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DAILY TECHNICAL ANALYSIS FOR AUGUST 17, 2022

EUR/USD

Current level – 1.0168

During yesterday’s trading session, the single European currency managed to register some growth and to overcome the nearest resistance at 1.0158. At the time of writing, neither the bears nor the bulls are able to prevail and move away from the level at 1.0158. This is likely to remain the case until 12:30 GMT, when the retail price index and the business investment index data will be released. Another major news that could cause high volatility is that of crude oil stocks at 14:30 GMT. If the news is positive for the bulls, then they could make an attempt to reach the next resistance at 1.0276.

USD/JPY

Current level – 134.37

During yesterday’s trading session for the Ninja, the bulls managed to consolidate the resistance breach at 133.29 and to reach and test the next one at 134.33. Their breach is still not confirmed, and at the time of writing, the levels are moving around the mentioned resistance. If investors maintain their momentum, then the next resistance for them would be the level at 135.38.

GBP/USD

Current level – 1.2097

The sterling’s situation is similar to that of the USD/JPY, with the bulls managing to gain the upper hand. During yesterday’s trading session, they managed to breach the resistance at 1.2063, but made an unsuccessful attempt to breach the next one at 1.2134. From the end of yesterday’s session right up until now, we have been observing the so-called “sideways movement”. If, however, the bulls manage to overcome the resistance at 1.2134, then they would have to face the next one at 1.2183 as well. On the other hand, if the bears manage to recover yesterday’s losses, then they could test the support at 1.2020.

Midday update for Gold

Gold price resumes its negative trading after testing the EMA50, to settle below 1779.25 level, which keeps the bearish trend scenario active for today, supported by the negative overlapping signal provide by stochastic now, waiting to head towards 1755.25 as a next main target, reminding you that it is important to hold below 1779.25 to continue the expected decline.

The expected trading range for today is between 1755.00 support and 1790.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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