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06Sep

DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 06, 2021

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EUR/USD

The EURUSD faces solid resistance

The EURUSD pair couldn’t manage to hold for long time above 1.1888, to settle below it again, and we need to stay aside until the price confirms its situation according to this level followed by detecting its next destination clearly, especially that we might witness calm trades today, affected by the US holidays.

Note that breaching the mentioned level will lead the price to achieve additional gains that reach 1.1975, while consolidating below it will push the price to start intraday bearish wave that targets testing 1.1830 and might extend to 1.1780 before any new attempt to rise.

The expected trading range for today is between 1.1800 support and 1.1950 resistance.

The expected trend for today: Neutral

USD/JPY

The USDJPY needs a positive motive

The USDJPY pair shows additional negative trades to move below the EMA50, waiting to get positive motive that assists to push the price to resume the expected bullish trend on the intraday basis, which its targets begin by breaching 110.20 to confirm opening the way to head towards 111.00.

In general, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 109.20.

The expected trading range for today is between 109.40 support and 110.40 resistance

The expected trend for today: Bullish

GBP/USD

The GBPUSD hits the target 

The GBPUSD pair succeeded to touch our waited target at 1.3870 and bounced bearishly after touching the bullish channel’s resistance that appears on the chart, and it might be forced for temporary decline and test 1.3795 areas before turning back to rise again.

Therefore, we expect the continuation of the bullish trend domination in the upcoming sessions unless breaking 1.3795 and holding below it, noting that the next target reaches 1.4000.

The expected trading range for today is between 1.3780 support and 1.3930 resistance.

The expected trend for today: Bullish

Gold price confirms the breach

Gold price confirmed breaching 1825.15 level after closing last Friday above it, which supports the continuation of the bullish trend scenario efficiently in the upcoming sessions, organized inside the bullish channel that appears on the chart, waiting to head towards 1860.00 that represents our next target.

Therefore, the bullish bias will remain suggested on the intraday basis, noting that holding above 1825.15 and 1814.00 is important to continue the expected rise.

The expected trading range for today is between 1814.00 support and 1850.00 resistance.

The expected trend for today: Bullish

Source:Technical analysis

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