DAILY TECHNICAL ANALYSIS FOR APRIL 12, 2022
EUR/USD
The EURUSD resumes the decline
The EURUSD pair trades negatively to settle below 1.0900 barrier, reinforcing the expectations of continuing the bearish trend, which gets continuous support by the EMA50, waiting to head towards 1.0775 that represents our next main station.
On the other hand, we should note that breaching 1.0950 will stop the expected decline and lead the price to turn to rise and achieve gains that start by visiting 1.1070 areas.
The expected trading range for today is between 1.0790 support and 1.0950 resistance.
The expected trend for today: Bearish
USD/JPY
The USDJPY surpasses the target
The USDJPY pair rallied upwards strongly to surpass our waited target at 125.00 and settles above it, opening the way to extend the bullish wave on the short term and medium term basis, on its way to achieve additional gains that reach 126.55.
The EMA50 continues to support the suggested bullish wave, noting that the continuation of the expected rise requires holding above 125.00 and the most important above 124.30.
The expected trading range for today is between 125.00 support and 126.20 resistance
The expected trend for today: Bullish
GBP/USD
The GBPUSD awaits the break
The GBPUSD pair fluctuates near 1.3000 level, falling under continuous negative pressure coming by the EMa50, to support the chances of breaking this level and confirm extending the bearish wave towards 1.2900.
In general, we will continue to suggest the bearish trend that moves organized inside the bearish channel that appears on the chart, supported by stochastic current negativity, reminding you that it is important to hold below 1.3145 to achieve the waited targets.
The expected trading range for today is between 1.2930 support and 1.3080 resistance.
The expected trend for today: Bearish
Gold price tests the resistance
Gold price continues to fluctuate around 1960.00 level without managing to confirm breaching it, to keep the price confined between the trend keys represented by the mentioned resistance and 1925.35 support, thus, we will continue with our neutrality until now.
Moving inside the bullish channels that appear on the chart gives preference to the domination of the bullish trend in the upcoming sessions, but we need to breach 1960.00 to confirm rallying towards achieving new gains that reach 2000.00, while breaking 1925.35 support represents negative factor that will press on the price to achieve additional bearish correction that its next targe treaches 1890.00.
The expected trading range for today is between 1925.00 support and 1970.00 resistance.
The expected trend for today: Neutral
Source: Technical analysis
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