DAILY TECHNICAL ANALYSIS FOR JULY 05, 2023

05Jul5th July 2023

DAILY TECHNICAL ANALYSIS FOR JULY 05, 2023

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EUR/USD

Current level – 1.0881

In the past trading session for EUR/USD the bears took control of the rate for the entire day , managing to overcome the level support at 1.0901. If the bears continue their attack, they could reach and break the next support at 1.0856. Otherwise, the bulls could retrace some of their losses. In today’s trading session, keep an eye out for significant economic indicators. Starting with the European Union’s Business Activity Index, which is due to be released at 8:00 GMT. This will be closely followed by the EU’s Producer Price Index at 9:00 GMT. Later in the day, attention will shift to the United States with the release of Factory Orders and the IBD/TIPP Economic Optimism index at 14:00 GMT. Significant volatility is expected after the release of the Fed minutes at 18:00 GMT as well.

USD/JPY

Current level – 144.50

The Ninja had a low volatility day with the price hovering around the key level at 144.47. Over the next few trading sessions we are yet to find out which direction the course will take, depending on market and investors sentiment.

GBP/USD

Current level – 1.2708

The Cable posted a positive day as the bulls successfully broke through the resistance level at 1.2696. If the bulls continue their attack, they could reach and break the next resistance at 1.2696. Otherwise, the bears could retrace some of their losses.

Midday update for Gold

Gold prices keeps moving around 1929.00 level and still below it, thus, no change to the expected bearish trend scenario for today, which depends on the price stability below the mentioned level, waiting to get negative motive that assist to push the price to achieve our targets that start by breaking 1913.15 to confirm opening the way to rally towards 1873.50.

The expected trading range for today is between 1900.00 support and 1935.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis