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DAILY TECHNICAL ANALYSIS FOR FEBRUARY 13, 2023

EUR/USD

Current level – 1.0667

Today’s trading session of the single European currency started with a bears’ attempt to breach the support at 1.0667. If it proves successful, we could see EUR/USD at the next support at 1.0575. On the other hand, if the attempt fails and the bulls manage to take advantage, we could see an attempt to reach the resistance at 1.0707. On the first day of this week, no important macroeconomic news is expected to have a strong effect on the currency pair.

USD/JPY

Current level – 131.69

The trading session of the Ninja started with the bulls trying to breach the resistance at 131.67. If their attempt is successful, we could see an attempt to breach the next resistance at 132.88. If the bears do gain momentum, we could see the Japanese yen reaching the support at 130.48 against the dollar. Given the lack of macro news today and the upcoming U.S. inflation report scheduled for tomorrow, the current range will most likely limit price action to its borders.

GBP/USD

Current level – 1.2040

Today’s trading session for the Cable started with a slight advantage for investors with negative attitudes. If their momentum continues, we will most likely see the reaching of the support at 1.2000. On the other hand, if the bulls manage to impose themselves on the market, we will witness an attempt to breach the resistance at 1.2088. No macroeconomic news is expected to have an impact on the Sterling today.

Midday update for Gold 

Gold price shows new negative trades now in attempt to resume the correctional bearish trend, and we believe that the way is open to achieve our next waited target at 1828.70, to keep the bearish bias suggested on the intraday basis.

The EMA50 and stochastic support the expected bearish trend, which will remain valid conditioned by the price stability below 1878.80.

The expected trading range for today is between 1840.00 support and 1875.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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