DAILY TECHNICAL ANALYSIS FOR JUNE 15, 2023petar skakalov
Current level – 1.0812
For the first time in ten consecutive meetings, the U.S. Federal Reserve decided that it would not change interest rates, and this gave a momentary boost to the dollar, but it was short-lived. The euro immediately recovered half of what it had lost after it became clear that more rate hikes are likely before the end of the year. However, during the Asian session, the bears managed to recover and headed towards the support at 1.0803. The bulls will certainly have the strength to hold off their attack and are likely to test the resistance at 1.0896, but there is a series of important news today that may change traders’ sentiments. European Central Bank key interest rate at 12:15 GMT, Philadelphia Federal Reserve Index, retail sales and jobless claims for the week at 12:30 GMT as well as an ECB press conference at 12:45 GMT. High volatility is expected.
Current level – 141.02
During the past session, the dollar managed to gain ground against the yen, and for the time being it seems that the bulls are dominating the market. The exchange rate of the currency pair stabilised above the support level at 139.00. Sentiment is positive and the bulls have managed to overcome the key resistance at 140.21 permanently. It was the upper limit of the range, which lasted ten consecutive sessions and, at the time of writing the analysis, they attacked the next resistance at 140.91. Sentiment is positive and, if this level is broken, we may witness a continuation of the uptrend.
Current level – 1,2639
The past session was not positive for the currency pair. With the release of the U.S. Federal Reserve interest rate data, the dollar was able to appreciate for a moment, the Cable was able to recover, but subsequently its price was unable to hold above the support at 1.2645. It is likely that the bulls will gather strength and re-attack the resistance formed at 1.2676, but if this does not happen, we are likely to see a range move and retrace the course back to the support at 1.2594.
Midday update for Gold
Gold prices shows more bearish bias to test minor support base at 1929.00, waiting to surpass this level to confirm the continuation of the bearish trend and head towards 1913.15 that represents our next correctional station.
In general, the bearish trend will remain valid and active for the upcoming period supported by the EMA50 unless the price rallied to breach 1945.20 followed by 1958.40 levels and hold above them.
The expected trading range for today is between 1915.00 support and 1950.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis