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DAILY TECHNICAL ANALYSIS FOR JULY 22, 2022

EUR/USD

Current level – 1.0225

Due to the aggregation of several significant pieces of news, yesterday was a very significant day for the euro. Specifically, the departure of Mario Draghi, the Italian prime minister, who was tasked with steering the nation out of its escalating crisis. The ECB’s 50 basis point rise in the deposit interest rate, which had not been done in a decade, was as significant. Around the start of the European session, the day saw a small advance, but after it reached the crucial level of 1.0220, the bulls slowed down in anticipation of the news. The pair went higher once more as volatility increased surrounding the unexpected 50 basis point rate hike, but after encountering resistance near 1.0270, the euro began an aggressive correction, hitting support and ending the day around 1.0200. The release of data revealing managers’ rates of flash manufacturing and services in EU nations will take place from 08:15 GMT to 09:30 GMT today, which is also a significant day for the single European currency. The level at 1.0270 will be the first goal if the bulls decide to launch another attack, but if the bears maintain control, EUR/USD may once more aim for 1.0120.

USD/JPY

Current level – 137.35

Due to the declining value of the dollar and the fact that the levels around 138.85 served as resistance twice in the space of four hours, the bulls abandoned additional assaults, the corrective move is still in progress. Clearly in charge for the remainder of the day, the bears were able to bring prices crashing down by 140 pip and reach back around the support at 137.45. If the aforementioned support does not hold, it is extremely likely that the downward move will continue. However, if the reaction to the data is favorable, we may anticipate USD/JPY to resume its upward trend. Today’s eyes are on US Preliminary Manufacturing PMI data at 13:45 GMT.

GBP/USD

Current level – 1.1991

The pair once again reached levels of 1.2000 towards the start of the European session, but the balance of power tipped in favour of the bears, who launched a fierce attack that drove the GBP/USD down to 1.1930. The ECB’s decision to hike interest rates in the EU by 50 basis points—a move that had not been made in ten years—caused a rise in volatility, which had an impact on the Cable as well. The market experienced an intense correction that went as far as 1.1890, but the bulls found favourable levels to stop the slide and the pair was able to close above 1.1960. The information from the UK Flash Manufacturing and Services Managers’ rate is the subject of much attention today at 08:30 (GMT). Whether the uptrend resumes depends on traders’ reaction to the data release.

Gold price achieves clear gains

Gold price ended yesterday above the breached resistance of the positive pattern that its signs appear on the chart, to get positive motive that supports the chances of achieving more expected gains in the upcoming period, paving the way to head towards 1726.60 followed by 1755.70 levels as next positive stations.

Therefore, the bullish bias will be suggested for today, noting that breaking 1704.60 will stop the expected rise and press on the price to resume the main bearish track again.

The expected trading range for today is between 1700.00 support and 1735.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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