Technical Daily Analysis: March 31, 2023 – US PCE Declines, Dollar Fate?

The release of the US personal consumption expenditures (PCE) data is a change in the prices of goods and services purchased by consumers, excluding food and energy which are released every month, about 30 days after the month ends.

PCE is the main inflation measure of the United States central bank (Federal Reserve). Inflation is important for currency valuations because rising prices make central banks raise interest rates to carry out their inflation containment mandate.

Referring to the data, the US dollar has the potential to weaken because the US PCE reading is expected to grow by 0.4%, down from a 0.6% increase in the previous period.

The following is a technical daily analysis, March 31, 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

EUR/USD on the 1-hour period moved down, trying to touch the 1.08708 support area towards the next support level at 1.08230. As for further bullish bias, EUR/USD needs to break through the resistance area at 1.09250 towards the next resistance level at 1.09760.

Suggest : Sell 1.08708 TP1 1.08500 TP2 1.08230 SL 1.09000

GBPUSD

Daily technical analysis for the GBP/USD pair on a 1-hour period is moving downwards, trying to touch the 1.23605 support area towards the next support level at 1.23020. As for further bullish bias, GBP/USD needs to break through the resistance area at 1.24215 towards the next resistance level at 1.24460.

Suggest : Sell 1.23605 TP1 1.23470 TP2 1.23020 SL 1.24010

AUDUSD

AUD/USD on the 1-hour period tried to move down, testing the support area of 0.66869 until heading towards the next support level at 0.66360. Meanwhile, to turn the bias into a bullish one, AUD/USD needs to break through the resistance area at 0.67176 towards the next resistance level at 0.67500.

Suggest : Sell 0.66869 TP1 0.66360 TP2 0.66120 SL 0.67176

USDCHF

USD/CHF on the 1-hour period tried to rebound to touch the resistance area of 0.91539 towards the next resistance level at 0.91950. Meanwhile, for further bearish bias, USD/CHF needs to cross the support area at 0.91183 towards the next support level at 0.90860.

Suggest : Buy 0.91539 TP1 0.91950 TP2 0.92340 SL 0.91210

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period moved further upwards, trying to touch the resistance area of 133.502 towards the next resistance level at 133.910. Meanwhile, to turn the bias bearish, USD/JPY needs to break through the support area at 132,685 towards the next support level at 132,380.

Suggest : Buy 133.502 TP1 133.800 TP2 133.910 SL 133.140

XUL (LOCO LONDON GOLD)

Daily technical analysis for the 1-hour period gold price is moving upwards trying to touch the 1993.00 resistance area towards the next resistance level at 1999.90. Meanwhile, to change the bias to bearish again, the gold price needs to pass through the support area at 1975.12 to the next support level at 1957.80.

Suggest : Sell 1975.12 TP1 1971.00 TP2 1965.00 SL 1980.00

CLSK (OIL)

Oil prices in the 4-hour period moved upwards trying to test the resistance area of 74.82 towards the next resistance level at 75.10. Meanwhile, to change the bias to bearish, oil prices need to cross the 73.77 support level to the next support level at 73.12.

Suggest : Buy 74.82 TP1 75.10 TP2 75.83 SL 74.30

Well, that's the explanation of "Technical Daily Analysis: March 31, 2023 – US PCE Inflation Decreases, the Fate of the Dollar Could Be Overturned". 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.