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Wednesday 15th March 2023: Technical Outlook and Review

DXY:

Price is currently lingering near our 1st support level at 103.44, which lines up with the 50% Fibonacci retracement. If the price were to reverse from this level, it could potentially push up to our 1st resistance at 104.10, which lines up with the 23.6% Fibonacci retracement. If the price were to break above our 1st resistance level, it could potentially push up to our 2nd resistance level at 105.60.

Regarding support levels, if the price were to break below our 1st support level, it could drop down to our 2nd support level at 102.80. It’s worth noting that there is a bullish divergence vs the RSI, which suggests a potential reversal from this level to push prices up to our 1st resistance level.

EUR/USD:

Price is currently approaching our 1st resistance level at 1.0776, which lines up with the 50% Fibonacci retracement. If the price were to break above this level, it could potentially push up to our 2nd resistance level at 1.0926. 

However, it’s worth noting that there is a bearish divergence vs the RSI, which suggests a potential reversal. If the price were to reverse from our 1st resistance level, it could drop down to our 1st support level at 1.0693. If the price were to break below our 1st support level, it could potentially drop further down to our 2nd support level at 1.0525.

GBP/USD:

Price has respected our 1st support level at 1.2136, which is an overlap support level. If the price were to reverse from this level, we could potentially see it push up to our 2nd resistance level at 1.2360.

Regarding support levels, if the price were to break below our 1st support level, it could potentially drop down to our 2nd support level at 1.2045, which is another overlap support level.

USD/CHF:

Price has tested our 1st resistance level at 0.9161, which lines up with the 23.6% Fibonacci retracement. If the price were to reverse from this level, we could potentially see it drop down to our 1st support level at 0.9063, and if the price were to break below that, it could potentially drop further down to our 2nd support level at 0.8924.

Regarding resistance levels, if the price were to break above our 1st resistance level, it could potentially push up to our 2nd resistance level at 0.9284, which lines up with the 61.8% Fibonacci retracement and is also an overlap resistance level.

USD/JPY:

The price has strongly reversed from our 1st support level at 132.67 and is currently testing our intermediate resistance level at 134.41, which lines up with the 38.2% Fibonacci retracement. If the price were to break through this level, it could potentially push up to our 1st resistance level, which lines up with the 50% Fibonacci retracement, and our 2nd resistance level is at 137.02.

Regarding support levels, there’s a 1st support level at 132.67, which is an overlap support level, and the 2nd support level is at 130.58, with a 78.6% Fibonacci retracement and overlap support level

AUD/USD:

Price is currently in our 1st support area at 0.6694, which lines up with the 61.8% Fibonacci retracement. It’s worth noting that if the price were to break from the descending trendline, it could push up to our 1st resistance at 0.6779. 

However, if the price were to reverse from our 1st support, which is an overlap support, it could drop to the 2nd support level at 0.6565.

NZD/USD:

Price has nicely rejected from our 1st resistance at 0.6304, which is an overlapping resistance that lines up with the 38.2% Fibonacci retracement. If the price were to break this level, it could push up to our 2nd resistance at 0.6388, which is an overlapping resistance.

As for support levels, our 1st support is at 0.6205, which is an overlap support, and our 2nd support is at 0.6133, which is another overlap support.

USD/CAD:

Price is approaching our 1st support area at 1.3663, which lines up with the 38.2% Fibonacci retracement. If the price were to reverse from this level, we could see it push up to our 1st resistance at 1.3706, which is an overlap resistance. Our 2nd resistance is at 1.3851.

On the other hand, if the price were to break from our 1st support, it could drop to our 2nd support at 1.3566, which lines up with the 50% Fibonacci retracement and overlap support.

DJ30:

Price has reversed from our 1st support at 31765. It could potentially push up to our 1st resistance at 32572, which is an overlap resistance along with the 50% Fibonacci retracement. If the price were to pass through, it could push up further to our 2nd resistance at 3303.

Regarding support levels, our 2nd support is at 31492, which is a swing low support.

GER30:

Price is currently at our 1st resistance level at 15241, which is an overlapping resistance along with the 50% Fibonacci retracement. If the price were to break through, it could potentially push up to our 2nd resistance at 15489, along with the 78.6% Fibonacci retracement.

Regarding support levels, our 1st support is at 14899, which lines up with the 38.2% Fibonacci retracement. If the price were to break below this level, it could drop further down to our 2nd support at 14671, which is an overlap support along with the 50% Fibonacci retracement.

BTC/USD:

Price is currently testing our 1st resistance at 25198. If the price were to reverse from this level, it could drop to our 1st support at 23867, which is an overlap support along with the 38.2% Fibonacci retracement. Our 2nd support level is 22752, which is also an overlap support along with the 50% Fibonacci retracement.

On the other hand, if the price were to break the 1st resistance, it could potentially push up to the 2nd resistance at 26476.

US500

Price has recently been rejected from our 1st resistance level at 3925, which is an overlap resistance along with the 50% Fibonacci retracement. If the price were to break above this level, it could push up to our 2nd resistance at 3970, which is another overlap resistance along with the 61.8% Fibonacci retracement.

Regarding the support levels, if the price were to reverse from the 1st resistance level, our 1st support is at 3869, and the 2nd support is at 3794, which is another swing low support.

ETH/USD:

Price has recently reversed from our 1st support at 1679, which is an overlap support level along with the 23.6% Fibonacci retracement. If the price were to break below this level, it could potentially drop further down to our 2nd support at 1579, which is an overlap support level along with the 50% Fibonacci retracement.

WTI/USD:

Price is currently at our 1st resistance level at 72.53, which is an overlap resistance level. If the price were to break above this level, it could potentially push up to our 2nd resistance level at 73.71.

Regarding support levels, our 1st support is at 70.26, and the 2nd support level is at 69.00.

XAU/USD (GOLD):

Price is currently lingering between our 1st support and resistance levels. If the price were to reverse from our 1st resistance at 1923, which is an overlapping resistance level, it could drop to our 1st support at 1890, which is an overlap support level along with the 23.6% Fibonacci retracement. If the selling momentum is strong, the price could drop further down to our 2nd support at 1861, which is another overlap support level along with the 50% Fibonacci retracement.

However, if the price were to break above our 1st resistance level, it could potentially push up to our 2nd resistance at 1959, which is a swing-high resistance level.

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