Technical Daily Analysis: March 6, 2023 – Greenback Corrects

The following is a technical daily analysis, March 6, 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 upwards trying to touch the resistance area of 1.06566 to continue the bullish bias towards the next resistance at 1.06890. The uptrend is also supported by the MA50 line which has crossed the MA100 line. However, the increase is limited because the RSI is already in the overbought area. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.06288 towards the next support level at 1.05880.

Suggest : Sell 1.06400-1.06300 TP1 1.05880 TP2 1.05630 SL 1.06566

GBPUSD

Daily technical analysis for the GBP/USD pair on the 1-hour period moved upwards, trying to touch the resistance area of 1.20480 to continue the bullish bias towards the next resistance at 1.21020. The uptrend is also supported by the MA25 line which has crossed the MA100 line. However, the increase is limited because the RSI is already in the overbought area. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.20100 towards the next support level at 1.19900.

Suggest : Sell 1.20300 TP1 1.20100 TP2 1.19900 SL 1.20480

AUDUSD

AUD/USD on the 1-hour period moved down, trying to touch the 0.67240 support area to change the bias to bearish until the next support at 0.66710. The downward trend is confirmed because the RSI which is already in the overbought area is heading towards the 30 RSI level. Meanwhile, to turn the bias into a bullish one, the AUDUSD needs to break through the resistance area at 0.67560 towards the next resistance level at 0.67990.

Suggest : Buy 0.66970 TP1 0.67240 TP2 0.67480 SL 0.66710

USDCHF

USD/CHF in the 1-hour period tried to rebound past the resistance level of 0.93650 to turn its bias bullish towards the next resistance level at 0.93920. The bullish bias is confirmed with the RSI already in the oversold area. As for further bearishness, USD/CHF needs to cross the support area at 0.93115 towards the next support level at 0.92970.

Suggest : Buy 0.93650 TP1 0.939200 TP2 0.94260 SL 0.93280

USDJPY

Daily Technical Analysis for the USD/JPY pair on the 1-hour period tried to rebound past the resistance level of 136,420 to turn its bias bullish towards the next resistance level at 136,800. The bullish bias is confirmed with the RSI already in the oversold area. As for further bearishness, USD/JPY needs to break through the support area at 135.720 towards the next support level at 135.250

Suggest : Sell 136.200 TP1 135.780 TP2 135.250 SL 136.420

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period moved down, trying to touch the 1844.34 support area to change the bias to bearish until the next support at 1834.80. The downward trend is confirmed because the RSI is already in the overbought area. Meanwhile, to continue the bulls, gold needs to pass through the resistance area at 1858.27 to the next resistance level at 1866.30.

Suggest : Sell 1845.00 TP1 1838.00 TP2 1834.80 SL 1855.00

CLSK (OIL)

Daily Technical Analysis for oil prices in the 1-hour period moves a correction testing the 77.80 support area towards the next support level at 77.13. Meanwhile, for further bullish bias, oil prices need to cross the 79.50 resistance level towards the next resistance at 81.15.

Suggest : Sell 77.80 TP1 77.13 TP2 76.50 SL 78.50

So, that's the explanation of "Technical Daily Analysis: March 6, 2023 – Greenbcak Experiences a Correction". 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.