<p class=“text-align-start“>Did you spot the triple top in <a target=“_blank“ href=“https://www.forexlive.com/terms/g/gold/“ class=“terms__main-term“ id=“c0483026-a32e-4e25-8e74-f808d52790c3″>gold</a>’s price, along with its struggle to break past the 2000 mark? If a high-reward, low-probability trading opportunity piques your interest, this gold price forecast could be right up your alley. Just remember, always trade at your own risk!</p><p class=“text-align-start“>Gold technical analysis: Anticipating a short trade soon</p><p class=“text-align-start“>A quick overview of the the gold technical analysis video above</p><ul><li>Triple top formation on the daily time frame</li><li>Signs of possible fatigue in the gold market</li><li>Yellow channel with touch points at around 1800 and 1975</li><li>Pivot point at 1975 seen throughout March</li></ul><p>With these factors in mind, let’s delve into the potential trade idea.</p><p class=“text-align-start“>The 7:1 Short trade idea on Gold futures</p><p>This strategy suggests shorting gold on the next possible spike up at 2010.8. Keep in mind that this is an orientation and you should:</p><ul><li>Set alerts and follow the price manually</li><li>Wait for bull trapping before the last failure and decline</li><li>Take partial profits at about 1942 for a 2.5:1 reward versus risk</li></ul><p>The final target for this trade idea is around 1827, which represents a move of over 9%. To manage risk, a stop loss is set at 1.3% above, at 2037.</p><p class=“text-align-start“>The trade-off: high reward vs. low probability</p><p>As with any trading strategy, there’s no free lunch. Aiming for bigger rewards means accepting lower probabilities. Some might see this as a risky approach, preferring more confirmations. However, if you’re looking for a potential high-reward trade, this gold technical analysis is worth considering.</p><p class=“text-align-start“>Takeaway</p><p>Keep an eye on gold’s price and be ready to act when the right opportunity presents itself. And to stay updated with more views and analyses like these, <a target=“_blank“ href=“https://www.youtube.com/@Forexlive?sub_confirmation=1″ target=“_new“>subscribe to the Forexlive.com Youtube channel</a>.</p>

This article was written by Itai Levitan at www.forexlive.com.

<p>Today is quarter end. The USD is ending the quarter mixed with declines vs the <a target=“_blank“ href=“https://www.forexlive.com/terms/e/eur/“ class=“terms__main-term“ id=“b0427fd7-674c-4ad1-b689-22d1f8b087b0″>EUR</a>, <a target=“_blank“ href=“https://www.forexlive.com/terms/g/gbp/“ class=“terms__secondary-term“ id=“3a5ab7c1-ff09-45ea-87d4-eea6613bb754″>GBP</a>, CHF and CAD and gains vs the JPY, AUD and NZD. Below is a technical summary of the major pairs in what was an up and down quarter for all of the pairs. I also outline the technical levels in play to start the new month/quarter. The levels will be the roadmap for the journey ahead.</p><p>———————————————————————————————————————————————————-</p><p>EURUSD: Up 152 pips or 1.426%</p><p>The EURUSD moved up 152 pips at 1.0851 from the end of year level. That is up 1.426% for the year. The low for the quarter was at 1.0481 on January 6.. The high reached 1.10317 on February 2. The low to high range for the month was 547 pips. </p><p>The general price action saw the pair move higher in January, lower in February, and back higher in March. The price dipped below the rising 100 day MA on 1 day in the quarter (on March 16) but had no closes below that MA level during the entire 1Q (see blue line on the chart above). The 100 day MA is at 1.06479 heading into the new quarter. It would take a move below the level MA to tilt the bias more to the downside. </p><p>ON the topside getting above 1.0940 and then the high for the quarter at 1.10317 would increase the bullish bias. </p><p>———————————————————————————————————————————————————-</p><p>USDJPY: Up 162 pips or 1.25%</p><p>The USDJPY is up 162 pips from the end of 2022 level at 131.10 or 1.25%. At the quarter high reached on March 8th, the pair was up 681 pips. At the January 16 low, the pair was down -388 pips. The low to high trading range was 1070 pips which is the most narrow since 3Q of 2021. </p><p>Technically, the run higher was able to extend above the 100 day MA (blue line) and close above that MA line for 2 trading days. The 200 day MA was breached intraday on one day, but did not close above the 200 day MA during the entire quarter. The high price today got within 25 pips of the falling 100 day MA at 132.936. The high today was the closest the price has been to the 100 day MA since March 9th. It will take a move above the 100 day MA in the new trading month, to increase the bullish bias for the pair. Until then, the sellers remain in control. </p><p>———————————————————————————————————————————————————-</p><p>GBPUSD: Up 247 pips or 2.04%</p><p>The GBPUSD reached a low on January 6th at 1.18408 and did not return to that level until March 7 to March 9 when a new first-quarter low was reached at 1.1802 on March 8. The price has since moved up to near the high with a peak today at 1.2422. That got with 23 pips of the high from January 23rd at 1.2445. </p><p>The high in January got within 2 pips of the December high at 1.2447 making a double top at that level. Heading into the new trading month, that ceiling will be the key upside target to get to and through. </p><p>On the downside, the GBPUSD has the rising 100 day MA at 1.21266. The price moved below the 100 and 200 day MAs in March on the way to the March 7 low, but there were only 4 closes below the 100 day MA in the quarter, and only 2 closes below the 200 day MA which is near the lows at 1.1853. </p><p>For the quarter the pair is trading up 247 pips or 2.04%. The low to high trading range was only 645 pips. That was the lowest range since the 2Q of 2021.</p><p>———————————————————————————————————————————————————-</p><p>USDCHF: Down -92 pips or -1.00%</p><p>The USDCHF traded down, up and down in the 1Q of 2023. From the closing level at 0.92244, the price moved to a low in early February at 0.90586. On March 2, the high reached 0.94404 which was retested on March 8th when the price reached 0.94387 before tumbling to a low of 0.90706, with 12 pips of the early February low. Another snap back rally and fall into month/quarter end reached 0.91152 today before bouncing to 0.9146 near the close.</p><p>The total low to high trading range for the quarter is only 381 pips which was the lowest trading range since Q1 2022. The pair is trading down -92 pips from the end of 2022 level or – 1.00%. </p><p>Technically, the highs skimmed the falling 100 day MA (blue line). There was only 1 day (March 8th) when the price moved above the 100 day MA, but there were NO closes above the 100 day MA. The 100 day MA is up at 0.92965. The price would have to move above that falling MA, and stay above, to increase the bullish bias for the pair. On the downside, the 0.90586 to 0.9101 are home to a number</p><p>———————————————————————————————————————————————————-</p><p>USDCAD: -26 pips or -0.19%.</p><p>The USDCAD is ending the quarter down just 26 pips from the end of year level of 1.35415 or -0.19%. The initial move this quarter was down to the low for the quarter reached in early February at 1.3261. The snap back rally took the price to the high which was reached on March 10 at 1.38614. The low to high trading range was an even 600 pips in total. That was the lowest low to high trading range since the 1Q of 2022 when the range was 471 pips. </p><p>Technically, the price spent near equal time above and below the 100 day MA. It is therefore apropos that the pair tested the 100 day MA both yesterday and today at 1.35159. The price is closing today right at the MA level. The new month and quarter will use that MA as the bullish/bearish barometer. Move below and traders will look toward the rising 200 day MA which is at 1.33691. The price has not traded below the 200 day MA since August 11, 2022, and not had a closing daily bar below the MA since June 8, 2022. </p><p>If the price does move higher, traders will need to get above the 50% midpoint of the 1Q at 1.35614 and then the swing high from January at 1.36849. There is a swing area between 1.3807 up to 1.38614 which has a number of swing highs going back to September 2022 (see red numbered circles).</p><p>———————————————————————————————————————————————————-</p><p>AUDUSD: -131 pips or -1.99%</p><p>The AUDUSD closed 2022 at 0.68146 and is closing the quarter at 0.6683. That is down -131 pips on the quarter or -1.99%. The low to high trading range took the price to a high on February 2nd at 0.7157. The low was reached at 0.6564 on March 10. The total high to low trading range was 593 pips. </p><p>Technically, the high price for the quarter stalled after taking out the high from August 2022 at 0.71357 to a high of 0.7157 on February 2nd. That break could not be sustained on the day of the break, and the move to the lows for the quarter was started. </p><p>That move too 26 days to fall 593 pips before rebounding back toward the falling 200 day MA (green line) currently at 0.67517. Sellers leaned ahead of the 200 day MA on both March 22 and March 23. The high on the last day of the quarter reached 0.67373, just 14 pips from the 200 day MA, before rotating back lower and closing near 0.6683. The lows over the last 3 trading days of the quarter stalled near the 50% midpoint of the rand since the October 2022 low at 0.6663. </p><p>What next?</p><p>The 200 day MA will be the close barometer on the topside. Move above and some of the bearish bias is replaced with a more bullish bias. Above the 200 day MA will have traders targeting the higher 100 day MA at 0.67984. A move above that would open the bullish door more. </p><p>On the downside, a move below the 50% midpoint, would increase the bearish bias and have traders looking toward the lows and lower swing area between 0.65468 and 0. 65847 (see green numbered circles). </p><p>———————————————————————————————————————————————————-NZDUSD: -96 pips or -1.50%</p><p>The NZDUSD closed the year at 0.6348. The price is settling on the last day of the quarter at 0.6252. The price moved down 96 pips or -1.50%. The high for the quarter was reached on February 2 at 0.65375. The low was reached on March 8 at 0.6084. The high to low trading range was 451 pips, which was the lowest range for a quarter since Q3 2021. </p><p>Technically, both the high extreme for the quarter and the low extreme stalled near swing areas. On the topside the area between 0.6529 and 0.6578 stalled the rally (see red numbered circles). On the downside, the swing area between 0.60559 and 0.60844 stalled the fall (see green numbered circles). </p><p>The up and down price action for the quarter started to flatten both the 100 and 200 day MAs (blue and green lines on the chart above). The 100 day MA also moved above the 200 day MA. The 100 day MA is ending the quarter at 0.62925. The 200 day MA is at 0.61453. The closing price is closer to the higher 100 day MA at 0.62527 after the high price for the day tested the upper MA level on Friday. </p><p>Over the last 15 trading days, the price closed between the two daily MAs on 14 of the days (there was a close above the 100 day MA on March 17, but that break failed the next day). </p><p>Going into the new trading month/quarter, the two MAs will be the bullish above, and bearish below barometers. Get above the 100 day MA at 0.6292 and stay above is more bullish. Move below the 200 day MA at 0.6151 is more bearish. </p>

This article was written by Greg Michalowski at www.forexlive.com.

<ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-february-pce-core-inflation-46-vs-47-expected-20230331/“>US February PCE core inflation 4.6% vs 4.7% expected.</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/canada-january-gdp-05-versus-03-expected-20230331/“>Canada January GDP 0.5% versus 0.3% expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-collins-maintaining-tight-monetary-policy-is-the-key-to-lowering-inflation-20230331/“>Fed’s Collins: Maintaining tight monetary policy is the key to lowering inflation</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/dallas-fed-feb-trimmed-mean-pce-price-index-40-vs-58-prior-20230331/“>Dallas Fed Feb trimmed mean PCE price index +4.0% vs +5.8% prior</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-williams-economic-data-will-drive-policy-the-outlook-is-uncertain-20230331/“>Fed’s Williams: Economic data will drive policy, the outlook is uncertain</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/atlanta-fed-gdpnow-estimate-for-1q-growth-dips-to-25-20230331/“>Atlanta Fed GDPNow estimate for 1Q growth dips to 2.5%</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/opec-oil-output-fell-in-march-survey-20230331/“>OPEC oil output fell in March – survey</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-lagarde-core-inflation-is-still-significantly-too-high-20230331/“>ECB’s Lagarde: Core inflation is still significantly too high</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/canadian-gdp-on-track-for-almost-3-growth-in-q1-but-it-shouldnt-bother-boc-hawks-cibc-20230331/“>Canadian GDP on track for almost 3% growth in Q1 but it shouldn’t bother BOC hawks – CIBC</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/umich-march-final-us-consumer-sentiment-620-vs-632-expected-20230331/“>UMich March final US consumer sentiment 62.0 vs 63.2 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-villeroy-we-may-still-have-a-little-way-to-go-with-rate-hikes-20230331/“>ECB’s Villeroy: We may still have ‚a little way to go‘ with rate hikes</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-collins-we-need-to-get-conditions-sufficiently-tight-and-then-hold-20230331/“>Fed’s Collins: We need to get conditions sufficiently tight, and then hold</a></li></ul><p>Markets:</p><ul><li>Gold down $10 to $1970</li><li>WTI crude oil up $1.14 to $75.51</li><li>US 10-year yields down 1 bps to 3.48%</li><li>S&amp;P 500 up 58 points to 4110</li><li>CAD leads, EUR lags</li></ul><p>When I think about this market, we came into January and everyone was worried about recession. By January, it was fears of inflation and in March there was a bank panic. Add it all up and it’s +7% in the S&amp;P 500 and 16% in the Nasdaq. They say that bull markets climb a wall of worry and that’s a powerful example.</p><p>On Friday, the flows were a big factor but the bias towards risk trades was evident and helped out by a more-benign PCE report. </p><p>Despite that, the US dollar was broadly strong, trailing only the loonie as the top performer. The ECB’s Villeray downplayed the outlook for significantly more hikes and that may have weighed on the euro but flow-driven trade was perhaps the larger factor. Dollar buying was particularly strong into the London fix.</p><p>EUR/USD fell to 1.0840 from a high of 1.0900 in early North American trade. That was despite falling US Treasury yields and a positive risk trade. </p><p>Cable was equally soft, falling 52 bps to 1.2330 with nearly all of that coming in the latter part of the day.</p><p>The commodity currencies couldn’t sustain a bid despite risk appetite with the exception of the loonie, which made some modest headway with the help of higher oil prices.</p><p>The comments late in the day from Fed officials were largely ignored, with the market content to wait for the same data as the FOMC. Pricing suggests a hike in May is 50/50 but there’s no longer much scope for hiking beyond that.</p>

This article was written by Adam Button at www.forexlive.com.

<p>The major US stock <a target=“_blank“ href=“https://www.forexlive.com/terms/i/indices/“ class=“terms__secondary-term“ id=“eb50e0fb-8258-4e43-80e6-8831246f8b37″>indices</a> are closing the day near the highs for the day. The gains were led by the NASDAQ index which rose over 1.7%. </p><p>A snapshot of the closing levels shows:</p><ul><li>Dow Industrial Average 415.12.41.26 percent at 33274.14</li><li>S&amp;P index of 58.50 points or 1.44% at 4109.32 </li><li>NASDAQ index up 208.43 points or 1.73% at 12221.90</li></ul><p>For the calendar month, the <a target=“_blank“ href=“https://www.forexlive.com/terms/n/nasdaq/“ class=“terms__main-term“ id=“73ea5227-7971-4d75-a878-f20ede81c27e“>NASDAQ</a> index led the way with a gain of 6.69%</p><ul><li>Dow industrial average rose 1.89%</li><li>S&amp;P index rose 3.51%</li><li>NASDAQ index rose 6.69%</li></ul><p>For the first quarter, the NASDAQ index led the way with an oversized gain of 16.77%. That was the largest percentage increase since the 2Q of 2020 when the index rose 30.63%. You have to go back to the 1Q of 2012 to have the next largest percentage gain for quarter.</p><ul><li>Dow Industrial Average squeaked out a small gain of 0.38%</li><li>S&amp;P index rose by 7.03%</li><li>NASDAQ index rose by 16.77%</li></ul><p>Looking at the NASDAQ daily chart, the price is within 49 points of the most recent highs going back to September 12, 2022 and February 2, 2023 near 12670.</p><p> A move above that double top would have traders targeting the 38.2% retracement of the move down from the November 22 2021 all-time high. That retracement level comes in at 12427.97.</p>

This article was written by Greg Michalowski at www.forexlive.com.

<p>Comments from the New York Fed President John Williams in a moderated discussion on the economic outlook.</p><ul><li>Economic outlook is uncertain, data will drive monetary policy</li><li>Expects inflation to cool to 3.25% this year</li><li>Unemployment rate to tick up to around 4.5%</li><li>Current banking problems aren’t an echo of 2008 events</li><li>Banks are resilient and well capitalized</li><li>Have to put </li></ul><p>We’ve heard these comments before, he loves to tout economic data dependence.</p>

This article was written by Adam Button at www.forexlive.com.

<ul><li>The latest inflation news is welcome but the Fed still hasn’t made enough progress</li><li>A weaker jobs report in March unlikely to change the monetary policy outlook</li><li>Plethora of surprises make it hard to predict what US central bank will do at the May meeting</li></ul><p>We’re going to hear from the Fed’s Williams shortly.</p>

This article was written by Adam Button at www.forexlive.com.

<p>As the North American session begins, the USD is the strongest and the CHF is the weakest. The US dollar is stronger head of the key core PCE data that will be released at 8:30 AM. The US PCE (Personal Consumption Expenditures) data is a comprehensive measure of consumer spending on goods and services in the United States. It is released monthly by the Bureau of Economic Analysis (BEA) and serves as a key indicator of overall economic activity, consumer behavior, and inflation trends. The PCE data is also the Federal Reserve’s preferred gauge for assessing inflation, as it captures a broader range of expenditures and is less volatile compared to the Consumer Price Index (CPI). The expectations is for core PCE to show and increase of 0.4% versus 0.6% last month. The year on year is expected to remain unchanged at 4.7%. Last month the year on year for the headline PCE came in at 5.4% (up 0.6% month-to-month). Personal income and personal consumption will also be released with the PCE data at 8:30 AM ET. Consumption is expected to increase by 0.3% while income is expected to increase by 0.2% for the month of February</p><p>In addition to the PC data, the University of Michigan sentiment for March will be released with expectations of a dip to 63.2 from 63.4 in the preliminary estimate. That was less than the 67.0 last month. The one year inflation estimate dipped to 3.8% from 4.1% in the preliminary report</p><p>Flash CPI data out of the Eurozone was released earlier today with the YoY falling sharply to 6.9% from 8.5%, and below its expectations of a 7.1%. Not as positive was that the core CPI flash came in at 5.7% versus 5.6% last month German retail sales were weaker than expected -1.3% versus 0.5% expected. The unemployment rate in the EU remained steady at 6.6%.</p><p>US rates are mixed with the yield curve flattening. The two-year is higher while the 10 year is trading marginally lower. US stocks are mixed/little changed.</p><p>A snapshot of the market is currently showing:</p><ul><li>spot gold is up $0.81 or 0.04% at $1981.25.</li><li>Spot silver is up four cents or 0.18% at $23.93. </li><li>WTI crude oil is trading up $0.58 at $74.95</li><li>Bitcoin is trading just below the 28,000 level at $27,966 the price has been consolidating between $26,541 and $29,380 since the March 17 break higher. </li></ul><p>In the premarket for US stocks, the major indices are marginally higher as the first quarter comes to an end. The NASDAQ index is leading the way this quarter with a gain of 14.78% this quarter. The Dow Industrial Average is marginally lower at -0.87%, while the S&amp;P index is up 5.5%. </p><ul><li>Dow industrial average is up 79 points after yesterday’s 141.43 point rise</li><li>S&amp;P index is up 9.5 points after yesterday’s 23.02 point rise</li><li>NASDAQ index is up 5.8 points after yesterday’s 87.24 point rise</li></ul><p>In the European equity markets, the major indices are higher:</p><ul><li>German DAX +0.47%. For the quarter the index is up 12.0%</li><li>Frances CAC +0.55%. For the quarter the index is up 12.81%</li><li>UK’s FTSE 100 +0.25%. For the quarter the index is up 2.51%</li><li>Spain’s Ibex +0.32%. The index is up 12.24% for the first quarter</li></ul><p>in the US debt market, the yields are mixed with the shorter end higher and the longer end lower (yield curve flatter):</p><p>In the quarter the two year yield is down 27.5 basis points. It traded as low as -87 pips this quarter. The 10 year yield is down -33.5 basis points after being down as much as -59.3 basis points.</p><p>In the European debt market, the benchmark 10 year yields are mostly lower. The UK 10 year yield is higher:</p><p>For the first quarter:</p><ul><li>German 10 year yield is down -21.6 basis points. It was down as much as -65 basis points</li><li>UK 10 year is down -12 basis points. It was down as much as a 68.5 basis points.</li><li>Frances 10 year is down -24.5 basis points. It was down as much as -71.9 basis points.</li><li>Italy’s 10 year is down -54.5 basis points. It was down as much as – 103 basis points</li><li>Spain’s 10 year is down -28.8 basis points. It was down as much as -75 basis points.</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.

<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurozone-march-preliminary-cpi-69-vs-71-yy-expected-20230331/“>Eurozone March preliminary CPI +6.9% vs +7.1% y/y expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/bond-yields-dip-after-eurozone-inflation-data-20230331/“>Bond yields dip after Eurozone inflation data</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/and-bond-yields-climb-back-higher-after-the-dip-20230331/“>And.. bond yields climb back higher after the dip</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/france-march-preliminary-cpi-56-vs-55-yy-expected-20230331/“>France March preliminary CPI +5.6% vs +5.5% y/y expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-february-retail-sales-13-vs-05-mm-expected-20230331/“>Germany February retail sales -1.3% vs +0.5% m/m expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-march-unemployment-change-16k-vs-0k-expected-20230331/“>Germany March unemployment change 16k vs 0k expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-february-import-price-index-24-vs-10-mm-expected-20230331/“>Germany February import price index -2.4% vs -1.0% m/m expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-q4-final-gdp-01-vs-00-qq-prelim-20230331/“>UK Q4 final GDP +0.1% vs 0.0% q/q prelim</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-march-nationwide-house-prices-08-vs-03-mm-expected-20230331/“>UK March Nationwide house prices -0.8% vs -0.3% m/m expected</a></li></ul><p style=““ class=“text-align-justify“>Markets:</p><ul><li>GBP leads, CHF lags on the day</li><li>European equities higher; S&amp;P 500 futures up 0.2%</li><li>US 10-year yields down 1 bps to 3.541%</li><li>Gold flat at $1,980.83</li><li>WTI crude up 0.6% to $74.94</li><li>Bitcoin down 0.6% to $27,974</li></ul><p style=““ class=“text-align-justify“>Inflation data was a focus in Europe today as we saw the preliminary figures for March come in for the Eurozone. Headline annual inflation dipped by slightly more than estimated to just under 7%, reflecting its sharpest drop on record. However, core annual inflation ticked higher to a fresh record high in what is a contrasting report of sorts.</p><p style=““ class=“text-align-justify“>The bond market focused on the lower headline figure though, as bond yields dipped and pared its early advance. Short-end yields have come back up slightly but the long-end is basically sitting marginally lower on the day now.</p><p style=““ class=“text-align-justify“>That saw USD/JPY fall from a high of 135.50 to sit closer to 133.10 levels at the moment, still up by 0.4% though.</p><p style=““ class=“text-align-justify“>The dollar was steadier throughout, even as equities are seen just a touch higher – after having spent much of the session being little changed.</p><p style=““ class=“text-align-justify“>EUR/USD is down 0.2% to 1.0875 from around 1.0900 in Asia while GBP/USD is flattish around 1.2380 levels after coming close to test its December and January highs near 1.2446 earlier in the day.</p><p style=““ class=“text-align-justify“>Meanwhile, USD/CAD is seen bouncing off its 100-day moving average to be up 0.2% to 1.3545 while the antipodeans are slightly lower and still rather trapped in trading this week against the dollar mostly.</p><p style=““ class=“text-align-justify“>Month-end and quarter-end will be a focus point before we wrap things up this week, and don’t forget that we also still have the US PCE price index to follow in the session ahead.</p>

This article was written by Justin Low at www.forexlive.com.

<p class=“MsoNormal“>On the daily Nasdaq chart below, we
can see that after the selloff in February, the market bounced right at the
61.8% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level. The breakout of the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> and the cross to the upside of
the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> were signalling a possible <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>bull
flag</a> in play, but the buyers needed to break the previous swing <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> first to confirm the pattern. </p><p class=“MsoNormal“>They did it. The target for the
bull flag looks insane as it stands at the August 2022 high at 13186, but we’ve
seen time after time how the dip buyers managed to push the market up even
though many bad news have been thrown to them, so at this point it wouldn’t be
a surprise anymore. </p><p class=“MsoNormal“>Nasdaq Technical Analysis</p><p class=“MsoNormal“>On the 4 hour chart below, we can
see that at the moment the buyers are trying to break the previous swing
resistance at 12020. A break above would open the door for a rally towards the
next resistance at 12274. </p><p class=“MsoNormal“>The red long period moving average
will act as dynamic support in case we see a pullback. The sellers at this
point will need a break below the 11492 support to regain conviction and target
new lower lows. </p><p class=“MsoNormal“>On the 1 hour chart below, we can
see that the market bounced at the 38.2% Fibonacci retracement level before
resuming the rally in the original trend. If we get a pullback, a possible
level where the buyers may lean onto is the red long period moving average and
the 11829 support. </p>

This article was written by ForexLive at www.forexlive.com.

<p class=“MsoNormal“>On the daily GBPUSD chart below, we can
see that the price has finally reached the top of the range at the 1.24 handle.
This will be a key level for both buyers and sellers. The buyers will need to
break above the level with conviction to keep the rally going. </p><p class=“MsoNormal“>The sellers are likely to start
piling in here to target a fall towards the bottom of the range at 1.1839 and
beyond. Beware that if this was just a squeeze on dollar longs, the following
rally in the US Dollar will be aggressive.</p><p class=“MsoNormal“>GBPUSD Technical Analysis</p><p class=“MsoNormal“>On the 4 hour chart below, we can
see that we have a <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>rising
wedge</a> right at the top of the range. This is a reversal pattern and we can
also see that we have a big and long <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-divergence-20220429/“>divergence</a> with the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-macd-20220427/“>MACD</a>. The setup for the sellers looks
incredibly good now. </p><p class=“MsoNormal“>Generally, the target would be
the bottom of the pattern, which in this case comes at the 1.20 handle. So, the
sellers have a really high reward to risk ratio here. The buyers, on the other
hand, will need to break above the upper <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> and the top of the range to
invalidate the selling setup and extend the rally.</p><p class=“MsoNormal“>On the 1 hour chart below, we can
see that the buyers may lean on the 61.8% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level and the trendline before trying to break
above the top of the range. The sellers will want to wait for a break below the
trendline before piling in and extend the fall.</p>

This article was written by ForexLive at www.forexlive.com.