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Daily Technical analysis for June 30, 2021

EUR/USD

Current level – 1.1899

During yesterday’s trading session, the currency pair breached the support level of 1.1920 and broke out of the range, in which it was trading for the past couple of days. The forecasts are for the downward movement to resume and for the pair to test the local bottom at 1.1850, which at the moment is also a key support level. In the positive direction, the first resistance is found at the former support level of 1.1920. Today, investors’ attention will be focused on the ADP non-farm employment change for the U.S. (12:15 GMT).

USD/JPY

Current level –  110.46

The currency pair is currently found in a consolidation phase at the level of 110.50. The expectations are for the dollar to start appreciating against the yen and for the pair to re-test the resistance level of 111.01. In the negative direction, the first support lies at 110.11.

GBP/USD

Current level – 1.3850

The unsuccessful test of the resistance level of 1.3979, which the Cable made at the end of last week, ended the corrective phase and the dollar repeatedly started to appreciate against the pound. The forecasts are for the pair to head towards a test of the support level of 1.3801. In the positive direction, the first important resistance lies at the previously mentioned level of 1.3979.

Gold price confirms the break

Gold price succeeded to break 1770.00 level and hold with a daily close below it, which supports the continuation of our bearish overview on the intraday and short term basis, and the way is open to head towards our next target that reaches 1734.10.

The EMA50 supports the suggested bearish wave, which will remain valid and active unless breaching 1770.00 and holding above it, as breaching it will push the price to visit 1800.00 areas before any new attempt to decline.

The expected trading range for today is between 1740.00 support and 1775.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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