DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 02, 2022petar skakalov
Current level – 0.9953
The European common currency lost some ground against the dollar, and after the test of the support at 0.9948, the pair consolidated just above the mentioned zone. If the bearish attack continues, then a confirmed breach of the aforementioned level could easily pave the way for a test of the local low at 0.9917, where a violation could strengthen the negative expectations for the future path of the EUR/USD. If the bulls prevail, then the first resistance for them can be found at the zone of 0.9996, followed by the major target at 1.0054. Important news for investors today will be the U.S. data on non-farm payrolls and that on the unemployment rate (both at 12:30 GMT).
Current level – 139.92
The positive sentiments remained unchanged and the dollar appreciated against the yen. The pair reached historic levels from 1998 and tested the psychological resistance at 140.20. During the early hours of today`s trading, the Ninja is hovering under the mentioned zone, and the expectations are for a new attack for the bulls. A successful breach of this resistance could continue the rally and could easily lead to new gains for the USD against the JPY. If the bullish momentum fades, bears could lead the pair towards the support zone at 139.06, where a violation could deepen the correction towards the lower level at 138.03.
Current level – 1.1548
The test of the support zone at 1.1519 was not successful, and during the time of writing the analysis, the price is holding positions around the current level at 1.1548. A new attempt for a violation of the aforementioned level is a highly probable scenario, but only a successful breach for the bears could continue the sell-off and lead the Cable towards the bottom levels from March 2020 at around 1.1420. If the bulls prevail and manage to breach the resistance at 1.1618, then they could test the next zone at 1.1689. The news, mentioned in the EUR/USD analysis, will be the driving factor for price action today.
Gold price attempts to recover
Gold price’s decline stopped at 1690.00 level, to start providing positive trades motivated by stochastic positivity, which makes us suggest witnessing more bullish bias today to test 1726.60 mainly.
Therefore, we expect the continuation of the bullish bias in the upcoming sessions, taking into consideration that failing to breach 1702.00 will stop the suggested rise and press on the price to resume the main bearish trend again.
The expected trading range for today is between 1685.00 support and 1725.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis