DAILY TECHNICAL ANALYSIS FOR JUNE 08, 2022
EUR/USD
Current level – 1.0697
The U.S. dollar recovered part of its losses during yesterday’s trading session, but the attack of the bulls was thwarted around the local resistance level at 1.0713. In the early hours of today’s session, the bulls seem to be losing momentum and the expectations going forward are for the pair to enter a corrective phase and head towards a test of the support at 1.0643. Only a confirmed breach of the mentioned level, however, would pave the way for the EUR/USD towards the critical support at 1.0544. If the bulls regain control over the market, then an upward movement can be expected and the pair would most probably head towards the resistance at 1.0746.
USD/JPY
Current level – 132.80
The bears managed to limit the strong rally of the U.S. dollar around the resistance zone at 133.00 and the pair is currently consolidating in the range of 132.33 – 133.00. The forecasts are for the pair to bounce back from the resistance at 133.00 and to enter a corrective phase targeting the support at 131.80. However, the market sentiments remain positive – for a continuation of the uptrend. That being said, only a confirmed breach of the psychological level at 133.00 would pave the way for the pair towards the highs at around 134.00 – 135.00, which were last recorded back in 2002.
GBP/USD
Current level – 1.2580
The sterling gained ground against the U.S. dollar and tested the psychological resistance at 1.2600, but the bulls couldn’t gain enough momentum to overcome it. At the time of writing, the pair is hovering just below the mentioned level and therefore a corrective move towards the support at 1.2470 is a highly probable scenario for today’s trading session. However, a breach of the mentioned resistance may lead the pair towards a test of the next level at 1.2657.
Gold price attempts positively
Gold price managed to surpass 1850.00 level and hold above it, which supports the continuation of the bullish trend scenario, organized inside the bullish channel that appears on the chart, waiting to get positive motive that assist to push the price to head towards our main expected target at 1890.00.
Holding above 1838.10 is important to continue the bullish trend, as breaking it will press on the price to resume the main bearish wave again to head towards achieving negative targets that start at 1815.00 and extend to 1780.25.
The expected trading range for today is between 1830.00 support and 1870.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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