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03Jul

DAILY TECHNICAL ANALYSIS FOR JULY 03, 2023

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EUR/USD

Current level – 1.0906

The European currency surged in the last trading session as bullish traders successfully defended the psychological support level at 1.0856 and broke the resistance at 1.0901. If the bullish momentum continues, the rate may surpass the resistance at 1.0953, targeting the next psychological resistance zone at 1.1009. However, if bears regain control at 1.0901, they may attempt to retest the support level at 1.0856. Keep in mind that the upcoming economic U.S. data on ISM manufacturing and ISM price paid at 14:00 GMT could lead to increased market volatility.

USD/JPY

Current level – 144.61

During the previous trading session on Friday, sellers gathered momentum and broke through the support level at 144.47. If the bearish pressure persists, the next support zone at 143.85 will likely be tested, with the following target at the support level at 143.15. On the other hand, if sellers fail to breach the support at 143.85, it may give way to bullish momentum and a continuation of the upward trend, surpassing the resistance at 144.47 and targeting the next level at 145.78.

GBP/USD

Current level – 1.2696

The bulls successfully defended the support level at 1.2594 during Friday’s trading session and made some progress in breaking the resistance at 1.2696. If the bears gain more strength, there is a chance that the GBP/USD rate will revisit the support level at 1.2594. Conversely, if the bears fail to maintain control at the resistance level of 1.2696, the bulls will attempt to break through and target the next resistance level at 1.2765. Traders should be cautious of potential market volatility due to upcoming economic events, specifically the ISM manufacturing and ISM price paid reports scheduled for 14:00 GMT.

Midday update for Gold

Gold prices resumes the bearish track to start pressing on 1913.15 again, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, paving the way to head towards our next main target at 1873.50, noting that breaking it will push the price to suffer additional losses that reach 1840.00 followed by 1809.35 areas.

The EMA50 continues to support the suggested bearish wave, reminding you that it is important to hold below 1923.00 to achieve the waited targets.

The expected trading range for today is between 1895.00 support and 1929.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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