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07Dec

DAILY TECHNICAL ANALYSIS FOR DECEMBER 7, 2022

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EUR/USD

Current level – 1.0465

During yesterday’s trading session, the currency pair declined, reaching the support level at 1.0450, and at the time of writing this analysis, the bears are making an attempt to overcome this level. A successful breakthrough would most likely lead to a deeper sell-off with the next target being the support at 1.0400. If the trade holds above this support and the bulls manage to violate the resistance level at 1.0533, then the uptrend is expected to continue and the pair will most probably head towards the resistance at 1.0600.

USD/JPY

Current level – 137.09

In the early hours of today’s trading session, it seems that the bulls are not able to gain enough momentum to continue the upward movement. A confirmed breach of the resistance at 137.65 would pave the way for the pair towards the next level at around 139.00. If the sellers return to the market and successfully breach the support at 135.80, then their next target would be the support at 134.00. The upward movement that we have witnessed could be considered as a corrective one, therefore, expectations for today’s trading session are for the support level at 135.80 to be tested, where a successful breach would strengthen the negative expectations for a decline towards the next support at 133.00.

GBP/USD

Current level – 1.2121

At the time of writing this analysis, the pair is headed towards a test of the support at 1.2130, and in case this level is successfully breached we may witness deepening of the sell offs towards the next one at 1.2026. If the aforementioned support withholds bears’ pressure, it is highly likely to witness an upward movement towards the resistance at 1.2300.

Midday update for Gold

Gold price didn’t show any strong move since morning, to keep the bullish trend scenario valid as it is without any change, depending on the price stability above 1764.40, reminding you that we need to breach 1784.00 to head towards 1800.00 followed by 1810.00 levels.

The expected trading range for today is between 1760.00 support and 1795.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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