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DAILY TECHNICAL ANALYSIS FOR JULY 01, 2022

EUR/USD

Current level – 1.0470

In the early hours of today’s trading session, the euro gained strength against the dollar and bounced back from the resistance level at 1.0490. The expectations for today’s trading session are for the bears to attack the support zone at around 1.0400. In the opposite direction, only a confirmed breach of the psychological level at 1.0500 would pave the way for the pair towards the next resistance zone at 1.0600. However, the market sentiment for today’s trading session remains negative, and we will most likely see further depreciation of the euro and a test of the support at 1.0400, where a confirmed breach would most probably lead to an impulsive downwards movement towards new lows at around 1.0300.

USD/JPY

Current level – 135.80

The decline from the previous trading session was limited above the support at 135.40 and the bulls would probably try to lead the pair towards a test of the resistance at 136.47. A short-term consolidation in the narrow range of 135.43 – 136.47 should also not be excluded as a possible scenario for today’s trading session. A more bearish picture could only be drawn after a confirmed breach of the support at 135.43, and a deepening of the sell-offs may result in a steeper price correction, which may lead to a decrease towards the support at 134.30.

GBP/USD

Current level – 1.2155

The resistance at 1.2180 managed to hold off the bulls’ attack and the currency pair is likely to continue the downtrend, with the next target for the bears being the psychological level at around 1.2000. In case the bears lose their momentum and the bulls manage to violate the resistance at 1.2180, then the pair would most probably head towards the resistance at 1.2290.

Midday update for Gold 

Gold price shows additional negative trades to approach gradually from our waited target at 1780.25, being aware that we need to monitor the price at this level, as breaking it will push the price to suffer new losses that reach 1750.00, while holding below 1814.00 represents initial condition to continue the suggested bearish trend.

The expected trading range for today is between 1780.00 support and 1820.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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