DAILY TECHNICAL ANALYSIS FOR JUNE 01, 2022petar skakalov
Current level – 1.0708
Today’s trading session for the single European currency began with a breach of the support for the bears at 1.0738. The bulls then tried to regain positions, but the sellers did not back down and the breach of the aforementioned level was confirmed.. If they remain in control, then the next support they will most likely try to attack is the one at 1.0640. From the higher time frames, we can see that the next resistance that the bulls would try to face is sitting at 1.0800. During today’s trading session, traders and investors will both be keeping an eye on the ADP non-farm employment change data (12:15; GMT) and on the ISM manufacturing data (14:00; GMT).
Current level – 129.06
The bulls managed to rally the Ninja with more than one figure as the trading session started with a breach of the resistance at 128.05. At the time of writing the analysis, the bulls are moving towards the next resistance at 129.45, but a corrective move is quite likely, given the magnitude of the recent rally. However, if the bears do manage to turn the market around, then the first serious obstacle for them would be the support at 128.05.
Current level – 1.2592
The trading session started promisingly for the bears as they managed to breach the support at 1.2587 and headed towards the next one at 1.2482. Their hopes were quickly dashed and the bulls were able to regain their positions above 1.2587. At the time of writing, the bears are again trying to break through this key support, and if they are successful, then the sell-off will most likely accelerate. If the bulls manage to tip the scales in their favour, then the first resistance they would have to deal with would be found at 1.2657.
Gold price completes negative pattern
Gold price continued its negative pressure to break 1838.10 level and close the daily candlestick below it, to complete forming double top pattern that we expect to push the price to achieve more decline on the intraday basis, to head towards testing 1810.00 followed by 1780.00 levels as next main targets.
Therefore, the bearish bias will remain suggested in the upcoming sessions, noting that breaching 1850.00 will stop the current negative pressure and lead the price to rise again.
The expected trading range for today is between 1815.00 support and 1850.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis