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DAILY TECHNICAL ANALYSIS FOR JULY 27, 2022

EUR/USD

Current level – 1.0137

Today’s trading session started calmly for the single European currency. Neither the bears, nor the bulls manage to take advantage. At the time of writing the analysis, the first major support would be at 1.0115. If the bulls manage to gain a preponderance, they will have to deal with the resistance at 1.0168, with the main obstacle being the level at 1.0271. There is a lot of macroeconomic news today that could cause a strong move in the currency pair, but investors’ eyes will most likely be on the Federal Interest Rate decision news at 18:00 GMT and Powell’s press conference shortly after that, at 18:30 GMT. Given the present levels of inflation, a 1 percent increase should not be ruled out, despite current expectations for a 75 bps hike. Whatever the outcome, volatility will continue to be high and strong moves either direction can be expected.

USD/JPY

Current level – 137.02

With the Ninja, the trading session began ambitiously for the bulls and, at the time of writing the analysis, they are headed for the first key resistance at 138.42. If the bears manage to reverse the first market moves of the day, they would most likely reach support at 136.69. A breach of the aforementioned level would increase the odds for a deeper sell-off towards the psychological support at 136.00.

GBP/USD

Current level – 1.2037

Over the last ten days, we are witnessing a consolidation in the range for the Sterling – 1.190 – 1.205. If the bulls succeed in breaking the range, the next resistance in front of them would be at 1.212. If, on the other hand, the bears manage to make a breakthrough, the next key support for them would be at 1.1952.

Midday update for Gold 

Gold price traded positively to approach the key resistance 1726.60, which represents one of the next trend keys besides 1712.00 support, and as we mentioned this morning, the price needs to surpass one of these levels to detect its next destination cleary.

Therefore, we will continue with our neutrality until now, noting that the details of the expected targets afer the breach are explained in our morning report.

The expected trading range for today is between 1695.00 support and 1735.00 resistance.

The expected trend for today: Neutral

Source: Technical analysis

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