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DAILY TECHNICAL ANALYSIS FOR JUNE 12, 2023

EUR/USD

Current level – 1.0735

During the last day of the past week, the single European currency gave back part of its gains as the bears gained the upper hand at the opening of the trading session and managed to take the rate to the support level at 1.0738, where the weekly candle closed. If the bears continue their attack, we could see a possible breakout of the abovementioned support and reach the next support at 1.0672. Otherwise, the bulls could take EUR/USD to the resistance at 1.0803. The events of this week, including the US CPI on Tuesday, the Federal Reserve’s interest rate decision , and the ECB’s interest rate decision on Wednesday and Thursday, respectively, are significant macroeconomic indicators. The release of this data is expected to introduce a degree of volatility into the financial markets as investors respond to these key economic signals.

USD/JPY

Current level – 139.55

In the last trading session, the Ninja opened below the support at 139.00, but the bulls managed to successfully overcome it and head towards the resistance level at 140.21. In the coming trading sessions, we should watch whether the bulls or the bears will prevail and manage to overcome the nearest support or resistance.

GBP/USD

Current level – 1.2567

The Cable marked its third consecutive winning session as the bulls managed to break through another resistance at 1.2566. If the bulls manage to hold their momentum, we could see a breakout of the next resistance at 1.2594, but if the bears respond to the bullish attack, they could recoup some of their losses.

Midday update for Gold 

Gold prices trades positively to head towards potential test to the key resistance 1977.25, affected by stochastic positivity, which urges caution from the upcoming trading, as the price needs to consolidate below this level to keep the bearish trend active for today, as breaching it will push the price to attempt to return to the main bullish track again.

Until now, the bearish trend scenario still valid for the upcoming period unless the price rallied to breach 1977.25 level and hold above it, reminding you that our targets begin by breaking 1945.20 to open the way to head towards 1913.15.

The expected trading range for today is between 1935.00 support and 1970.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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