Technical Daily Analysis: March 8, 2023 – US Dollar Strengthens

The following is a technical daily analysis, March 8, 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 in the 1-hour period tried to rebound to touch the 1.05700 resistance area which can be seen from the RSI which is already in the oversold area. However, in the medium term, the euro is still in a downtrend, as the MA50 line has crossed the MA100 line from above. For further bearishness, EUR/USD needs to break through the support area at 1.05000 towards the next support level at 1.04690.

Suggest : Sell 1.05700 TP1 1.05400 TP2 1.05000 SL 1.06170

GBPUSD

GBP/USD on the 1-hour period tried to rebound to touch the resistance area of 1.19290 which can be seen from the RSI which is already in the oversold area. However, in the medium term, the pound sterling is still in a downtrend, because the MA50 line has crossed the MA100 line from above. For further bearishness, GBP/USD needs to break through the support area at 1.18000 towards the next support level at 1.16890.

Suggest : Sell 1.19000 TP1 1.18500 TP2 1.18000 SL 1.19330

AUDUSD

AUD/USD in the 1-hour period tried to rebound to touch the resistance area of 0.66130 which can be seen from the RSI which is already in the oversold area. However, in the medium term, the aussie is still in a downtrend, because the MA50 line has crossed the MA100 line from above. For further bearishness, AUD/USD needs to break through the support area at 0.64920 towards the next support level at 0.64050.

Suggest : Sell 0.66000 – 0.66130 TP1 0.65500 TP2 0.64920 SL 0.66600

USDCHF

USD/CHF in the 1-hour period is trying to move down or correct to touch the 0.93950 support area which can be seen from the RSI which is already in the overbought area. However, in the medium term, the Swiss franc is still in an uptrend, because the MA25 line has crossed the MA100 line from below. For further bulls, USD/CHF needs to break through the resistance area at 0.94400 towards the next resistance level at 0.94980.

Suggest : Buy 0.93950 TP1 0.94400 TP2 0.94980 SL 0.93590

USDJPY

USD/JPY in the 1-hour period tried to move down or correct to touch the 137,100 support area which can be seen from the RSI which is already in the overbought area. However, in the medium term, the Japanese yen is still in an uptrend, because the MA50 line has crossed the MA100 line from below. For further bulls, USD/JPY needs to break through the resistance area at 138,090 towards the next resistance level at 139,000.

Suggest : Buy 137.100 – 137.400 TP1 138.090 TP2 139.000 SL 136.440

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to rebound to touch the resistance area of 1829.80 which can be seen from the RSI which is already in the oversold area. However, in the medium term, gold is still in a downtrend, because the MA50 line has crossed the MA100 line from above. For further bearishness, gold prices need to break through the support area at 1806.50 towards the next support level at 1792.10.

Suggest : Sell 1827.00 – 1830.00 TP1 1820.00 TP2 1810.50 SL 1840.00

CLSK (OIL)

Oil prices in the 1-hour period tried to rebound to test the resistance area of 78.50 towards the next resistance level at 79.77. Meanwhile, for a further bearish bias, oil prices need to cross the 77.00 support level towards the next support at 75.91.

Suggest : Buy 78.50 TP1 79.00 TP2 79.77 SL 77.50

So, that's the explanation of "Technical Daily Analysis: March 8, 2023 – US Dollar Strengthens Further". 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.