DAILY TECHNICAL ANALYSIS FOR FEBRUARY 16, 2022
EUR/USD
Current level – 1.1345
The depreciation of the single European currency was limited just above the support zone at 1.1268 during the first trading session for this week. The subsequent appreciation could be seen as a corrective move due to the fact that the bulls failed to gain enough momentum to breach the resistance at 1.1369. If the bears prevail in this situation, then it is possible to witness another wave of depreciation of the euro against the greenback, but this time towards the next more significant support area at 1.1168.
USD/JPY
Current level – 115.67
The situation with the Ninja as a whole remained unchanged at the time of writing, except that the currency pair is trading just above the 115.57 level, which currently plays the role of the first important support. The formation of a range is a possible development in the long run which, however, is expected to remain within the narrow channel between 115.03 and 116.15. Looking at the daily charts, the most likely scenario is for an attack on the resistance zone at 116.15. An unsuccessful breach here could steer any further trading activity towards the lower boundary of the mentioned range.
GBP/USD
Current level – 1.3538
The Cable continues to trade in the narrow range between 1.3521 and 1.3616, and since the beginning of the week, we have witnessed two attempts at breaching the lower border of the mentioned range. Despite the unsuccessful breach, the sentiment remains negative – for another attack on the support zone at 1.3521. In the event of a breach, we could expect a decline towards the next significant support at 1.3434. Investors are eagerly awaiting the announcement of the consumer price index data for the UK (today; 07:00 GMT), which could determine the future of the currency pair. Increased market volatility is therefore expected.
Midday update for Gold
Gold price continues to fluctuate between the key levels represented by 1845.00 support and 1860.00 resistance, which represents the next trend keys, to continue with our neutrality until the price confirms its next destination through breaching one of the mentioned levels.
To review the details of the expected targets after the breach, please check our morning report.
The expected trading range for today is between 1835.00 support and 1870.00 resistance.
The expected trend for today: Neutral
Source: Technical analysis
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