Daily Technical analysis for June 29, 2021
EUR/USD
Current level – 1.1912
The movement of the currency pair remained in a narrow range, given the expected important economic data on the ADP non-farm employment change for the U.S. (Wednesday; 12:15 GMT), as well as the data on the non-farm payrolls change, again for the U.S. (Friday; 12:30 GMT).. The support at 1.1921 was tested three times in a row and the pair successfully stayed below it. This shows that the downward movement is not over and the most likely scenario is for the EUR/USD to test the support level at 1.1850.
USD/JPY
Current level – 110.50
Although the resistance at 111.01 was not even tested, the downward movement was limited and the currency pair tried to consolidate at the level of 110.50. The forecast is for a new test of the mentioned resistance and for the dollar to start rising against the yen again.
GBP/USD
Current level – 1.3862
The support at 1.3892 was overcome and the Cable settled permanently below it. The short-term forecast is for the movement to continue to decline towards the next important support at 1.3801.
Gold price awaits the break
Gold price declines calmly and moves near 1770.00 level, confined within symmetrical triangle that its signs appear on the chart, waiting to break the mentioned level to confirm extending the expected bearish wave on the intraday and short term basis, as the next target is located at 1734.10.
Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the EMA50, reminding you that holding below 1800.00 is important to achieve the suggested targets.
The expected trading range for today is between 1750.00 support and 1790.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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