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Daily Technical analysis for April 23, 2021

EUR/USD

Current level – 1.2021

Today’s trading session began with a slight increase in the value of the euro against the dollar, but the forecasts are for the upward movement to be limited to the resistance at 1.2042, followed by a downward movement and a successful attack by the currency pair of the supports at 1.1986, 1.1949, and at 1.1883. During today’s trading session, investors’ attention will be drawn to the data on new home sales for the United States (15:00 GMT).

USD/JPY

Current level –  107.92

The currency pair continues its downward movement and the dollar is finding itself under increasing pressure from the yen, with this tendency being expected to continue. It is important to note that, for this to be the case, the price will have to remain below the important support at 107.92, where it is currently located. In the upward direction, the first important resistance is the level of 108.79.

GBP/USD

Current level – 1.3860

During yesterday’s trading session, the pound lost its value against the dollar, closing the day under the important support at 1.3918 and failing to breach the next one at 1.3834. This gives investors a reason to expect an increase in – and even a return of – the upward trend should the mentioned level at 1.3918 be breached. It also should be noted that 1.3918 is currently playing the role of a resistance.

Gold price faces temporary negative pressure

Gold price’s decline stopped at 1777.00 level, to start providing positive trades that hint heading to resume the main bullish trend, organized inside the bullish channel that appears on the chart, waiting to test 1800.00 as a first target, reminding you that breaching this level will push the price to 1838.00 as a next station.

Therefore, we will keep our bullish overview unless breaking 1765.00 and holding below it.

The expected trading range for today is between 1770.00 support and 1810.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis


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