DAILY TECHNICAL ANALYSIS FOR FEBRUARY 07, 2022
Current level – 1.1430
At the end of last week, the rally lost its momentum and the currency pair made an unsuccessful test of the important resistance level of 1.1480. The forecast is for the pair to consolidate in the zone between 1.1362 and 1.1480, before the bulls are to re-test the resistance at 1.1480. In the negative direction, the first support lies at 1.1362. Among the important news for traders this week is the U.S. core CPI data, as well as the U.S. initial jobless claims report. Both of them are to be announced on Thursday at 13:30 GMT.
Current level – 115.30
At the end of last week, the Ninja breached the resistance level of 115.00 and is now expected to continue rising towards the next resistance zone at 115.63. In case this zone is tested and violated, then the next target for the pair would be found at 116.16. In the negative direction, the former resistance at 115.00 is now acting as support.
Current level – 1.3526
The appreciation of the British pound against the dollar was limited slightly below the resistance zone of 1.3650 and the pair subsequently failed to stay above 1.3570. The expectations are for the pair to continue losing ground and to consecutively test the support levels at 1.3444 and at 1.3370. In the positive direction, the first significant resistance lies at 1.3570. This week, increased trading activity can be expected around the announcement of the U.K. manufacturing production data and the U.K. GDP data. Both of them are to be announced on Friday at 07:00 GMT.
Midday update for Gold
Gold price settles around 1810.00 since morning, and didn’t show any strong move in the previous sessions, thus, the bullish trend scenario will remain valid as it is without any change, depending on the price stability above 1797.00, reminding you that our next main target is located at 1825.15.
The expected trading range for today is between 1797.00 support and 1830.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis