Technical Daily Analysis: 29 March 2023 – Risk Assets Again Hunted by Investors

The following is a technical daily analysis, March 29, 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

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 further upwards, trying to touch the resistance area of 1.08543 towards the next resistance level at 1.09030. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.08058 towards the next support level at 1.07670. The decline in the euro can be seen from the RSI which is already in the overbought area or is at the 70 RSI level.

Suggest : Sell 1.08300 TP1 1.08058 TP2 1.07670 SL 1.08543

GBPUSD

GBP/USD on the 1-hour period moved further up, trying to touch the resistance area of 1.23474 towards the next resistance level at 1.23840. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.23013 towards the next support level at 1.22440. The decline in sterling can be seen from the RSI which is already in the overbought area.

Suggest : Sell 1.23500 TP1 1.23140 TP2 1.22800 SL 1.23840

AUDUSD

Daily technical analysis for the AUD/USD pair on the 1-hour period tried to rise further, touching the resistance area of 0.67127 to the next resistance level at 0.67440. Meanwhile, to turn the bias bearish, AUD/USD needs to break through the support area at 0.66803 towards the next support level at 0.66450. The decline in the aussie can be seen from the RSI which is already in the overbought area.

Suggest : Sell 0.66770 TP1 0.66450 TP2 0.66100 SL 0.67110

USDCHF

USD/CHF on the 1-hour period tried to rebound to touch the resistance area of 0.92221 towards the next resistance level at 0.92630. Meanwhile, to turn the bias bearish, USD/CHF needs to break through the support area at 0.91799 towards the next support level at 0.91320.

Suggest : Buy 0.92221 TP1 0.92630 TP2 0.93040 SL 0.91800

USDJPY

USD/JPY on the 1-hour period tried to rebound to touch the resistance area of 131,837 towards the next resistance level at 132,250. Meanwhile, to turn the bias bearish, USD/JPY needs to break through the support area at 131,288 towards the next support level at 130,650.

Suggest : Buy 131.837 TP1 132.250 TP2 132.950 SL 131.500

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period moved down, trying to touch the 1963.87 support area towards the next support level at 1950.70. Meanwhile, for further bullish bias, the gold price needs to cross the resistance area at 1974.96 towards the next resistance level at 1989.00.

Suggest : Sell 1963.87 TP1 1955.00 TP2 1950.70 SL 1970.00

CLSK (OIL)

Daily Technical Analysis for Oil prices in the 1-hour period moved upwards trying to test the resistance area of 73.94 towards the next resistance level at 74.31. Meanwhile, to change the bias to bearish again, oil prices need to cross the 72.71 support level to the next support level at 71.71.

Suggest : Buy 73.94 TP1 74.31 TP2 75.00 SL 73.00

So, that's the explanation of "Technical Daily Analysis: March 29, 2023 – Risk Assets Again Hunted by Investors, Safe Haven Gold???". 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.