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Daily Technical analysis for July 06, 2021

EUR/USD

Current level – 1.1859

During yesterday’s trading session, the pair managed to stay above the support level of 1.1846, which is a bullish signal and the forecasts are for the EUR/USD to rise and test the resistance level of 1.1904. In the negative direction, the first support is found at the previously mentioned level of 1.1846. Today, investors’ attention will be focused on the announcement of the ISM non-manufacturing data for the U.S. (13:45 GMT).

USD/JPY

Current level –  110.85

In the first trading session for the week, the currency pair breached the support level of 111.02 and it is expected to enter a consolidation phase, limited by the important support level of 110.43. In the positive direction, the first resistance is found at the level of 111.02.

GBP/USD

Current level – 1.3856

The sterling continues to appreciate against the dollar and, at the time of writing, the currency pair is confirming the breach of the level at 1.3870, which is the main resistance. If confirmed, the breach would lead the pair towards a test of the next levels of 1.3932 and 1.3979. In the negative direction, the first support lies at the level of 1.3798. Today, the PMI construction data for the UK (07:30 GMT) could lead to a rise in volatility.

Gold price attacks the resistance

Gold price begins today with new rise and attempts to breach 1800.00 level, which hints heading to activate the positive scenario for the upcoming period, but we need to get a daily close above this level to confirm the continuation of the rise and head to achieve gains that start at 1825.15 and extend to 1860.00.

Therefore, we will continue with our neutrality until the price confirms breaching 1800.00 resistance or breaking 1770.00 support to detect its next destination clearly.

The expected trading range for today is between 1785.00 support and 1820.00 resistance.

The expected trend for today: Sideways

Source: Technical analysis

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