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Friday 10th March 2023: Technical Outlook and Review

DXY:

Price has reversed from 1st resistance area of 105.82, which is an overlap resistance. it could potentially drop to our 1st support at 103.80, which has the 38.2% Fibonacci retracement.  The next support level is at 102.79, which is an overlap support that lines up with the 61.8% Fibonacci retracement. Do take of our intermediate support at 105.02

In terms of resistance, if the price were to break the 1st resistance, it could push up to 107.730, which is an overlap resistance. Worth noting that there’s a bearish divergence being formed against the RSI too which suggests a potential bearish reversal.

EUR/USD:

EURUSD has bouched nicely from our intermediate support at 1.0535 and is seeing bullish divergence vs RSI. Price could potentially rise to our 1st resistance at 1.0697 which is slightly below our 38.2% Fibonacci retracement.

The first major support is at 1.0485 which is a strong overlap support. If price were to break this level, we could see it drop further to 1.0354 which is our 2nd support. 

GBP/USD:

Price is currently at our 1st resistance at 1.1917, which is an overlap resistance if the price were to break from this level, it could push up to ur 2nd resistance at 1.2144

Regarding support levels, our 1st support is at 1.1764, which is overlap support, and the 2nd support level is at 1.1632.

USD/CHF:

Price is approaching our 1st support level at 0.9283 with lines up the 50% Fibonacci retracement. If the price were to break from this level, our 2nd support level is 0.9154 which is an overlap support 

Regarding resistance levels, if price were to reverse from the 1st support, we could see it push up to the 1st resistance at 0.9436. The 2nd resistance level is at 0.9545

USD/JPY:

Price is seeing support from an ascending support line. We could see it continue to be squeezed against the 1st resistance of 138.04 which is a key overlap resistance. If price were to break that level, we could see a further push up to 2nd resistance at 139.64. 

AUD/USD:

Price has reversed from our 1st resistance at 0.6640 which is a strong Overlap Resistance and it currently approaching our 1st support  at 0.6535, which is an overlap support  If the price were to break from this level, the next key support level would be at 0.6379, which is another overlap support

Regarding resistance levels, the 1st resistance is at 0.6640 which is a strong Overlap Resistance, and the 2nd resistance is at 0.6696 which is a short-term pullback resistance level.

NZD/USD:

We are currently seeing a strong bearish momentum in the price. Price could come down to the 1st support level at 0.6017, and if the price were to break from that level, it could drop down to the 2nd support level at 0.5863, which is another overlap support.

Regarding resistance levels, the 1st resistance is at 0.6195, which is an overlap resistance, and the 2nd resistance is at 0.6276 which is an overlap resistance. It’s worth noting that our intermediate resistance is 0.6138

USD/CAD:

Price is approaching major resistance at 1.3830 and is seeing strong bullish momentum from our ascending support line and Ichimoku cloud support. The 1st support we’re looking at is at 1.3699 which is a pullback support.

DJ30:

Price is currently dropping towards the 1st support level at 31758. If price were to break this level, the next support level is at 30811,

Regarding resistance levels, if price were to reverse, our 1st resistance level is 32537 and, the next resistance level is at 33476, which is a strong overlap resistance.

GER30:

Price has reversed from major swing high resistance at 15654 which is a swing high resistance and it currently dropping toward our 1st support at 15234 which is overlap support if price were to break, it could drop to our 2nd support at 14969

BTC/USD:

Price is dropping toward our 1st support at 19008 and 2nd support is 18349 if the price were to reverse, price could push up to our 1st resistance at 220288 and 2nd resistance is 21418 which is an overlap resistance  

US500

Price is approaching our 1st support which is overlap support if price were to break from this support, it could drop further to 2nd support at 3780

Regarding resistance level, If the price were to reverse from the 1st support level, our 1st resistance is 3942 and 2nd resistance is 4055 which is an overlap resistance

ETH/USD:

Price is dropping to our 1st support level at 1348, if price were to reverse from here, it could push up to our 1st resistance level at 1463 which is an overlap resistance and 2nd resistance is 1539

WTI/USD:

Price is currently at our 1st support level at 75.31 which lines up with the 78.6% Fibonacci retracement.

and our 2nd support is at 73.26

In terms of resistance, we can see an overlap resistance at 77.48 – if price were to break that resistance, the next closest resistance is all the way up at 80.81 which is a major swing high resistance.

XAU/USD (GOLD):

Price is currently at our 1st resistance area at 1832 which lines up with the 61.80% Fibonacci retracement if price were to reverse from here it could drop to our 1st support at 1808 and 2nd support is 1785 which major overlap support. 

Our 2nd resistance is 1864 which lines up with the 38.20% Fibonacci retracement and overlap resistance 

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