DAILY TECHNICAL ANALYSIS FOR JUNE 24, 2022
Current level – 1.0523
Neither the bears nor the bulls managed to gain enough momentum and the pair remained in the zone between 1.0467 and 1.0542. During the early hours of today`s trading session, volatility has subsided and the expectations are for a new attack on the upper border at 1.0542. A successful breach, followed by a violation of the next target at 1.0596, could easily continue the recovery for the European common currency against the dollar and could lead to a move towards the important resistance at 1.0643. If the bears prevail, then a follow-up attack and a breach of the support at 1.0467 could deepen the decline and would pave the way for a test of the major zone at 1.0399, where a violation would strengthen the negative expectations for the future path of the EUR/USD.
Current level – 135.14
After the violation of the support at 135.46, the dollar continued to lose ground against the yen and the pair tested the zone at 134.66. At the time of writing, the pair is trading above the mentioned level, but if the bearish attack continues, then a successful breach here could easily deepen the sell-off and head the Ninja for a test of the lower zone at 133.28. If the bulls re-enter the market, then their first target would be the level at 135.46, which is currently acting as resistance. A violation of the upper zone at 136.68 would mark the current move as corrective and could easily continue the rally for the USD/JPY.
Current level – 1.2261
The Cable remains locked in the range between 1.2183 and 1.2321, and during the early hours of today, the pair is trading at 1.2260. A breach for the bulls at the upper border at 1.2321 could lead to a test of the next target at 1.2404 and a violation here would easily continue the recovery and increase the odds of a push towards the major resistance at 1.2466. If the bears prevail, then a successful attack on the support at 1.2183, followed by a breach of the lower zone at 1.2091, could deepen the sell-off and head the pair towards the lows at around 1.1968.
Gold price crawls downwards
Gold price continues to decline calmly, approaching gradually from our first negative target at 1810.00, to keep the bearish trend scenario active, waiting for more decline to visit 1780.25 as a next negative station.
In general, we will continue to suggest the bearish trend – supported by the negative pressure formed by the EMA50 – unless the price rallied to breach 1850.00 and hold above it.
The expected trading range for today is between 1800.00 support and 1840.00 resistance.
The expected trend for today: Bearish