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21Sep

DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 21, 2021

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EUR/USD

Current level – 1.1734

The support at around 1.1700 attracted buyers again, and the downward trend in the EUR/USD is currently in a pullback phase. If the level holds and the market goes into a range, it is possible for the trend to change direction. It is possible that the prices will rise to 1.1753, where if the bears enter, they would confirm the breach and the new resistance. The next major obstacle for the buyers is the level of 1.1782. If the sell-off continues and the 1.1700 zone is breached, the next target could be 1.1614, followed by 1.1400. On the higher time frames, the situation is rather neutral and the pair is trading in a range between 1.1900 and 1.1700, and a breach in either of these two zones would define the future direction of the market. Today, the main news in the economic calendar is the building permits data for the United States at 12:30 GMT.

USD/JPY

Current level –  109.50

The currency pair managed to secure a second breach of the support at 109.60, and the first support is the area at around 109.20. But while the bears are managing to make new lower highs, the buyers are still limiting the plunge at around 109.20. It is desirable that prices bounce away from the resistance of 109.60 in order to confirm the breach of the level and the movement to continue towards 109.20 and, subsequently, 108.80. If this scenario does not materialise, it is possible for trading to continue in the range between 109.20 and 110.20. The market could then be expecting a catalyst for a directional movement, and tomorrow’s decision of the Central Bank of Japan (03:00 GMT) on interest rates may be just that

GBP/USD

Current level – 1.3662

The Cable sell-offs remained limited above the support of 1.3640. The market is likely to enter a retracement phase, with the first expected resistance being found at around 1.3692. A more significant obstacle for the bulls is expected at around the 1.3750 zone. In case the bearish pressure continues, a new test of the support at 1.3600, which is coming from the higher time frames, is possible today. A breach of this zone would significantly deepen the declines towards 1.3450 and even 1.3340.

Gold today

Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world. Most commonly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline. The metal holds its value well, making it a reliable safe-haven.

Source: Technical analysis

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