DAILY TECHNICAL ANALYSIS FOR AUGUST 19, 2022
EUR/USD
Current level – 1.0079
The better-than-expected U.S. unemployment data gave the dollar a strong boost and it rose against the single European currency, easily breaching the support at 1.0119. At the time of writing, the price is consolidating around the next support at 1.0086. For now, the bears have settled permanently in the market and it looks like they will have no problem attacking the levels at around parity. There, the bulls could be expected to enter the market and hold off their pressure for a while. Only a breach of the resistance at 1.0188 could be seen as an attempt at forming a range trend that has become so typical of the pair, but this does not seem very likely for now.
USD/JPY
Current level – 136.30
The breach of the resistance at 135.38 proved to be successful, reaffirming the positive sentiment for the appreciation of the dollar against the yen. The next target for the bulls will be the resistance at 137.28. A more sustained bearish reversal is not expected, unless the supports at 134.33 and 133.29 are both overcome.
GBP/USD
Current level – 1.1915
The bears managed to break through the support at 1.2020 after the U.S. jobless claims data came in slightly better than expected. At the time of writing the analysis, the price is hovering around the support at 1.1933, where the bulls are trying to hold off the bearish pressure, but the expectations are that they will fail and that the price will likely head towards the support at 1.1804.
Gold price touches the target
Gold price settles at 1755.25 level, falling under continuous negative pressure coming by the EMA50, to support the chances of breaking this level and head to achieve more negative targets that reach 1726.60.
Therefore, we expect the continuation of the domination of the bearish trend in the upcoming sessions, noting that breaching 1779.25 will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 1735.00 support and 1770.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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