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Daily Technical analysis for August 03, 2021

EUR/USD

Current level – 1.1875

The uptrend for the currency pair is currently slowing down and the first obstacle is the resistance at around 1.1890. However, the trend seems ready to reverse and the expectations are for a breakout in this area and an attack of the next resistance at around 1.1955. The first daily support the bulls can expect at around 1.1853. If it fails to withstand the bearish pressure, the next one is at 1.1824 – a key area for the evolving movement. Today, no events are expected in the economic calendar that could significantly increase volatility.

USD/JPY

Current level –  109.19

The downtrend for the USD/JPY continues and, during yesterday’s session, the bears also managed to breach the support at 109.33. It seems that the pair is headed towards a test of the zone at 109.04, where a re-entry of the bulls and the development of a correction can be expected. If the zone at 109.04 succumbs to the bearish pressure, a new sell-off towards the support at 108.70 can be expected. At the moment, the downtrend is remaining steady, with 109.77 being the key resistance.

GBP/USD

Current level – 1.3890

The cable slowed its growth and there was a breach in the uptrend after the pair failed to reach a new peak following a test of the support at 1.3884. The market may need more time before it could move forward, but a breach of the 1.3884 support, and a deeper correction towards 1.3826, is also a possible scenario.

Gold price around the moving average

Gold price fluctuates around the EMA50, noticing that stochastic begins to provide negative overlapping signal now, waiting to motivate the price to resume the bearish bias to test 1797.00 as a first target, reminding you that breaking it will push the price to 1770.00 as a next negative target.

In general, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1825.15 and hold with a daily close above it.

The expected trading range for today is between 1790.00 support and 1825.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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