20 Mar, 2024
5 minutes
Daily Technical Analysis March 20th 2024
1. USD/JPY Analysis:
News Summary:
On Tuesday, Japan raised interest rates for the first time since 2007. Bank of Japan watchers agreed that the BOJ would not raise interest rates as aggressively as the Federal Reserve in fighting inflation, but investors and the economists were still unsure about how far the BOJ would go, there is no consensus among them. Institutions expect the Bank of Japan's policy target interest rate to be 0.1% at the end of this year, indicating that most people do not expect to raise interest rates.
Trend Analysis:
We can see USD/JPY rose sharply after raising interest rates on H4 chart. At the same time, the MACD histogram bar and double line continues to expand upward above the zero axis. Based on current unusual situation of Yen, the buy limit could be used, stop loss must be mandatory.
Today's Key Price Levels:
Key Support Levels: [149.80]
Key Resistance Levels: [152.40]
Pivot Points [150.50]
2. Gold Analysis:
News Summary:
Latest reports suggest gold demand may be declining as summer approaches. China experiences a peak in gold buying at the beginning of the year, but then typically sees a decline in consumer demand in March and the second quarter. Over the past decade, consumer gold demand in China fell by an average of 21% in the second quarter from the previous quarter. For the Indian market, fewer weddings and festivals during this period may mean less buying in the world's second-largest gold-consuming market.
Trend Analysis:
We can see gold fluctuated at a high level and ran below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column converged near the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [2130]
Key Resistance Levels: [2188]
Pivot Points [2172]