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DAILY TECHNICAL ANALYSIS FOR JUNE 20, 2022

EUR/USD

Current level – 1.0493

The single European currency continues to lose ground against the dollar. And while the support at 1.0460 has so far managed to hold off the bearish pressure, the overall market mood remains negative. A successful breach of this level would pave the way for the pair towards the psychological level at 1.0400. In case of positive news about the war between Russia and Ukraine, the trend could change and the bulls might return to the market. If that’s the case, then their first resistance is expected to be the level of 1.0580.

USD/JPY

Current level – 134.96

The bulls are striving to head the pair towards a test of the resistance at 135.00, where a successful breach would pave the way for the USD/JPY towards the next key resistance level at 136.00. On the other hand, the impulsive upward movement that we have witnessed during the last trading session from the previous week, would most probably be limited to around the mentioned resistance zone, and the pair may therefore enter a consolidation phase in the range of 133.00 – 135.00. Only a confirmed breach of the support at 134.60, however, would be considered as an opportunity for the bears to recover their losses and lead the the pair towards the support zone at 133.00.

GBP/USD

Current level – 1.2200

The forecasts for today’s trading session are for the pair to make another attempt at breaching the support at 1.2180, which could be considered as a confirmation signal that the negative sentiment is here to stay and thus provide sellers with the opportunity to attack the support level at 1.2100. Besides the negative market sentiment, a short consolidation in the range of 1.2180 – 1.2250 is also highly possible during today’s trading session. The resistance at 1.2380 may be considered as a better entry point for the bears, which may deepen the sell-off towards the next critical support at 1.2100.

Gold price builds positive formation

Gold price leadned on 1838.10 level and attempts to trade positively now, noticing that stochastic provides positive signals that we are waiting to motivate the price to rise in the upcoming sessions, and by taking a deeper look at the chart, we find that the price recorded higher low in the recent trades, which supports the chances of achieving more gains in the upcoming period, and the price needs to breach 1850.00 to reinforce the expectations to rise.

Therefore, the bullish trend will be suggested for the upcoming period, and the targets begin at 1890.00 and extend to 1925.35 after surpassing the previous level, noting that breaking 1830.00 will stop the expected rise and press on the price to turn to decline.

The expected trading range for today is between 1830.00 support and 1870.00 resistance.

The expected trend for today: Bullish

Source: Technical analisis

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