Technical Daily Analysis: March 17, 2023 – Pessimist User Sentiment, Dollar?

The release of consumer sentiment data is a composite level of the consumer index surveyed by the University of Michigan of about 500 consumers that asks respondents to rate the relative level of current and future economic conditions released monthly.

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 UoM Consumer Sentiment reading is expected to drop to 66.9 from 67.0 in the previous period.

The following is a technical daily analysis, March 17, 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 1.06782 towards the next resistance level at 1.07200. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.06334 towards the next support level at 1.05930, which is also confirmed by the CCI which is already in the overbought area.

Suggest : Buy 1.06782 TP1 1.07200 TP2 1.07400 SL 1.06334

GBPUSD

Daily Technical Analysis for the GBP/USD pair on the 1-hour period moved further upwards trying to touch the resistance area of 1.22017 towards the next resistance level at 1.22340. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.21113 towards the next support level at 1.20800, which is also confirmed by the CCI which is already in the overbought area.

Suggest : Buy 1.22017 TP1 1.22340 TP2 1.22500 SL 1.21810

AUDUSD

AUD/USD on the 4-hour period moved further upwards, trying to touch the resistance area of 0.67457. Meanwhile, to turn the bias bearish, AUD/USD needs to break through the support area at 0.66943 towards the next support level at 0.66660, which is also confirmed by the CCI which is already in the overbought area.

Suggest : Sell 0.67457 TP1 0.66970 TP2 0.66660 SL 0.67700

USDCHF

USD/CHF on the 1-hour period moved further down, trying to touch the 0.92287 support area towards the next support level at 0.91870 to change its bias to bearish. Meanwhile, to turn the bias into a bullish one, USD/CHF needs to break through the resistance area at 0.93207 towards the next resistance level at 0.93670, which is confirmed by the CCI which is already in the oversold area.

Suggest : Sell 0.92287 TP1 0.91870 TP2 0.91460 SL 0.92560

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period moved downwards, trying to touch the support area of 132.279 towards the next support level at 131.060. Meanwhile, to turn the bias into a bullish one, USD/JPY needs to break through the resistance area at 133,805 towards the next resistance level at 134,630.

Suggest : Buy 131.500 TP1 132.000 TP2 132.520 SL 131.060

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period moved further up, trying to touch the 1937.18 resistance area towards the next resistance level at 1945.30. Meanwhile, to change the bias to bearish, the gold price needs to pass through the support area at 1914.60 to the next rsupport level at 1905.50.

Suggest : Buy 1937.18 TP1 1945.30 TP2 1950.00 SL 1930.00

CLSK (OIL)

Daily Technical Analysis for Oil Prices in the 1-hour period further tested the 67.55 support area towards the next support level at 67.18, 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 69.71 to the next resistance level at 71.40.

Suggest : Sell 67.55 TP1 67.00 TP2 66.18 SL 68.50

So, that's the explanation of "Technical Daily Analysis: March 17, 2023 – Pessimistic Consumer Sentiment, What is the Fate of the Dollar?". 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!