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12Jul

DAILY TECHNICAL ANALYSIS FOR JULY 12, 2022

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EUR/USD

Current level – 1.0025

The euro lost ground against the dollar, and after the successful breach of the support at 1.0071, the currency pair slipped into a new 19-year low. If trading remains limited under the mentioned zone, then a continued depreciation could easily lead to a test of the psychological support at 1.0000 and could strengthen the negative expectations for the future path of the EUR/USD. The first target for the bulls is the zone at 1.0071, which is now acting as resistance, followed by the upper level at 1.0115.

USD/JPY

Current level – 137.06

The bulls did not gain enough momentum for a successful breach of the resistance at 137.42, and during the early hours of today`s trading, the price consolidated around the current level of 137.06. If the bears prevail, then the violation of the support at 136.69, followed by a breach of the lower target at 136.08, could easily deepen the correction towards the important zone at 135.27. If the bulls re-enter, however, then a new successful test of the resistance at 137.42 could lead to a new rally for the dollar against the yen and head the price towards the upper level at 138.00.

GBP/USD

Current level – 1.1881

Тhe appreciation of the dollar against the world currencies helped the bears prevail. The Cable tested the support at 1.1912, and at the time of writing the analysis, the pair is holding positions just under the mentioned zone. A confirmation of the breach here could lead to new losses and could easily head the price towards the lows at around 1.1877. If the bulls re-enter the market instead, then a violation of the resistance at 1.2045, followed by a successful attack on the upper zone at 1.2120, could result in a rally and a test of the important target at 1.2170.

Gold price awaits the break

Gold price continues to fluctuate within the sideways range mentioned in our previous reports, and we still waiting to break 1730.00 to open the way to head towards our expected negative target at 1700.00.

In general, the bearish trend scenario will remain valid conditioned by the price stability below 1745.00, as breaching this level will push the price to test 1765.00 areas initially before any new attempt to decline.

The expected trading range for today is between 1715.00 support and 1750.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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