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DAILY TECHNICAL ANALYSIS FOR JUNE 23, 2023

EUR/USD

Current level – 1.0933

In the past trading session for EUR/USD the bulls attacked and managed to reach the resistance at 1.1009, but after this the bears gained the upper hand and managed to pull back to the support at 1.0953. If the bears continue their attack, we could see a possible break of the support levels at 1.0953 and 1.0904, but if the bulls regain their control, we could see another attempt to overcome the resistance at 1.1009. In today’s session, the spotlight will be on the vital business activity data within the manufacturing sector as traders will be reviewing the data for Germany, scheduled for release at 07:30 GMT, and subsequently the U.S. data, expected at 13:45 GMT.

USD/JPY

Current level – 143,04

The Ninja recorded an extremely positive day as the bulls easily broke through the resistance level at 142.23 and reached the next resistance at 143.15. If the bulls continue their attack, they could break through the next resistance at 143.15, but otherwise the bears could retrace some of their losses.

GBP/USD

Current level – 1.2710

In response to the continued rise in inflation and a persistent upward trend in the core CPI, the Bank of England implemented a 50 basis point increase in the main interest rate. As a result, In the beginning of the trading session, the Cable managed to reach the resistance at 1.2830, but the bears took control and successfully broke the support level at 1.2765 as doubts about how the economy will fare in an even higher rate environment resurfaced. If the bears continue their attack, we could see a break of the next resistance at 1.2696, but if the bulls take the upper hand, they could recoup some of their losses.

Midday update for Gold 

Gold prices shows some slight bullish bias, affected by stochastic positivity, waiting to get negative motive that assists to push the price to resume the expected bearish wave for today, which its next target located at 1873.50.

On the other hand, we should note that breaching 1929.00 will push the price to achieve more gains and test 1945.20 level before any new attempt to decline.

The expected trading range for today is between 1890.00 support and 1925.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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