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05Apr

DAILY TECHNICAL ANALYSIS FOR APRIL 05, 2022

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EUR/USD

Current level – 1.0969

For the single European currency, the week began with some losses against the dollar. After the market opened, the bulls did not even try to test the resistance at 1.1060 and relinquished control of the market to the bears. They turned the exchange rate of the currency pair to a support at 1.0974. Although they are currently facing some difficulties with this level, the downward movement is probably not over. A likely scenario is a direction of the course to the second support at 1.0900. Even if this does not happen, we can talk about a possible return of the bulls, but only after overcoming the resistance at 1.1060.

USD/JPY

Current level –  122.50

The corrective phase from the level of 125.08 to 121.32 managed to slow down the strong trend of the currency pair and the consolidating movement above the support at 122.41 continues. If the bulls do not try to test the resistance at 123.68, it is very likely that we will witness a longer period of a range between the levels 122.41 and 121.32.

GBP/USD

Current level – 1.3112

Trading in the past session was calm and the price of the currency pair has so far managed to consolidate above the support at 1.3105. It is likely that we will observe a range movement and a reversal of the course back to the resistance at 1.3173. A signal that the bulls could return to the market for a longer period of time would be the overcoming of the resistance at 1.3289. If this does not happen, the important supports that would make it difficult for the bears, are at 1.3105 and 1.3000.

Gold price attempts to recover

Gold price ended yesterday above 1925.35 level, to hint the attempt to start new bullish wave, but we prefer staying aside until we get clearer signal for the next trend, which we will get through breaking the mentioned support or breaching 1940.00 resistance.

Note that the continuation of the rise and breaching the mentioned resistance will push the price to achieve additional gains that reach 1960.00 initially, while breaking the support will reactivate the negative scenario that its next main target located at 1890.00.

The expected trading range for today is between 1910.00 support and 1950.00 resistance.

The expected trend for today: Neutral

Source: Technical analysis

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