DAILY TECHNICAL ANALYSIS FOR JULY 13, 2022
EUR/USD
Current level – 1.0031
After the single European currency reached parity with the U.S. dollar during yesterday’s trading session, we witnessed a slight recovery and a test of the first resistance zone at 1.0071. The bulls have not been able to impose themselves on the market and to breach the mentioned level, and at the time of writing, we are seeing a consolidation below the resistance zone. Sentiments for the moment remain rather negative – for a test of the psychological level at 1.0000. The more interesting economic news today, which could have an impact on the volatility of the currency pair, is the release of the U.S. consumer price index data (12:30 GMT).
USD/JPY
Current level – 137.12
The resistance zone at 137.42 was not overcome in the past trading session, but as it stands, the most likely scenario is for another attack by the bulls. The bearish sentiments for the Japanese yen remain in place, with the possibility of a negative correction and a possible test of the first significant support area at 136.70, with the aim of finding better market entry levels. A possible deepening of the sell-off for the U.S. dollar could lead the trade towards a range move between 134.24 – 136.70.
GBP/USD
Current level – 1.1896
After the bears failed to breach the support zone at 1.1800 at the beginning of yesterday’s trading session, a slight recovery and a test of the zone at 1.1900 followed. The bulls failed to gather enough momentum to break through the mentioned resistance, but the most likely scenario is for another test of this level. A successful breach could take the trade towards the next significant resistance area at 1.2045. Today, the announcement of the UK’s GDP data will be in focus for investors, with a possible rise in volatility for the currency pair following suit.
Gold price breaks the support
Gold price managed to break 1730.00 and closed the daily candlestick below it, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, and the way is open to achieve our next target at 1700.00, supported by the negative pressure formed by the EMA50.
Holding below 1745.00 is important to continue the expected decline, as breaching it might push the price to test 1765.00 areas before any new negative attempt.
The expected trading range for today is between 1700.00 support and 1740.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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