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15Jun

Daily Technical analysis for June 15, 2021

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EUR/USD

Current level – 1.2123

At the time of writing the analysis, the situation remains unchanged from the previous session. The currency pair is facing an unfinished test of the support zone at 1.2106 and a confirmation of the breach would strengthen the negative sentiment and will most likely lead to a test of the next support zone at 1.2050. The main economic news that will be in focus for investors today will be the data on the trade balance for the euro area (09:00 GMT), as well as the data on the producer price index for the U.S. (12:30 GMT).

USD/JPY

Current level –  110.09

During the last trading session, the dollar managed to rise against the Japanese yen, successfully breaching the resistance at 109.75. At the time of writing, the pair is about to test the resistance zone at 110.20. If the bears manage to limit the upside move around the mentioned resistance, the most probable scenario is for a resumption of the range move in the narrow channel between 109.36 – 110.20.

GBP/USD

Current level – 1.4107

For a whole month, neither the bulls nor the bears have been able to prevail and outline a clearer direction as the Cable continues to be bound by the narrow range between 1.4101 – 1.4180.. Today, the data on the claimant count unemployment rate, as well as the data on the claimant count unemployment change for the UK, could affect the market participants and lead to a more serious rise in volatility.

Gold price faces solid support – Analysis

Gold price found difficulty to confirm breaking 1860.00 level, as it ended yesterday above it, noticing that stochastic loses its positive momentum clearly, which forms negative motive that we expect to assist to push the price to achieve the required break and confirm opening the way to to head towards thenext correctional level at 1825.15.

Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1883.40 and hold above it.

The expected trading range for today is between 1835.00 support and 1875.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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