Technical Daily Analysis: March 15, 2023 – PPI Expected to Fall, Dollar?

The release of Producer Price Index (PPI) data is a change in the price of finished goods and services sold by producers. This is a key indicator of consumer inflation When producers charge more for goods and services, higher costs are usually passed on to consumers.

The following is a technical daily analysis, March 15, 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 of the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot Point levels, Resistance and Support.

EURUSD

Daily Technical Analysis for the EUR/USD pair on the 4-hour period moved further upwards, trying to touch the resistance area of 1.07890 towards the next resistance level at 1.08380. The increase is also indicated from the MA25 line which has crossed the MA100 line from below. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.07093 towards the next support level at 1.06520, which is also confirmed by the CCI which is already in the overbought area.

Suggest : Sell 1.07680 TP1 1.07230 TP2 1.06970 SL 1.07940

GBPUSD

GBP/USD on the 4-hour period moved further up, trying to touch the resistance area of 1.22036 towards the next resistance level at 1.22700. The increase is also indicated from the MA25 line which has crossed the MA100 line from below. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.21411 towards the next support level at 1.21020, which is also confirmed by the CCI which is already in the overbought area.

Suggest : Sell 1.22370 TP1 1.22030 TP2 1.21690 SL 1.22700

AUDUSD

AUD/USD on the 4-hour period moved further upwards, trying to touch the resistance area of 0.67164 towards the next resistance level at 0.67690. Meanwhile, to turn the bias bearish, AUD/USD needs to break through the support area at 0.66526 towards the next support level at 0.66040, which is also confirmed by the CCI which is already in the overbought area.

Suggest : Sell 0.67320 TP1 0.67050 TP2 0.66680 SL 0.67690

USDCHF

Daily technical analysis for the USD/CHF pair on the 4-hour period is trying to rebound to the resistance area of 0.91630 towards the next resistance level at 0.91970 to turn its bias to bullish. As for further bearishness, USD/CHF needs to cross the support area at 0.90949 towards the next support level at 0.90590, which is confirmed from the MA50 line which has crossed the MA100 line from above.

Suggest : Buy 0.91280 TP1 0.91630 TP2 0.91970 SL 0.90949

USDJPY

USD/JPY in the 4-hour period tried to rebound to touch the resistance area of 134,907 towards the next resistance level at 135,710 to change its bias to bullish. As for further bearishness, USD/JPY needs to cross the support area at 133,989 towards the next support level at 132,790.

Suggest : Buy 134.660 TP1 134.907 TP2 135.710 SL 133.989

XUL (LOCO LONDON GOLD)

Daily Technical Analysis for Gold prices in the 4-hour period moved further upwards trying to touch the 1914.00 resistance area towards the next resistance level at 1925.20. The increase is also indicated from the MA50 line which has crossed the MA100 line from below. Meanwhile, to change the bias to bearish, the gold price needs to pass through the support area at 1890.63 to the next support level at 1880.30, which is also confirmed by the CCI which is already in the overbought area and moving down.

Suggest : Sell 1906.00 – 1899.00 TP1 1890.63 TP2 1887.80 SL 1914.00

CLSK (OIL)

Oil prices in the 4-hour period fell further testing the 71.46 support area towards the next support level at 69.87, which is indicated by the MA50 line which has crossed the MA100 line from above. Meanwhile, to turn the bias into bullish, oil prices need to cross the resistance level of 73.24 to the next resistance level at 73.97, which is confirmed by the CCI which is already in the oversold area.

Suggest : Buy 73.24 TP1 73.97 TP2 74.50 SL 72.37

So, that's the explanation of "Technical Daily Analysis: March 15, 2023 – PPI Expected to Fall, Here's the Fate of the US Dollar". 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. 

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