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DAILY TECHNICAL ANALYSIS FOR AUGUST 23, 2022

EUR/USD

Current level – 0.9942

In less than a quarter, the U.S. dollar managed to reach parity with the euro for the second time. Unlike the previous time, where one euro traded for one dollar, the pair managed to confirm the breakthrough. This sell-off means that the bets for a more hawkish FED after the Jackson Hole symposium are on the rise. If the bears continue to dominate the market, then the pair will most likely target the support at 0.975 coming from the higher time frames. . The bulls, on the other hand, will have the difficult task to overcoming the resistance at 1.000 and then the next one at 1.011, if they are to have any chance of reversing the sell-off.

USD/JPY

Current level – 137.23


In the past trading session for the Ninja, the bulls made two attempts to breach the resistance at 137.28. The second breakout was solidified and investors took their first steps towards the next resistance at 138.60. If, however, the bears manage to reject the breakout, then they would try to reach the key support at 135.38. No important macroeconomic news is expected from Japan today.

GBP/USD

Current level – 1.1772

In the past week, Great Britain announced its highest inflation rate since 1982. This news encouraged the bears as they headed for the support at 1.1760. If, however, the bulls manage to turn the market around in their favour, then they will have to first breach the closest resistance at 1.1804, and only then consider the more distant one at 1.1935.

Midday update for Gold 

Gold price provides slight positive trades, while stochastic continues to lose the positive momentum, waiting to resume the bearish wave that its targets begin by breaking 1726.60 to confirm heading towards 1700.00, reminding you that holding below 1755.70 is important to achieve the suggested targets.

The expected trading range for today is between 1720.00 support and 1755.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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