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Thursday 30th March 2023: Technical Outlook and Review

DXY:

The DXY index is currently experiencing a strong bearish momentum, as it is trading below a major descending trend line. This suggests that there is further room for the price to drop.

In terms of potential price movement, the index could potentially continue its bearish momentum towards the 1st support level at 101.93. This level is a multi-swing low support and is also in confluence with the 78.60% Fibonacci retracement level. If price were to break this support level, it could drop further towards the 2nd support level at 100.82, which is a swing low support.

On the other hand, if price were to rise, it could face resistance at the 1st resistance level of 103.46, which is an overlap resistance level and also coincides with the 38.20% Fibonacci retracement level. A break of this resistance level could potentially lead to the next resistance level at 104.60, which is also an overlap resistance level.

EUR/USD:

The EUR/USD chart is currently experiencing bearish momentum, with the potential for a continuation towards the 1st support level.

The 1st support level is located at 1.0741, which is an overlap support and could potentially act as a barrier to further price declines. Additionally, this support level lines up with a 61.80% Fibonacci retracement, adding further weight to its significance. Should the price break through this level, the next support level is located at the same 1.0741 level, which is a multi-swing low support.

On the resistance side, we have the 1st resistance level at 1.0927, which is a swing high resistance. This level could potentially prevent the price from rising further. In addition to the 1st resistance level, there is an intermediate resistance level at 1.0845. This level is a multi-swing high resistance and lines up with a 61.80% Fibonacci retracement. A break above this level could trigger a bullish acceleration towards the 1st resistance level.

GBP/USD:

The overall momentum for the GBP/USD chart is bearish, with price potentially making a continuation towards the first support level.

Price is currently testing the first resistance at 1.2343, which is a multi-swing high resistance level. If price were to fail to break through this resistance, it could trigger a bearish move towards the first support at 1.2185. This level is a strong overlap support and has a 38.20% Fibonacci retracement lining up with it. If price were to break the first support, it could continue its bearish momentum towards the second support at 1.2127, which is also an overlap support and has a 38.20% Fibonacci retracement lining up with it.

There are two strong resistance levels that price could encounter on its way up. The first is at 1.2343, which has already been mentioned. The second resistance is at 1.2445, which is a multi-swing high resistance level. If price were to break through these two resistance levels, it could potentially shift the momentum to a bullish one.

It’s worth noting that there isn’t an intermediate resistance level between the current price and the first resistance level. This means that if price were to break through the first resistance, it could potentially trigger a strong bullish move towards higher resistance levels.

USD/CHF:

The USD/CHF pair is currently experiencing a bearish momentum on the chart, with price potentially continuing its bearish movement towards the first support. The pair’s overall momentum is bearish, and this is due to it being below a major descending trend line.

If the price continues its bearish momentum, it could potentially reach the first support at 0.9120. This level is a swing low support and could potentially halt the price’s drop. In case the price breaks through the first support, it could potentially reach the second support level at 0.9068. This level is a multi-swing low support and has held the price up several times in the past.

On the other hand, if the price manages to reverse its bearish momentum, it could potentially reach the first resistance at 0.9208. This level is an overlap resistance and could potentially push the price down. If the price manages to break through the first resistance, it could potentially reach the second resistance at 0.9257. This level is an overlap resistance and has a 61.80% Fibonacci retracement lining up with it.

USD/JPY:

The overall momentum of the USD/JPY chart remains bearish, with the price potentially making a bearish reaction off the 1st resistance and dropping towards the 1st support. The 1st support at 131.59 is a strong level, as it coincides with an overlap support and a 38.20% Fibonacci retracement. If the price were to break below this support, the next support level it could drop to is the 2nd support at 129.61, which is a multi-swing low support and a 78.60% Fibonacci retracement.

On the other hand, the 1st resistance at 132.81 is also a significant level, as it lines up with an overlap resistance and a 38.20% Fibonacci retracement. If the price were to break above this resistance, it could potentially rise towards the 2nd resistance at 134.55, which is an overlap resistance and a 61.80% Fibonacci retracement.

AUD/USD:

The overall momentum of AUD/USD is currently bearish. The price could potentially continue its bearish trend towards the first support at 0.6640, which is an overlap support. The second support at 0.6549 is a swing low support and could serve as a strong level if the price were to continue to drop.

On the other hand, the first resistance at 0.6774 is an overlap resistance and coincides with a 38.20% Fibonacci retracement. A breakout from this resistance level could signal a reversal of the current bearish momentum. The second resistance at 0.6876 is also an overlap resistance that the price may struggle to break through.

There is an intermediate resistance at 0.6712 between the current price and the first support. This is a multi-swing high resistance that aligns with a 61.80% Fibonacci retracement. If the price were to break this intermediate resistance level, it could trigger a strong bullish move towards the first resistance.

NZD/USD:

The NZD/USD chart is currently exhibiting bearish momentum, with the price potentially making a bearish continuation towards the 1st support. The first support is at 0.6180, which is a multi-swing low support that has held up in the past. If the price were to break through this support level, the next level it could drop to is the 2nd support at 0.6144. This support level is an overlap support and coincides with the 78.60% Fibonacci retracement, making it a strong level of support.

On the resistance side, the first resistance level is at 0.6266, which is an overlap resistance. The second resistance level is at 0.6388, which is also an overlap resistance. These levels could potentially hold up and prevent the price from rising any further.

USD/CAD:

The USD/CAD chart is showing overall bullish momentum, with price potentially bouncing off the 1st support level at 1.3521 and heading towards the 1st resistance level at 1.3657.

The first support level is a strong overlap support and could provide a solid foundation for the price to bounce back up. Additionally, there’s an intermediate support level at 1.3560 that coincides with the 50% Fibonacci retracement, adding to its strength as a potential support level.

On the resistance side, the 1st resistance level is also an overlap resistance and coincides with the 38.20% Fibonacci retracement, adding to its significance as a potential level for price to encounter resistance. If price were to break through the 1st resistance level, the next level it could potentially face is the 2nd resistance level at 1.3804, which is a multi-swing high resistance level.

DJ30:

The DJ30 chart has shown a bullish momentum lately, with prices potentially continuing to rise towards the 1st resistance level. Currently, the price is above both the Ichimoku cloud and an ascending trend line, providing support for a bullish continuation.

Looking at the support and resistance levels, we can see that the 1st support level is at 32,247.39, which is an overlap support. The 2nd support level is at 31,754.50, which is a multi-swing low support. These levels provide strong support for the price to potentially bounce off and head towards the 1st resistance level.

The 1st resistance level is at 32,990.69, which is an overlap resistance, and is also at the 50% Fibonacci retracement level. The 2nd resistance level is at 33,506.11, which is also an overlap resistance. The intermediate resistance level at 32,736.24 is a multi-swing high resistance and is at the 61.80% Fibonacci retracement level.

It’s important to note that while the chart has a bullish bias, there is still potential for the price to drop towards the support levels. However, if the price can bounce off the support levels, the momentum could carry the price towards the resistance levels.

GER30:

Overall, the momentum of the GER30 chart is bullish, as price is currently above the bullish Ichimoku cloud. This suggests that there is good support in place, contributing to the bullish momentum.

Price could potentially make a bullish continuation towards the first resistance level. However, it’s important to note that the overall momentum of the chart is always subject to change.

The first support level is located at 14960.89, which is an overlap support level. If the price falls towards this level, it is likely to find support and bounce back up. The second support level is at 14807.31, which is another overlap support level and coincides with the 61.80% Fibonacci retracement level. This support level may also provide a good buying opportunity.

On the other hand, the first resistance level is at 15241.58, which is an overlap resistance level. If the price rises towards this level, it is likely to face some selling pressure. The second resistance level is at 15488.32, which is also an overlap resistance level. If the price manages to break above this level, it could signal a strong bullish momentum and potential buying opportunity.

In summary, the overall momentum of the GER30 chart is bullish, and the price could potentially make a bullish continuation towards the first resistance level. The first and second support levels are at 14960.89 and 14807.31, respectively, while the first and second resistance levels are at 15241.58 and 15488.32, respectively. These levels are important to keep an eye on for potential buying or selling opportunities.

BTC/USD:

The overall momentum of BTC/USD remains bullish, as the price has the potential to continue its rise towards the first resistance level.

At present, the first support level is at 25966, which is a good multi-swing low support and coincides with the 38.20% Fibonacci retracement level. The second support is at 24526, which is another overlap support and coincides with the 50% Fibonacci retracement level. If the price bounces from the first support, it could rise to the first resistance level at 29373, which is a swing high resistance.

In addition, there is an intermediate resistance level at 28690, which is a good multi-swing high resistance level. If the price breaks through this intermediate resistance, it could potentially trigger a stronger bullish acceleration towards the first resistance.

US500

The US500 chart is currently showing bullish momentum, as the price is above a major ascending trend line. There are two potential support levels that could see the price bounce off and continue the bullish trend. The first support is located at 3903.06 and it is a multi-swing low support level. The second support is located at 3843.60 and it is also a multi-swing low support level.

On the other hand, there are also two potential resistance levels that the price could reach. The first resistance level is at 4038.30 and it is an overlap resistance level, with 78.60% Fibonacci retracement. The second resistance level is at 4077.26 and it is also an overlap resistance level.

If the price continues to show bullish momentum, it could potentially reach the first resistance level and bounce off it, continuing the uptrend. However, if the momentum turns bearish, the price could potentially drop to the first support level or even lower, breaking the ascending trend line and indicating a reversal of the overall bullish trend.

ETH/USD:

The overall momentum of the ETH/USD chart is bullish, indicating that there may be further upside potential in the near term. This is due to the fact that price is currently above a major ascending trend line, suggesting that bullish momentum is on the cards.

Looking at the potential price action, there is a possibility for a bullish continuation towards the first resistance level at 1852.01. Before that, the price could potentially bounce off the first support at 1667.31, which is a good level of support and also coincides with the 38.20% Fibonacci retracement level. If the price falls further, it could find support at the second level at 1558.42.

In terms of resistance, the first level at 1852.01 is a good level of overlap resistance. If the price manages to break above this level, it could potentially head towards the next resistance level at an overlap resistance of 1972.94.

WTI/USD:

WTI remains in a bearish momentum as the price could potentially make a bearish continuation towards its first support. The first support is seen at 71.46, which is an overlap support and a 38.20% Fibonacci retracement level. If the price breaks below this level, it could continue to drop towards the second support at 66.98, which is another overlap support.

On the upside, the first resistance is seen at 74.07, which is an overlap resistance and a 61.80% Fibonacci retracement level. If the price manages to break above this level, it could head towards the second resistance at 77.39, which is a multi-swing high resistance and a 78.60% Fibonacci retracement level.

XAU/USD (GOLD):

The price of XAU/USD is currently experiencing bearish momentum, indicating that it may potentially move towards the 1st support level. The overall momentum of the chart is bearish.

The 1st support level is at 1936, which is a good support level because it is an overlap support and coincides with the 38.20% Fibonacci retracement level. The 2nd support level at 1910 is also a good support level as it coincides with the 50% Fibonacci retracement level and is also an overlap support.

On the resistance side, the 1st resistance level is at 1980, which is a good resistance level as it is an overlap resistance and coincides with the 61.80% Fibonacci retracement level. The 2nd resistance level at 2022 is also a good resistance level as it is a multi-swing high resistance.

end.

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