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Daily Technical analysis for July 30, 2021

EUR/USD

Current level – 1.1879

The market seems to be on an uptrend and higher consecutive highs and lows are already observed. We can expect a phase of consolidation around the current levels or a slight retracement in order to test the support in the area 1.1850-1.1830. The first support around 1.1879 has not yet been confirmed and may not be very reliable. The pair can form resistance in the zone around 1.1890-1.1900, and if the rally continues, we can expect an attack on the next zone around 1.1945. Today, the most significant news in the calendar that can increase the activity is the data on German GDP (08:00 GMT) and the preliminary consumer price index for the euro zone (09:00 GMT).

USD/JPY

Current level –  109.47

The US dollar is losing ground against most major currencies, with prices on track to test the support around 109.30. Expectations are for the continuation of the downtrend and a potential attack of 108.50. First resistances for the bulls are 109.55 and 109.85. Given that 109.30 manages to withstand the bears’ attacks, it is possible to continue trading in the range of 109.30 and 110.60.

GBP/USD

Current level – 1.3950

Observing the GBP/USD, we see a clear uptrend with strong momentum. It is possible for the market to test support at 1.3884 or for prices to consolidate around current levels, before the uptrend continues again. The first resistance is 1.3969, and if it is broken, the next target for the bulls will be the zone at 1.4000 or 1.4050.

Gold price surpasses the resistance 

Gold price ended yesterday above 1825.15 level, to confirm the activation of the positive scenario and head to achieve more rise on the intraday basis, and the way is open to visit 1860.00 level that represents the first positive target.

Therefore, the bullish trend will be suggested for the upcoming sessions supported by the EMA50, organized inside the bullish channel that appears on the chart, noting that holding above 1825.15 is important to continue the expected rise.

The expected trading range for today is between 1810.00 support and 1860.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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