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13Jun

DAILY TECHNICAL ANALYSIS FOR JUNE 13, 2022

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EUR/USD

Current level – 1.0490

Since the beginning of the trading session, the bears continue to gain positions, and at the time of writing the analysis, the currency pair is facing a test of the support zone at 1.0482. Sentiments remain negative, and if the bears prevail over the bulls and manage to overcome the mentioned support, then it is quite possible that the sell-off will deepen towards the level of the next important support at 1.0350. This week, the most significant economic news that would be of interest to the market participants, is the PPI data for the U.S. (Tuesday; 12:30 GMT), the retail sales data for the U.S. (Wednesday; 12:30 GMT), as well as the Fed’s interest rate decision (Wednesday; 18:00 GMT). The announcement of the change in the consumer price index for the eurozone (Friday; 09:00 GMT) could also affect investors’ sentiment.

USD/JPY

Current level – 134.80

The U.S. dollar continues to gain ground against the Japanese yen, as at the beginning of today’s trading we witnessed a successful breach of the resistance at 134.50. This, in turn, further strengthened the bulls’ positions, which could lead them to test the next significant resistance at around 137.30 that is coming from the higher time frames. The level at 134.50 already plays a key role as a first support area. If, however, the bears manage to limit the rise, then it is quite possible to witness the resumption of the range movement between 133.16 – 134.50. In addition to the news mentioned in the EUR/USD analysis, at the end of the week (Friday; 03:00 GMT) investors will closely follow the announcement of the interest rate decision of the Central Bank of Japan.

GBP/USD

Current level – 1.2273

The pound, like the other major currencies, continues to lose ground against the U.S. dollar. From the beginning of the trading session, we witnessed a push towards the support level at 1.2261. However, the test of the area has not yet been completed and the price at the time of writing has consolidated to just above the mentioned level. A successful breach could lead the price towards the local minimum at 1.2171. The announcement of the interest rate decision by the Bank of England (Thursday; 11:00 GMT) will be closely followed by the market participants, and so an increased volatility during the event is not ruled out.

Midday update for Gold

Gold price faced negative pressure to approach testing the first key support 1850.00, affected by stochastic negativity, and as we mentioned this morning, holding above this level and above 1838.10 keeps the bullish trend scenario active for today, supported by the EMA50, reminding you that we are waiting to visit 1890.00 as a next main target.

The expected trading range for today is between 1850.00 support and 1890.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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