Daily Technical Analysis: March 28, 2023 – US CCI Declines, Dollar?

The release of consumer confidence data is a composite index level based on households surveyed of about 3,000 households that asks respondents to assess the relative level of current and future economic conditions released monthly, on Tuesday. Financial confidence is a key indicator of consumer spending, which accounts for the majority of overall economic activity. Referring to the data, the US dollar has the opportunity to decline because the Consumer Confidence reading is estimated to fall to 101.0 from the reading of 102.9 in the previous period. And this time for technical daily analysis, March 24, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. 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 1.08329 towards the next resistance level at 1.08690. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.07874 towards the next support level at 1.07590. The decline in the euro can be seen from the CCI which is already in the overbought area.

Suggest : Sell 1.07874 TP1 1.07590 TP2 1.07240 SL 1.08140

GBPUSD

GBP/USD on the 1-hour period moved further upwards, trying to touch the 1.23430 resistance area towards the next resistance level at 1.23660. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.22927 towards the next support level at 1.22550. The decline in sterling can be seen from the CCI which is already in the overbought area.

Suggest : Sell 1.22927 TP1 1.22550 TP2 1.22180 SL 1.23290

AUDUSD

AUD/USD on the 1-hour period tried to rise further touching the resistance area of 0.67017 until heading to the next resistance level. Meanwhile, to turn the bias bearish, AUD/USD needs to break through the support area at 0.66685 towards the next support level at 0.66490. The decline in aussie can be seen from the CCI which is already in the overbought area.

Suggest : Sell 0.66685 TP1 0.66490 TP2 0.66330 SL 0.66810

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period tried to rebound to touch the resistance area of 0.91786 towards the next resistance level at 0.92180. As for further bearish bias, USD/CHF needs to break through the support area at 0.91348 towards the next support level at 0.91000.

Suggest : Buy 0.91786 TP1 0.92180 TP2 0.9237 SL 0.91450

USDJPY

USD/JPY on the 1-hour period tried to rebound to touch the resistance area of 131,369 towards the next resistance level at 131,700. Meanwhile, for further bearish bias, USD/JPY needs to break through the support area at 130,510 towards the next support level at 129,760.

Suggest : Buy 131.369 TP1 131.700 TP2 132.000 SL 131.070

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period moved further down, trying to touch the 1943.95 support area towards the next support level at 1929.50. Meanwhile, to turn the bias into bullish, the gold price needs to pass through the resistance area at 1964.08 to the next resistance level at 1985.90.

Suggest : Sell 1943.95 TP1 1935.00 TP2 1929.50 SL 1950.50

CLSK (OIL)

Daily technical analysis for oil prices on the 4-hour period moved upwards trying to test the resistance area of 73.76 towards the next resistance level at 74.31. Meanwhile, to change the bias to bearish again, oil prices need to cross the 71.66 support level to the next support level at 70.35.

Suggest : Buy 73.76 TP1 74.31 TP2 75.00 SL 73.00