Mon, Mar 27, 2023 @ 17:28 GMT
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Daily Technical Analysis


The bulls prevailed and managed to violate the resistance at 1.0210. During the early hours of today’s session, the pair is still trading the aforementioned level and the expectations are for a test of the important level at 1.0269. A successful breach here could lead to a continuation of the recovery and a move towards the levels at around 1.0400. If the bullish momentum fades, then the first target for the bears can be found at the zone of 1.0210, which is now acting as support. A breach of the lower zone at 1.0125 will mark the current move as a corrective one and could deepen the decline towards the support at 1.0049. Today at 12:30 GMT, traders will focus their attention on the data on the non-farm payrolls and the unemployment rate.


The attack on the support at 132.52 was not successful and the currency pair consolidated above the mentioned level. If the buyers prevail, then they could easily head the price for a test of the resistance zone at 134.59. A confirmed breach will most likely continue the recovery for the dollar against the yen and could pave the way for an attempt for a violation of the target at 135.72. If the bears re-enter the market, then the most likely scenario would be for a new successful test of the zone at 132.52, which could lead to a decline towards the low at 130.68.


Neither the bears, nor the bulls managed to gain enough momentum and the Cable remains locked in the zone between 1.2101 and 1.2186. A successful attack for the buyers on the resistance at 1.2186, followed by a violation of the upper level at 1.2276, could strengthen the positive expectations for the future path of the GBP/USD and could lead to a rally towards the levels from June 2022 at around 1.2600. If the bears seize control and breach the lower border at 1.2101 istead, then they could test the next target at 1.2021, where a successful breach could easily deepen the sell-off and lead to a move towards the important support at 1.1922.


The positive sentiment remains unchanged, and after yesterday’s test of the resistance at 13722, the German index consolidated under the mentioned zone. The expectations are for a new bullish attack, and if successful, the positive expectations for the future path of the EUGERMANY40 will be strengthened and the index is likely to continue its rally towards the levels at around 14000. If the bears prevail, then their first target would be the support at 13507. A violation of the lower zone at 13339 could deepen the correction and could lead to a test of the major support at 13121.


The U.S. index continues to trade below the week’s highs, and during the early hours of today, the price consolidated above the support at 32578. Better- than-expected U.S. data for the non-farm payrolls and the unemployment rate (today; 12:30 GMT) could help the bulls prevail. A successful breach of 32909 could easily lead to a rally and result in future gains for the US30. If the bears enter the market, then a violation of the support zone at 32578 could deepen the sell-off. A successful attack on the lower target at 32003, followed by a violation of the zone at 31643, could easily lead to a change in the current sentiment of the market participants.

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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