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Tuesday 21st March 2023: Technical Outlook and Review

DXY:

The DXY chart is currently showing a neutral momentum, which suggests that the price could potentially fluctuate between the 1st resistance and 1st support level.

The 1st support level is at 102.92, which is a strong overlap support and has a 61.80% Fibonacci retracement lining up with it. Additionally, there is an intermediate support level at 101.53, which is also an overlap support.

On the other hand, the 1st resistance level at 103.74 is another strong overlap support, and the 2nd resistance level at 105.09 is an overlap resistance. These levels could potentially limit any bullish movements.

EUR/USD:

The EUR/USD chart exhibits bullish momentum, with potential for a continuation towards the 1st resistance level.

The 1st support level at 1.0694 is a strong overlap support, while the 2nd support level at 1.0523 is a multi-swing low support.

On the other hand, the 1st resistance level at 1.0768 is an overlap resistance, and also coincides with the 50% Fibonacci retracement level. If price manages to break this level, it could head towards the 2nd resistance level at 1.0925, which is a pullback resistance and has a 61.80% Fibonacci retracement level lining up with it.

GBP/USD:

The GBP/USD chart is showing bearish momentum, suggesting a potential bearish reaction off the 1st resistance level towards the 1st support level.

The 1st support level is at 1.2194, which is a pullback support level and has a 23.60% Fibonacci retracement lining up with it. If price were to break below this level, the next support level it could reach is the 2nd support at 1.2045, which is also a pullback support level and has a 50% Fibonacci retracement lining up with it.

On the other hand, the 1st resistance level at 1.2287 is an overlap resistance level that could potentially limit any bullish movements. Beyond that, the 2nd resistance level at 1.2440 is a significant swing high resistance level.

USD/CHF:

The USDCHF chart currently exhibits a neutral momentum, with potential for price to fluctuate between the 1st resistance and 1st support level. The 1st support level at 0.9240 is a strong overlap support and has a 38.20% Fibonacci retracement lining up with it, making it a potential area for price to bounce off from. If price were to break below this level, it could drop towards the 2nd support at 0.9160, which is another overlap support level and has a 61.80% Fibonacci retracement lining up with it.

On the other hand, the 1st resistance level at 0.9331 is a significant overlap resistance, which could potentially limit any bullish movements. If price were to break above this level, it could head towards the 2nd resistance level at 0.9430, which is a swing high resistance level.

USD/JPY:

The USD/JPY chart currently shows bullish momentum and has the potential to bounce off the 1st support level and head towards the 1st resistance level. The 1st support level is at 130.8200, which is a strong overlap support level and has a 78.60% Fibonacci retracement lining up with it. The next support level is at 128.1000, which is a multi-swing low support level.

On the other hand, the 1st resistance level at 132.8100 is a significant overlap resistance level. If price manages to break through this resistance level, it could move towards the 2nd resistance level at 134.5500, which is another important overlap resistance level.

Additionally, the RSI indicator is showing bullish divergence versus price, suggesting that a potential bounce could occur soon.

AUD/USD:

The AUD/USD chart is currently exhibiting bullish momentum, as price has broken above a descending resistance line and crossed above the Ichimoku cloud. In terms of potential price movement, there could be a continuation of this bullish trend towards the first resistance level.

The first support level is at 0.6640, which is a strong overlap support level. The second support level at 0.6569 is a multi-swing low support level, which price has bounced off multiple times in the past.

On the other hand, the first resistance level at 0.6782 is a multi-swing high resistance level, which also aligns with the 38.20% Fibonacci retracement level. If price were to break above this level, it could head towards the second resistance level at 0.6876, which is another significant overlap resistance level.

NZD/USD:

Due to the bearish momentum of the NZD/USD chart, the price could potentially have a bearish reaction off the 1st resistance level at 0.6266 and drop towards the 1st support level at 0.6203. This support level is an overlap support and coincides with the 38.20% Fibonacci retracement, which could provide significant support to the price.

If the price were to break below the 1st support level, the next support level it could reach is the 2nd support level at 0.6133, which is also an overlap support level.

On the other hand, if the price manages to break through the 1st resistance level, it could potentially move towards the 2nd resistance level at 0.6388, which is a pullback resistance level.

It’s worth noting that the overall momentum of the chart is bearish, so a bearish bias remains despite the potential for short-term price fluctuations.

USD/CAD:

The USD/CAD chart has a bullish momentum, and the price could potentially bounce off the first support and head towards the first resistance level. The first support level is at 1.3646, which is a pullback support and has a 38.20% Fibonacci retracement lining up with it. If the price were to bounce off this level, it could rise towards the first resistance at 1.3706, which is an overlap resistance level.

If the price were to break above the first resistance level, it could head towards the second resistance at 1.3815, which is a pullback resistance level. On the other hand, if the price were to break below the first support level, it could drop to the second support level at 1.3569, which is another pullback support level and has a 50% Fibonacci retracement lining up with it.

DJ30:

Instrument: DJ30

Overall momentum of the chart: Bearish

Based on the current chart analysis, there is potential for a bearish reaction off the first resistance level, leading to a drop towards the first support level.

The first support level is located at 31761, and it is identified as an overlap support. The second support level at 31425 is considered a swing low support.

On the other hand, the first resistance level is at 32318, and it is identified as a multi-swing high resistance with a 38.20% Fibonacci retracement level. The second resistance level at 32529 is an overlap resistance, with a 50% Fibonacci retracement level.

GER30:

The GER30 chart displays a bullish overall momentum, and price could potentially continue on a bullish trend towards the 1st resistance level. The 1st support level is located at 14700, which is a swing low support. Additionally, the 2nd support level at 14462 is also a swing low support. On the upside, the 1st resistance level at 15245 is an overlap resistance and coincides with the 61.80% Fibonacci retracement level. The 2nd resistance level at 15476 is also an overlap resistance and is located at the 78.60% Fibonacci retracement level.

BTC/USD:

The BTC/USD chart currently shows a bearish momentum, and the price is likely to continue on a bearish trend towards the 1st support level. The 1st support level is located at 26524, which is a pullback support and coincides with the 23.60% Fibonacci retracement level. Additionally, the 2nd support level at 25204 is an overlap support and coincides with the 38.20% Fibonacci retracement level. On the upside, the 1st resistance level at 28342 is a multi-swing high resistance, and the 2nd resistance level at 31662 is a swing high resistance.

It is worth noting that the RSI is displaying bearish divergence versus price, which suggests that a reversal may occur soon.

US500

The US500 chart currently shows a bullish momentum, and the price could potentially continue its bullish trend towards the 1st resistance level. The 1st support level is at 3899.37, which is an overlap support level. The 2nd support level at 3847.87 is a multi-swing low support level and coincides with the 78.60% Fibonacci retracement level.

On the upside, the 1st resistance level at 3971.17 is a pullback resistance and coincides with the 61.80% Fibonacci retracement level. The 2nd resistance level at 4021.21 is an overlap resistance level and coincides with the 78.60% Fibonacci retracement level.

These levels indicate that the price may potentially rise further towards the resistance levels, with the 1st resistance level acting as a significant barrier for the price to overcome.

ETH/USD:

The ETH/USD chart is currently displaying a bearish overall momentum, and price could potentially experience a bearish reaction off the 1st resistance level and drop towards the 1st support level. The 1st support level is located at 1719.84, and it is an overlap support that coincides with the 23.60% Fibonacci retracement level. The 2nd support level at 1581.30 is also an overlap support and coincides with the 50% Fibonacci retracement level.

On the upside, the 1st resistance level at 1844.53 is a multi-swing high resistance. The 2nd resistance level at 1950.00 is a swing high resistance.

It is worth noting that the ETH/USD chart has been showing a bearish momentum, which could lead to a further drop in price.

WTI/USD:

Based on the chart’s bearish momentum, it is likely that the price of WTI will experience a bearish reaction off the 1st resistance level and drop towards the 1st support. The 1st support level is located at 64.93 and is a swing low support, which suggests that it is a strong level of support. The 2nd support level at 61.82 is also a multi-swing low support.

On the upside, the 1st resistance level at 68.21 is an overlap resistance and coincides with the 23.60% Fibonacci retracement level. The 2nd resistance level at 70.38 is a pullback resistance and is located at the 38.20% Fibonacci retracement level.

Overall, it seems likely that the price of WTI will experience some bearish pressure, but it remains to be seen whether it will break through the 1st support level or continue on a bullish trend.

XAU/USD (GOLD):

The XAU/USD chart shows a bearish overall momentum, but price could potentially rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support. The 1st support level is at 1957.28, which is a pullback support level with a 23.60% Fibonacci retracement. The 2nd support level at 1911.87 is also an overlap support with a 50% Fibonacci retracement. On the upside, the 1st resistance level at 2007.73 is a swing high resistance, while the 2nd resistance level at 2049.00 is also a swing high resistance.

It’s worth noting that RSI is displaying bearish divergence versus price, suggesting that a reversal might occur soon.

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