DAILY TECHNICAL ANALYSIS FOR AUGUST 02, 2022petar skakalov
Current level – 1.0269
The single European currency continued its twenty-day consolidation in the range between 1.0110 and 1.0270. During yesterday’s trading session, we saw a failed attempt to breach the upper border of the mentioned range by the bulls, but the bears again managed to put a stop to the buyers’ efforts to start a more sustained rally. At the time of writing the analysis, the bulls are still trying to breach the resistance, and if they manage to do so, then the next one before them would be found at 1.044. If the bears manage to overcome the lower border of the range, then they would find themselves “eye to eye” with the psychological support at 1.000 and we will witness parity between the euro and the U.S. dollar once again.
Current level – 131.04
Yesterday’s trading session for the Ninja was marked by a successful bearish breach of the support at 132.25. Today, the bears start the trading session with the same momentum as the previous day. By all accounts, they seem headed for the 130.53 support. If, on the other hand, the bulls manage to limit the sell-offs and restore yesterday’s positions, then they would face the resistance at 134.65.
Current level – 1.2252
During yesterday’s trading session involving the sterling, the bulls managed to breach the resistance at 1.2282 as a result of the greenback’s weak performance across the board. However, their breakthrough was not confirmed and they lost their momentum. The bears took advantage of this weakness and were able to recover some of their positions. The next supports for them to overcome are those at 1.2207 and at 1.2108.
Gold price breaches the resistance
Gold price surpasses the bearish channel’s resistance and settled above it, to head towards achieving more bullish correction, as it tests 50% Fibonacci correction level now at 1779.25, waiting to breach it to open the way to visit 1802.80 as a next positive target.
Therefore, we expect the continuation of the bullish bias in the upcoming sessions supported by the EMA50 that carries the price from below, noting that the continuation of the bullish wave depends on the price stability above 1755.70.
The expected trading range for today is between 1760.00 support and 1795.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis