Forex Daily Analysis 1 Mar 2023

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GBP/USD

gbpusd forcast

Pivot: 1.2010

Our suggestion :

long positions above 1.2010 with targets at 1.2090 & 1.2120 in extension.

Alternate setup:

below 1.2010 look for further downside with 1.1995 & 1.1960 as targets.

Remarks :

the RSI shows upside momentum.

USD/JPY

usdjpy forcast

Pivot: 136.60

Our suggestion :

short positions below 136.60 with targets at 136.05 & 135.70 in extension.

Alternate setup:

above 136.60 look for further upside with 136.90 & 137.20 as targets.

Remarks :

intraday technical indicators are mixed and call for caution.

EUR/USD

eurusd forcast

Pivot: 1.0580

Our suggestion :

long positions above 1.0580 with targets at 1.0625 & 1.0645 in extension.

Alternate setup:

below 1.0580 look for further downside with 1.0560 & 1.0550 as targets.

Remarks :

the RSI shows upside momentum.

AUD/USD

audusd forcast

Pivot: 0.6720

Our suggestion :

long positions above 0.6720 with targets at 0.6790 & 0.6815 in extension.

Alternate setup:

below 0.6720 look for further downside with 0.6705 & 0.6690 as targets.

Remarks :

the RSI shows upside momentum.

XAU/USD

xauusd forcast

Pivot: 1822.00

Our suggestion :

long positions above 1822.00 with targets at 1836.00 & 1843.00 in extension.

Alternate setup:

below 1822.00 look for further downside with 1814.00 & 1806.00 as targets.

Remarks :

the RSI advocates for further upside.

NZD/USD

nzdusd forcast

Our pivot point stands at 0.6144.

Our suggestion :

as long as 0.6144 is support look for 0.6229.

Alternate setup:

the downside breakout of 0.6144 would call for 0.6117 and 0.6101.

Remarks :

the RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (0.6186) but above its 50 period moving average (0.6169).

GBP/JPY

gbpjpy forcast

Our pivot point stands at 163.18.

Our suggestion :

rebound towards 165.39.

Alternate setup:

below 163.18, expect 162.40 and 161.94.

Remarks :

the RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 164.08 and 164.51).

CAD/JPY

100.31 is our pivot point.

Our suggestion :

the upside prevails as long as 100.31 is support.

Alternate setup:

below 100.31, expect 99.90 and 99.66.

Remarks :

the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 100.42 and 100.35).

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