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02Feb

DAILY TECHNICAL ANALYSIS FOR FEBRUARY 02, 2023

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EUR/USD

Current level – 1.1016

During the past session, the movement of the single European currency against the U.S. dollar turned into a rally after Jerome Powell’s press conference. Market participants took his speech on slowing inflation very positively, and despite confirmation that more interest rate hikes are on the way, a serious dollar sell-off ensued. The currency pair managed to quickly overcome two important resistances at 1.0914 and 1.0950 and held above 1.1000. Sentiments are positive. However, we should not rule out corrections and possible temporary successes of the bears, in case they manage to overcome the supports at 1.0950 and 1.0914. We are likely to see high volatility and more significant moves in the currency pair, given the release of key U.S. economic data – weekly jobless claims today at 13:30 GMT and Friday’s unemployment rate, as well as the change in nonfarm payrolls at 13:30 GMT.

USD/JPY

Current level – 128.49

In the past session, the Ninja managed to gain ground against the dollar and was able to overcome two supports – at 129.69 and 129.00. The bulls repelled the bear attack shortly before the support at 128.11, but given the dollar’s weakness, sentiment remains negative. The said level would give an even more serious advantage to the bears. If this does not happen, it is possible that the bulls will try to attack the resistances at 129.00 and 129.69.

GBP/USD

Current level – 1.2384

After Jerome Powell’s press conference, the Cable also managed to gain ground against the dollar. However, the upper limit of the range, the level at 1.2429, has not yet been reached. The bulls settled permanently above the support at 1.2333 and are likely to test the resistance at 1.2429. To observe the downward movement, the bears need to direct the pair back to the support zones at 1.2333 and 1.2289.

Midday update for Gold

Gold price keeps its stability above 1950.00 level, to keep the bullish trend scenario active for today, supported by the EMA50 that continues to carry the price from below, waiting to get enough positive momentum to push the price to head towards our next main target at 2000.00.

The expected trading range for today is between 1940.00 support and 1975.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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