Wed, Mar 29, 2023 @ 08:04 GMT
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Daily Technical Analysis


The pair still cannot break through the range 1.0170 – 1.0270 and the market is likely to remain in “standby” mode, as investors are cautious and expect the announcement of the Fed interest rate decision on Wednesday at 21:00 GMT. The level at 1.0270 seems to be a strong resistance for the bulls and the expectations are for the bears to try to take control over the market and attack the critical support at 1.0170, where a successful breach may be considered as a signal for a resumption of the downtrend. In this scenario, the sell-offs may deepen and the pair would most probably head towards the support at 1.0115. However, if the bulls prevail and manage to overcome the critical resistance at 1.0270, their next target would be the resistance at 1.0365.


The pair bounced back from the resistance at 136.70 as the bulls could not gain enough momentum to violate this zone and to lead the pair towards the next resistance at 137.46. The forecasts for today’s trading session are for USD/JPY to continue its downward movement towards the support at 135.90 where a confirmed breach could easily deepen the decline and lead to a sell-off towards the support zone at 134.93.


At the time of writing this analysis, the bulls are trying to break through the resistance at 1.2060 and a confirmed breach of this level would most probably lead the pair towards the next key resistance at 1.2120. In case the bears manage to keep the pair below the mentioned resistance, we may expect a downward movement and a test of the psychological level at 1.2000, where a successful breach would easily lead the pair towards the support at 1.1950.


Neither the bears nor the bulls managed to gain enough momentum and lead the German index out of the zone between 13100 and 13350. The price is holding positions around the current level at 13166 and only a successful breach of one of the borders could signal the future direction of the index. A violation from the buyers could continue the recovery and could easily send the EUGERMANY40 towards a test of the zone at 13615. If the bears take control and breach the support at 13095, they could lead the price towards the next target at 12939, a violation of which could strengthen the negative expectations of the market participants.


The U.S. blue-chip index is trading in the range with 31643 as support and 32045 as resistance. The bulls are experiencing serious difficulties around this area and the expectations are for the sellers to lead the price towards a test of the lower border of the range. A successful breach of this level would most probably result in sell-offs towards the level at 31076. On the other hand, if the bulls manage to overcome the resistance at 32045, their next target would be the area at around 32300.

DeltaStock Inc.
DeltaStock Inc.
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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