Mar 17th Daily Analysis
Mar 17th Daily Analysis
XAUUSD
Gold price remains in the hands of buyers this Thursday, following a decent comeback amidst a hawkish Fed. Concerns over risks to global economic growth play out and influence gold price, as the focus remains on the ongoing Russia-Ukraine peace talks.
Technical analysis:
From the overview of price in XAU/USD, there is a rejection of price around the 1910 resistance level which is in form of divergence withe RSI and MACD indicators respectively. Price is making a pullback to the neckline of the head and shoulder pattern which also serves as support level around 1970 to the downside as the overall bias is bearish.
DOTUSD
Bitcoin price started an increase above $40,000, Ethereum’s ether cleared the $2,670 resistance, and WAVES could extend rally towards $36 or $38. Polkadot (DOT) is up 5% and trading above the $18.00 resistance. Immediate resistance is near the $18.35 level. Any more gains could send the price towards the $18.80 level.
Technical analysis:
From the overview of price in DOTUSD, the overall bias is to the upside. Price has clearly broken out of the resistance zone of 18.70 and may likely retest the zone before hitting the next resistance zone of 19.70. The RSI and MACD are above the centre-line which indicates a possible continuation of price to the upside.
EURJPY
Hopes of a Federal Reserve rate hike later on Wednesday and the increasing yields differential between the US and Japan have been hammering the yen during the last week. The common currency has appreciated nearly 5% over the last week. The moderate risk appetite witnessed over the last sessions on hopes of a Russia – Ukraine agreement to stop the war and China’s announcement of fresh stimulus measures to support economic growth have fuelled the euro’s recovery against the safe-haven yen.
Technical analysis:
The overall trend for EURJPY is bullish. Price has been making series of higher highs and is currently at the resistance area of 131.50 and may likely make a corrective move to the support area of 131.10 which has a possible confluence with the 50ema before pushing to the upside.The MACD and RSI are above the centre-line for a possible price continuation to the upside.
