DAILY TECHNICAL ANALYSIS FOR JUNE 07, 2022
EUR/USD
Current level – 1.0673
The currency pair continues to move within the relatively narrow range of 1.0640 – 1.0740. During yesterday’s trading session, the bulls were limited to the upper limit of the mentioned range, after which they began to give way to the bears, and at the time of writing the analysis, the most likely scenario is for an attack on the support zone at 1.0640. A successful breach of the lower boundary of the range could deepen the sell-off towards the next significant support zone at 1.0540.
USD/JPY
Current level – 132.57
The U.S. dollar continues to gain positions against the Japanese yen during today’s trading session. Should it reach the resistance at 132.72, we may witness a negative correction towards the first resistance at 131.22 in order to find better market entry levels and maintain the positive sentiment intact. The next more significant resistance for the currency pair, after the one at 132.70, is the area at around 133.70.
GBP/USD
Current level – 1.2492
The pound lost ground against the U.S. dollar once again, and at the time of writing the analysis, it is about to test the support zone at 1.2470. This level also plays the role of the lower boundary of the emerging range between 1.2470 and 1.2590. A successful breach of the mentioned support could give the bears the necessary incentive to strengthen their positions and direct the trade towards the next significant support at 1.2375. On the other hand, if the bulls successfully limit the sell-off at 1.2470, then we may return to the previous scenario of maintaining the range move and possibly testing the upper boundary at 1.2590. Today, volatility is likely to pick up after the announcement of the PMI services for the UK at 08:30 GMT.
Gold price under the negative pressure
Gold price faced negative pressure yesterday to break 1850.00 level and settles below it, but we notice that 1838.10 level consolidated against the negative pressure to protect the price from suffering more losses, to lean on the intraday bullish channel’s support line that appears on the chart and prepare to start new bullish wave on the intraday basis, waiting to breach 1850.00 to reinforce the chances of achieving gains that reach 1890.00 mainly.
Therefore, the bullish bias will be suggested for today, noting that breaking 1838.10 will stop the expected rise and press on the price to turn to decline.
The expected trading range for today is between 1830.00 support and 1865.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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