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DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 07, 2021

EUR/USD

Current level – 1.1876

After the unsuccessful breach of the resistance at 1.1897 the bulls did not gain enough momentum to lead the pair towards the next resistance at 1.1950. As a result of this, the EUR/USD retraced and reached the support zone at 1.1856. If the bulls remain in control of the market and successfully violate the resistance at 1.1897, the pair will most likely move to attack the critical resistance at 1.1950.

USD/JPY

Current level –  109.79

The pair continues to trade in the narrow range 109.58 – 110.20, and neither the bears, nor the bulls can take control and get the pair out of this channel. However, a breach of the support at 109.58 will most likely lead to a move towards the next support lying at 109.11. In the upward direction, a violation of the resistance at 110.20 would strengthen the positive sentiment and the Ninja will most likely rally towards the resistance at 110.78.

GBP/USD

Current level – 1.3841

The rally lost momentum and we witnessed a short-term corrective move develop. At the time of writing this analysis, the sterling is striving to recover its losses and the most probable scenario for today’s trading session is for an attack of the resistance at 1.3868. However, a continuation of the corrective move towards the support at 1.3778 still can not be excluded.

Gold price gets a positive signal

Gold price hovers around 1825.15 since yesterday, noticing that stochastic begins to overlap positively, waiting to motivate the price to resume the bullish trend, which moves organized inside the bullish channel that appears on the chart, waiting to visit 1860.00 mainly.

Therefore, our bullish overview will remain valid and active for the upcoming period, noting that breaking 1818.00 will stop the suggested rise and press on the price to visit 1797.00 areas before any new attempt to rise.

The expected trading range for today is between 1810.00 support and 1850.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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