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28Jun

DAILY TECHNICAL ANALYSIS FOR JUNE 28, 2022

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EUR/USD

Current level – 1.0583

On the first day of the trading week, the euro managed to extend the uptrend, which started in the middle of this month. With the opening of the European session, the bulls managed to shape their attack and breach through the resistance of 1.0577. The upward movement also gained momentum after the G7 said that they will continue to aid Ukraine for as long as needed. The EUR/USD managed to reach 1.0614 – a higher peak than last week’s results, which encourages the bulls to continue to apply pressure throughout this week. Today, there is no data in the macroeconomic calendar that is expected to affect the euro, but if the U.S. consumer confidence аt 14:00 GMT comes out extremely low again, then the dollar may continue to fall and the probability of the uptrend extending its monthly highs towards levels at around 1.0750 could rise significantly. Of course, if we see a bounce in the dollar due to positive data, a bearish correction towards 1.0500 is also not excluded.

USD/JPY

Current level – 135.43

The strong upward move seems to have been a false breach of the resistance, and although it reached a new annual high of 136.68, the Ninja is yet again trading in a range that was formed in June. At the beginning of the day, we saw a rebound from the lower end of the range at 134.66, but the bulls failed to breach the upper end of the range at 135.46. For now, the currency pair is locked between these two values and the future of the trend will depend on the breach and confirmation of one of the mentioned levels. If 134.66 is breached, then we can expect to reach the annual peak again in addition to a possible extention of the uptrend, but if the lower end does not support the USD/JPY, then the corrective move will most likely reach the level of support at 133.28.

GBP/USD

Current level – 1.2263

It seems that the sterling is also locked in a range. With the opening of the London Stock Exhange on Monday, it went up slightly, reaching the resistance of 1.2321, which stayed true to its role yet again. For now, the bears can’t breach the support of 1.2234 and the GBP/USD market is moving sideways. Today’s macroeconomic calendar is devoid of data that is expected to push traders into pound trading territory, but volatility is expected to increase around the consumer confidence data for the United States, which wll be released at 14:00 GMT. If the dollar continues to fall due to the data being as negative as it was before, then the resistance could be breached and we could see the pound rise again to levels of around 1.2400. If, however, the data ends up being surprisingly good, then a rise in the dollar could help the bears step up their attack on 1.2185.

Source: Technical analysis

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