DAILY TECHNICAL ANALYSIS FOR AUGUST 16, 2021
EUR/USD
Current level – 1.1794
During the last trading session for the previous week, the corrective phase continued developing for the EUR/USD and the pair breached the resistance level of 1.1766. The next resistance lies at 1.1829. The forecast is for the pair to retest the support zone at 1.1711 once the corrective phase is complete. This week, investors’ attention will be focused on the data on the consumer price index for the euro area (Wednesday; 09:00 GMT) and the initial jobless claims for the U.S. (Thursday; 12:30 GMT).
USD/JPY
Current level – 109.49
The corrective phase continues for the pair as it violated the support level of 110.30 at the end of last week and, at the time of writing, is headed towards a test of the next support level at 109.44. The expectations are for the dollar to regain positions against the yen once the corrective phase is complete and for the resistance level of 110.56 to be re-tested. In the negative direction, the main support is found at 108.74.
GBP/USD
Current level – 1.3854
Like most of the other major currencies, the dollar depreciated against the sterling at the end of the previous week. At the time of writing, the Cable is headed towards a test of the resistance level at 1.3862 which, if successful, would deepen the correction and we might witness prices rise above 1.3900. In the negative direction, the first support lies at 1.3827. This week, investors’ attention will be focused on the data on the consumer price index (Wednesday; 06:00 GMT) and the retail sales for the UK (Friday; 06:00 GMT).
Gold price surpasses the first target
Gold price breached 1770.00 level clearly and builds support base above it, reinforcing the expectations of continuing the bullish trend, waiting to test 1797.00 as a next main target.
Moving above the EMA50 supports the suggested positive scenario, noting that breaking 1770.00 will stop the expected rise and press on the price to decline towards 1750.00 followed by 1735.00 areas initially.
The expected trading range for today is between 1765.00 support and 1800.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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