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Daily Technical analysis for June 23, 2021

EUR/USD

Current level – 1.1922

The euro continues to appreciate against the dollar and melt away last week’s losses after the support at 1.1850 withstood and managed to stop the sharp downward movement, caused by the decision of the Federal Reserve on U.S. interest rates last Wednesday. The forecasts are for the upward movement to continue and for the currency pair to test the important resistance and psychological level of 1.2000. A key support is the mentioned level of 1.1850. Today, investors’ attention will be focused on the data on retail sales less autos for the United States (12:30 GMT).

USD/JPY

Current level –  110.75

From the beginning of the week, the dollar rose against the yen and, in the first hours of today’s trading session, the resistance was tested at 110.80, which is a local high. The forecasts are for a short-term correction, after which the mentioned resistance at 110.80 should be breached and the upward movement will most likely continue. The first support is the level of 110.11.

GBP/USD

Current level – 1.3930

The situation with the currency pair is similar to that of EUR/USD and here, the dollar is expected to continue to lose value after its sharp upward movement caused by the decision of the Federal Reserve last week. A short-term correction is also possible, but it should be limited by the first support at 1.3892. An important resistance is the level of 1.4080.

Gold price within a continuation pattern

Gold price’s recent trades are confined within bearish pennant pattern that its signs appear on the chart, thus, the price needs to break 1775.00 to activate the negative effect of this pattern followed by rallying towards our next negative target at 1734.10.

Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1800.00 will stop the expected decline and lead the price to start recovery attempts on the intraday and short term basis.

The expected trading range for today is between 1760.00 support and 1800.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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