DAILY TECHNICAL ANALYSIS FOR AUGUST 15, 2022petar skakalov
Current level – 1.0249
The beginning of the week started rather calmly for the single European currency. After the market opening, the rate remained in a narrow range between 1.0260 and 1.2050. The last week’s bull losses are likely to continue, unless they attempt to test the resistance at 1.0276 and relinquish their control over to the bears. They, in turn, will try to direct the course of the currency pair towards the support at 1.0240. The downward movement for the euro is probably not over, but the possible return of the bulls could be considered only after a breach of the resistance at 1.0309.
Current level – 133.31
The dollar continues to lose ground against the yen. The support at 133.26 was easily overcome by the bears and they are likely to head towards the area of the next support at 132.52. The return of the bulls can be expected only after a breach of the resistance at 134.40.
Current level – 1.2111
The beginning of the session started calmly, and at the time of writing the analysis, the price of the currency pair is managing to hold its head above the support at 1.2134. As a result, we are likely to see a range move and a change in course towards the resistance at 1.2183. A signal that the bulls may return for a longer period on the market would be a breach of the resistance at 1.2291. If this does not happen, then the important supports that would make life difficult for the bears, would be the levels at 1.2063 and at 1.2020.
Gold price achieves the first target
Gold price managed to achieve our first waited target at 1802.80 and finds solid resistance there, to show some bearish bias affected by stochastic negativity, and it might witness some temporary decline before turning back to rise again.
In general, we will continue to suggest the bullish trend for the upcoming period supported by the EMA50 unless breaking 1779.25 and holding below it, noting that breaching 1802.80 will push the price to achieve additional gains that reach 1831.95.
The expected trading range for today is between 1780.00 support and 1815.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis