Technical Daily Analysis: March 16, 2023 – Jobless Claims Down, Greenback?

The release of Unemployment Claims data or unemployment benefits claims is a change in the number of individuals applying for unemployment insurance for the first time over the past week.

The number of unemployed is an important signal of the overall health of the economy because consumer spending is strongly correlated with labor market conditions. Unemployment is also a major consideration for those who direct the country's monetary policy.

Referring to the data, the US dollar has the potential to strengthen as the unemployment benefits claims reading is expected for a decline in the number of claims which is only 205K, smaller than the 211K growth in the previous week.

The following is a technical daily analysis, March 16, 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 EUR/USD on the 1-hour period tried to move upwards touching the resistance area of 1.06059 towards the next resistance level at 1.06460. As for further bearish bias, EUR/USD needs to cross the support area at 1.05715 towards the next support level at 1.04020, which is also confirmed from the MA50 line which has crossed the MA100 line from above.

Suggest : Sell 1.06460 TP1 1.06059 TP2 1.05500 SL 1.07000

GBPUSD

AUDUSD

AUD/USD on the 1-hour period tried to move upwards touching the resistance area of 0.66617 towards the next resistance level at 0.67070. As for further bearish bias, AUD/USD needs to cross the support area at 0.66075 towards the next support level at 0.65850, which is also confirmed from the MA25 line which has crossed the MA100 line from above.

Suggest : Sell 0.66480 TP1 0.66000 TP2 0.65850 SL 0.66617

USDCHF

USD/CHF on the 1-hour period tried to move down to touch the 0.92843 support area towards the next support level at 0.92320 to change its bias to bearish. As for further bullishness, USD/CHF needs to cross the resistance area at 0.93399 towards the next resistance level at 0.94500, which is confirmed from the MA25 line which has crossed the MA100 line from below.

Suggest : Buy 0.92500 TP1 0.92843 TP2 0.93000 SL 0.92320

USDJPY

Daily Technical Analysis for the USD/JPY pair on the 1-hour period tried to rebound to the 133.349 resistance area towards the next resistance level at 133.740 to turn its bias to bullish. As for further bearishness, USD/JPY needs to break through the support area at 132,486 towards the next support level at 132,000.

Suggest : Sell 132.486 TP1 132.000 TP2 131.500 SL 133.000

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move down, touching the 1895.00 support area towards the next support level at 1884.80. Meanwhile, for a further bullish bias, the gold price needs to cross the resistance area at 1923.83 towards the next resistance level at 1936.40.

Suggest : Sell 1900.00 TP1 1895.00 TP2 1884.80 SL 1911.00

CLSK (OIL)

Daily technical analysis for oil prices on the 1-hour period further tested the 66.79 support area towards the next support level at 66.00, which is indicated by the MA50 line which has crossed the MA100 line from above. Meanwhile, to change the bias to bullish, oil prices need to pass the resistance level of 68.70 to the next resistance level at 70.00.

Suggest : Buy 68.70 TP1 69.50 TP2 70.00 SL 67.50

So, that's the explanation of "Technical Daily Analysis: March 16, 2023 – Jobless Claims Down, Greenback Ready to Rebound". 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!