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Daily Technical analysis for July 13, 2021

EUR/USD

Current level – 1.1875

The currency pair continues to trade within the narrow range between the support at 1.1800 and the resistance at 1.1890. At the moment, the market has no clear direction and the bulls might try to take the trade to 1.1950. Their daily support will be the zone at 1.1844 and their first resistance remains 1.1890. It is likely that the market will need a catalyst before it starts moving in its future direction. This could be the announcement of the consumer price index for the United States today at 12:30 GMT.

USD/JPY

Current level – 110.08

The Greenback continues to recover against the yen and, in the early hours of today, trading has reached the resistance zone at 110.40. Even if the bullish rally continues, the expectations are that the movement will be limited to the zone of 110.60-110.80. Bulls can expect their first support at around 110.08. A new test of the support at 109.50 can also be expected when the bearish pressure resumes.

GBP/USD

Current level – 1.3905

The sterling is about to reverse the downtrend and a breach above the resistance of 1.3925 seems a likely scenario as the bears are noticeably losing strength, while the bulls are becoming more aggressive. It is possible that the market will briefly consolidate around the current levels before buyers try to breach 1.3925. The first support for them is the area between 1.3840-1.3860. The most substantial support remains 1.3750.

Gold price resumes the rise 

Gold price trades with clear positivity and settles above the intraday bullish channel’s support line, to keep the bullish trend valid on the intraday basis, supported by the EMA50 that continues to carry the price from below, waiting to test 1825.15 initially, noting that breaching this level will extend the bullish wave to reach 1860.00.

On the other hand, we should note that breaking 1797.00 will stop the expected rise and press on the price to decline again, to head towards 1770.00 as a first negative station.

The expected trading range for today is between 1795.00 support and 1830.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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