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DAILY TECHNICAL ANALYSIS FOR JULY 06, 2022

EUR/USD

Current level – 1.0260

The common European currency lost quite a bit of ground against the dollar, and after the successful violation of the major support at 1.0359, the pair tested the lower zone at 1.0237 as a result of how late the ECB is in the rate hiking cycle, compared to the FED, and the impending recession. During the early hours of today, the pair is consolidating above the mentioned zone, but if the bears continue to prevail, then a new successful attack could easily lead to future losses and would strengthen the negative expectations for a parity between the euro and the greenback. The first target for the bulls is the level at 1.0359, which is currently acting as resistance, followed by the upper zone at 1.0396.

USD/JPY

Current level – 135.18

The bulls did not manage to gain enough momentum to successfully violate the resistance at 136.27 and the dollar erased some of its recent gains against the yen. At the time of writing the analysis, the pair is testing the close support at 135.42, and if the breach is confirmed, then an attack on the next target at 134.77 would be the most probable scenario. Success for the bears here could easily deepen the drop and could lead the Ninja towards the lower support at 133.57. If buyers enter the market, then a successful violation of the resistance at 136.27, followed by a breach of the zone at 136.69, could lead to a continuation of the rally and a move towards the levels at around 137.00.

GBP/USD

Current level – 1.1965

Тhe bearish attack on the support zone at 1.1931 was not successful, and the during the early hours of today`s trading, the GBP/USD is hovering above the mentioned level. If the bulls prevail and breach the resistance zone at 1.1988, then the current corrective move could continue towards the upper target at 1.2038. If the bears re-enter the market, then a breach of the zone at 1.1931 could lead to new losses and could continue the decline towards the levels at around 1.1800.

Midday update for Gold

Gold price hovers around 1765.00 level since morning, waiting to resume the negative trades that target 1750.00 as a next main station, noting that stochastic positivity interprets the reasons of the current sideways fluctuation, while the continuation of the bearish wave depends on the price stability below 1780.25.

The expected trading range for today is between 1750.00 support and 1785.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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