered a deepening of the correction towards the zone at 120.45 and could end the upward trend.

GBP/USD

Current level – 1.3120

During the last session, the Cable failed to overcome the resistance at 1.3185 and the pair is likely to return to the lower level of the range – the support at 1.3050. A likely signal that the buyers may return to the market would be a new test and a breach of the resistance at 1.3185. If this does not happen and the important supports at 1.3050 and 1.2997 are overcome, then we could observe a deepening of the downward movement towards the next support zone at 1.2854, as seen from the higher time frames.

Gold price attempts to recover

Gold price provided positive trades yesterday to breach 1925.35 level, but it found solid resistance formed at the broken bullish trend line that appears on the chart, to resume the negative trades and press on 1925.35 level now, which supports chances to resume the expected bearish trend on the intraday basis, which its next target located at 1890.00.

Therefore, we will keep our bearish overview supported by the negative pressure formed by the EMA50, unless breaching 1935.00 and holding above it.

The expected trading range for today is between 1900.00 support and 1945.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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