Daily Technical Analysis: March 20, 2023 – Banking Crisis Haunts Greenback

The dollar fell on Friday as further declines in Credit Suisse and First Republic Bank shares rattled contagion-fearing markets and raised concerns that a recession could be on the horizon from tighter monetary policy.

An early recovery in European stocks ran out of steam as investor sentiment remained fragile after a week of turmoil following the failure of Silicon Valley Bank on March 10.

U.S. banks have sought a record $153 billion in emergency liquidity from the Federal Reserve in recent days, while a $54 billion loan to Credit Suisse and a $30 billion rescue for First Republic failed to halt their share slides. Credit Suisse fell 8% in Europe and First Republic plunged 30%.

The following is a daily technical analysis, March 20, 2023. The data and analysis in this bulletin can be used on a wide scale for your trading. However, please note that GICTrade and the data provider are not responsible for your trading results.

So, it is your own responsibility. Before knowing today's technical analysis, immediately register yourself to join the GIC Gebyar Hadiah and get the main prize, namely the Mobile Mitshubshi Expander or a Vacation Package to Labuan Bajo for 4 days 3 nights.

Here we will inform you of the forecast of price movements in Forex and Commodity which is equipped with calculations of Pivot point levels, Resistance and Support.

EURUSD

EUR/USD on the 1-hour period moved up further trying to touch the resistance area of ​​1.06893 towards the next resistance level at 1.07200. Meanwhile, to change the bias to bearish, EUR/USD needs to pass the support area at 1.06341 towards the next support level at 1.05960.

Suggest : Buy 1.06300 TP1 1.06750 TP2 1.07200 SL 1.06000

GBPUSD

Daily Technical Analysis for the GBP/USD pair on the 4-hour period is moving up further trying to touch the resistance area of ​​1.22664 towards the next resistance level at 1.22900. Meanwhile, to change the bias to bearish, GBP/USD needs to pass the support area at 1.21423 towards the next support level at 1.20900.

Suggest : Buy 1.21450 TP1 1.21900 TP2 1.22450 SL 1.20900

AUDUSD

AUD/USD on the 1-hour period moved down trying to touch the support area of ​​0.66672 to the next support level at 0.66340. Meanwhile, to become bullish, AUD/USD needs to pass the resistance area at 0.67281 to the next resistance level at 0.67620, which is also confirmed by the CCI which is already in the oversold area.

Suggest : Buy 0.67180 TP1 0.67620 TP2 0.68010 SL 0.66672

USDCHF

USD/CHF on the 1-hour period moved down further trying to touch the support area of ​​0.92388 towards the next support level at 0.91930. Meanwhile, to change the bias to bullish, USD/CHF needs to pass the resistance area at 0.93215 towards the next resistance level at 0.93700.

Suggest : Sell 0.92388 TP1 0.92000 TP2 0.91900 SL 0.92520

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period is moving down trying to touch the support area of ​​130,396 towards the next support level at 129,590. Meanwhile, to change the bias to bullish, USD/JPY needs to pass the resistance area at 132,279 towards the next resistance level at 132,760.

Suggest : Sell 130.570 TP1 130.300 TP2 130.000 SL 131.780

 

XUL (LOCO LONDON GOLD)

The price of gold in the 1-hour period moved up further trying to touch the resistance area of ​​2021.00 towards the next resistance level at 2054.30. Meanwhile, to change the bias to bearish, the price of gold needs to pass the support area at 1990.63 towards the next support level at 1984.90.

Suggest : Sell 2015.00 TP1 2005.00 TP2 2000.00 SL 2021.00

CLSK (OIL)

Daily technical analysis for the pair Oil prices on the 1-hour period fell further testing the support area of ​​64.42 towards the next support level at 63.00. Meanwhile, to change the bias to bullish, oil prices need to pass the resistance level of 66.12 towards the next resistance level at 67.02.

Suggest : Buy 64.65 TP1 65.00 TP2 65.50 SL 64.40

Well, that's the explanation of "Daily Technical Analysis: March 20, 2023 - Banking Crisis Still Looms Over Greenback". Also read our other articles, such as an explanation of how to buy cryptocurrency, only in the GIC Journal. Don't forget to train your trading skills by getting the Ebook Scalping guidebook and following Live Trading at NFP Live Trading. Make sure to download the GIC Mobile Apps on the Google Play Store.

Warning!

This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.

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