Daily Technical Analysis: March 24, 2023 – Dollar Could Be Pressured During PMI

The release of PMI data is a diffusion rate based on purchasing managers surveyed in the manufacturing and services industries. Numbers above 50 indicate expansion, while below 50 indicate contraction. This data is a key indicator of economic health that reacts quickly to current market conditions and is relevant to the company's economic outlook.

The United States (US) Services PMI is expected to fall from a reading of 50.6 to 50.3, while the US Manufacturing PMI is expected to fall to 47.0 from the previous period for a reading of 47.3. Referring to the data, the US Dollar has the potential to weaken because the data is expected to decrease.

The following is a technical daily analysis, March 24, 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 of correction is trying to touch the 1.07881 support area towards the next support level at 1.07550. As for further bullish bias, EUR/USD needs to break through the resistance area at 1.08543 towards the next resistance level at 1.08960.

Suggest : Sell 1.07881 TP1 1.07550 TP2 1.07000 SL 1.08300

GBPUSD

Daily technical analysis for the GBP/USD pair on the 1-hour period of the correction is trying to touch the 1.22587 support area towards the next support level at 1.22350. As for further bullish bias, GBP/USD needs to break through the resistance area at 1.22954 towards the next resistance level at 1.23190.

Suggest : Sell 1.22587 TP1 1.22350 TP2 1.22000 SL 1.22890

AUDUSD

Daily technical analysis of the AUD/USD pair on the 1-hour period tried to rise further, touching the resistance area of 0.67020 to the next resistance level at 0.67270. Meanwhile, to turn the bias bearish, AUD/USD needs to break through the support area at 0.66675 towards the next support level at 0.66420.

Suggest : Buy 0.67020 TP1 0.67270 TP2 0.67840 SL 0.66700

USDCHF

USD/CHF on the 1-hour period tried to rebound to touch the resistance area of 0.92088 towards the next resistance level at 0.92580. As for further bearish bias, USD/CHF needs to break through the support area at 0.91530 towards the next support level at 0.90980.

Suggest : Buy 0.91980 TP1 0.92180 TP2 0.92580 SL 0.91580

USDJPY

USD/JPY on the 1-hour period moved down, trying to touch the 130,044 support area towards the next support level at 129,740. Meanwhile, to turn the bias into a bullish one, USD/JPY needs to break through the resistance area at 130,934 towards the next resistance level at 131,850.

Suggest : Sell 130.044 TP1 129.740 TP2 129.500 SL 130.510

XUL (LOCO LONDON GOLD)

Daily technical analysis for the pair Gold price on the 1-hour period moved further upwards trying to touch the 2003.19 resistance area towards the next resistance level at 2022.00. Meanwhile, to change the bias to bearish, the gold price needs to pass through the support area at 1965.73 to the next support level at 1944.40.

Suggest : Sell 1983.00 TP1 1975.00 TP2 1965.00 SL 2000.00

CLSK (OIL)

Oil prices in the 1-hour period moved upwards trying to test the 71.28 resistance area towards the next resistance level at 72.50. Meanwhile, to change the bias to bearish again, oil prices need to pass the 69.04 support level to the next support level at 68.36.

Suggest : Buy 71.28 TP1 72.00 TP2 72.50 SL 70.86

Well, that's the explanation of "Technical Daily Analysis: March 24, 2023 – US Services & Manufacturing PMI Expected to Fall, Dollar Could Be Pressured". 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!