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DAILY TECHNICAL ANALYSIS FOR AUGUST 23, 2021

EUR/USD

Current level – 1.1714

The support at 1.1670 managed once again to resist the bearish pressure and the expectations for today’s trading session are for the pair to remain within the range between 1.1670 – 1.1766. Only a breach of the support at 1.1670 would lead to a sell-off, targeting the levels at around 1.1600. At the time of writing, a move towards the resistance at 1.1760 is a possible scenario before the downtrend is to continue. If the mentioned resistance is breached, the EUR/USD will most likely head towards the resistance at 1.1800.

USD/JPY

Current level –  109.80

After the successful breach of the resistance at 109.73, the expectations for today’s trading session are for a test of the resistance at 110.18. However, it is very likely that trading will remain locked in the range between 109.50-110.20. The stronger support, in case the pair starts to decline, is the level of 109.50 which, if breached, should lead to a move towards the support zone at 108.74.

GBP/USD

Current level – 1.3646

The currency pair is testing the psychological level at 1.3600 and, at the time of writing the analysis, there is a corrective movement which will most likely lead to a move towards the resistance at 1.3720. During today’s trading session, the more important economic news that could lead to an increase in volatility is the preliminary manufacturing PMI and the preliminary services PMI at 08:30 GMT.

Gold price continues to fluctuate

Gold price shows more sideways trading between 1770.00 support and 1797.00 resistance, and it might test this resistance in the upcoming sessions.

Until now, we will continue to suggest the sideways move between the mentioned levels until breaching one of them followed by detecting the next destination clearly, noting that breaching the resistance will lead the price to achieve additional gains that reach 1825.15, while breaking the support represents negative factor that will press on the price to visit 1735.00 level initially.

The expected trading range for today is between 1770.00 support and 1810.00 resistance.

The expected trend for today: Sideways

Source: Technical analysis

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Comments (2)

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    25th October 2021 at 6:36 am
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