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DAILY TECHNICAL ANALYSIS FOR FEBRUARY 07, 2023

EUR/USD

Current level – 1.0791

In the past session, the single European currency managed to stop its depreciation against the U.S. dollar and the rate managed to hold above the support at 1.0720. Attempts by the bulls to settle more permanently above this level have been successful for now, but it is possible that the bears will gain the upper hand in attempts to overcome support. It cannot be said that the bearish movement is over yet, but traders are unlikely to take any risk and, until Jerome Powell’s speech at 17:40 GMT, the sentiment is that the rate will move in a range.

USD/JPY

Current level – 128.68

The U.S. dollar managed to recover some of its positions against the yen. After the long negative trend, it is possible to observe a larger correction. However, for this purpose, the bulls will have to overcome the resistanceс at 132.72 and 134.63. The strength of the bears has not yet subsided enough, and it is possible that the success of the bulls will be temporary.

GBP/USD

Current level – 1.2040

During the past session, the Cable was able to at least temporarily halt its depreciation against the U.S. dollar, which has continued for the past three days. The support at 1.2007 is holding the bears for now, but that doesn’t mean they have given up. On the other hand, the bulls need to break through the resistances at 1.2098 and 1.2165 to be able to say that they have achieved at least partial success.

Midday update for Gold

Gold price didn’t show any strong move since morning, thus, no change to the expected bearish trend scenario for today, which depends on the price stability below 1878.80, supported by stochastic loss to the positive momentum, reminding you that our main waited target is located at 1828.70.

The expected trading range for today is between 1850.00 support and 1890.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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