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15Jun

DAILY TECHNICAL ANALYSIS FOR JUNE 15, 2022

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EUR/USD

Current level – 1.0447

Yesterday’s trading session began with a bearish dominance, but later in the day, the bulls almost recovered all of their losses. At the time of writing the analysis, the bulls have gained momentum and are aiming to reach the first resistance at 1.0480. If they do not manage to overcome the aforementioned level, then the bears will most likely regain control of the market and will try to deal with the psychological support at 1.0400 – a level that they have failed to overcome in recent days. The most important event for today is the announcement of the Fed’s interest rate decision (18:00 GMT), with traders becoming more and more convinced that the central bank will hike the rate by 75 basis points. If this proves to be the case, then this will be the biggest increase since 1991 and volatility will be extremely high.

USD/JPY

Current level – 135.10

For the Ninja, yesterday’s trading session was marked by a breach of the resistance at 134.50, and the bulls are now targeting the one at 137.00 – a level that has so far not been reached in the 21st century. At the time of writing, the bears have started a corrective move towards the first support at 134.50. If they are able to overcome it, then the next obstacle in front of them would be the support at 133.15.

GBP/USD

Current level – 1.2029

The bears tested the support at 1.1950, but failed to overcome it, and after their failure, the bulls managed to regain some of their market positions. At the time of writing the analysis, traders are trying to stage a rally towards the first resistance at 1.2121. The next key resistance would be the level at 1.2267, with the current move most likely being a corrective one. The Bank Of England interest rate decision on Thursday (11:00 GMT) and today’s Fed decision on whether to hike the rates by 50 bps or 75 bps (18:00 GMT) and the follow-up press conference (18:30 GMT) will have a strong impact on the currency this week.

Gold price faces solid support

Gold price finds difficulty to confirm breaking 1810.00 level, and continues to fluctuate around it, waiting to get negative motive that assist to push the price to surpass the mentioned level and open the way to achieve our next expected target at 1780.25.

In general, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1838.10 followed by 1850.00 levels and holding above them.

The expected trading range for today is between 1790.00 support and 1830.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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