Daily Technical Analysis: March 23, 2023 – Central Bank Raises Interest Rates

The U.S. dollar plunged on Wednesday after the U.S. Federal Reserve raised its key interest rate by a quarter of a percentage point or 25 bps, as expected and pointed to only one more rate hike this year.

The Fed projects at least one additional rate hike of 25 basis points by the end of 2023, but suggests it could at least represent an early pause point for rate hikes.

The dollar index (DXY), which measures currencies against six other major currencies, was last down 0.63% to 102,500, with the euro up 0.87% to $1.0861. The dollar fell 0.82% against the Japanese yen, while Sterling last traded at $1.2268, up 0.41%.

The following is a technical daily analysis, March 23, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to take part in the GIC Gebyar Prize and get the main prize, namely Mobile Mitshubshi Expander or Vacation Package to Labuan Bajo for 4 days and 3 nights.

In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

Daily Technical Analysis for the EUR/USD pair on the 1-hour period moved further upwards, trying to touch the resistance area of 1.09115 towards the next resistance level at 1.09760. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.08543 towards the next support level at 1.08230.

Suggest : Buy 1.09115 TP1 1.09500 TP2 1.09760 SL 1.08880

GBPUSD

GBP/USD on the 1-hour period moved further upwards, trying to touch the resistance area of 1.23353 towards the next resistance level at 1.23830. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.22851 towards the next support level at 1.22560.

Suggest : Buy 1.23352 TP1 1.23830 TP2 1.24000 SL 1.23040

AUDUSD

Daily technical analysis for the AUD/USD pair on the 1-hour period moved further upwards, trying to touch the resistance area of 0.67575 to the next resistance level at 0.67930. Meanwhile, to turn the bias bearish, AUD/USD needs to break through the support area at 0.67104 towards the next support level at 0.66240.

Suggest : Buy 0.67575 TP1 0.67930 TP2 0.68290 SL 0.67260

USDCHF

USD/CHF on the 1-hour period moved down, trying to touch the 0.91454 support area towards the next support level at 0.90990. Meanwhile, to turn the bias to bullish, USD/CHF needs to break through the resistance area at 0.91913 towards the next resistance level at 0.92480.

Suggest : Sell 0.91454 TP1 0.90990 TP2 0.90510 SL 0.91913

USDJPY

USD/JPY on the 1-hour period moved down, trying to touch the 130,526 support area towards the next support level at 130,000. Meanwhile, to turn the bias to bullish, USD/JPY needs to break through the resistance area at 130.891 towards the next resistance level at 131.990.

Suggest : Sell 130.526 TP1 130.200 TP2 130.000 SL 130.891

XUL (LOCO LONDON GOLD)

Daily technical analysis for the 1-hour period Gold price moved further upwards trying to touch the 1984.51 resistance area towards the next resistance level at 1999.60. Meanwhile, to change the bias to bearish, the gold price needs to pass through the support area at 1962.56 to the next support level at 1955.10.

Suggest : Sell 1982.00 TP1 1975.00 TP2 1970.00 SL 1987.00

CLSK (OIL)

Oil prices in the 1-hour period moved upwards trying to test the 71.31 resistance area towards the next resistance level at 72.41. Meanwhile, to change the bias to bearish again, oil prices need to pass the 68.95 support level to the next support level at 67.61.

Suggest : Buy 71.31 TP1 72.00 TP2 72.41 SL 70.80

So, that's the explanation of "Technical Daily Analysis: March 23, 2023 – Central Banks Race to Raise Interest Rates, The Fate of Safe Haven?". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.

Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading. Get the latest news and articles from other GIC Indonesia, you can check on Google News every day to find out the latest updates about the world of forex to crypto. Also trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!