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DAILY TECHNICAL ANALYSIS FOR APRIL 07, 2022

EUR/USD

Current level – 1.0896

The bears still cannot gain enough momentum to violate the support zone at 1.0890 and the expectations for today’s trading session are for this level to limit the sell-offs and for the pair to enter a consolidation phase between the levels at 1.0890 and the resistance at 1.0946. A test of the aforementioned level of resistance could be considered a possible scenario before an eventual resumption of the downtrend takes place. Only a confirmed breach of the support at 1.0890 would pave the way for the pair towards the support at 1.0840. The current level seems to be a good entry point for the bulls, who could take advantage of a short-term correction targeting the resistance zones at 1.0946 and at 1.0983. Higher volatility can be expected at 11:30 GMT when the ECB meeting minutes regarding its monetary policy will be released, as well as at 12:30 GMT when the data regarding the initial jobless claims for the U.S. will also be published.


The expected trend for today: Bearish

USD/JPY

Current level –  123.81

The pair is still consolidating in the tight range between the levels of 123.27 and 124.20 and only a confirmed breach of either the upper or the lower border would define the market’s direction. However, the expectations remain positive – for a test of 124.20. A confirmed breach of this level would most likely lead to a test of the local high at 125.00. On the other hand, if the bears prevail and manage to violate the critical support at 123.27, then this should lead to a sell-off targeting the support at 122.38.

The expected trend for today: Bullish

GBP/USD

Current level – 1.3067

The bears still cannot violate the critical support at 1.3050, and at the time of writing, the pair is hovering just above this level. The forecasts for today’s trading session are for this zone to remain unbreached and for the pair to head towards a test of the resistance at 1.3165. However, a possible breach of the support at 1.3057 would most probably lead to an impulsive downward movement and a test of the psychological level at 1.3000.

The expected trend for today: Bearish

Gold price keeps its negative stability

Gold price ended yesterday below 1925.35 level, noticing that stochastic overlaps negatively now, while the EMA50 keeps pressing negatively on the price.

Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which targets 1890.00 as a next station, reminding you that it is important to hold below 1925.35 and 1940.00 levels to continue the expected decline.

The expected trading range for today is between 1890.00 support and 1940.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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