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DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 28, 2021

EUR/USD

Current level – 1.3704

The Cable did not manage to find a clear direction during yesterday’s trading session and, at the time of writing, it is consolidating around 1.3700.. If the bulls prevail, a test of the resistance level at 1.3752 is highly probable, but only a successful breach of the upper target at 1.3803 could lead to more sustained gains for the sterling against the dollar. Given the current fuel crisis in the United Kingdom, it is more likely that the bears will take the reins, but only a successful attack of the support zone at 1.3609 would paint a more bearish picture for the future path of the GBP/USD.

USD/JPY

Current level –  111.10

After the successful breach of the level at 110.77 and a minor retracement before that, the rally for the USD/JPY continued and the pair blew past the resistance at 111.00. However, a confirmation of the breach is still needed in order to strengthen the positive expectations for a move towards the highs from the beginning of July 2021 at around 111.60. In case a corrective move develops, it should be limited to the support at 110.77.

GBP/USD

Current level – 1.3704

The Cable did not manage to find a clear direction during yesterday’s trading session and, at the time of writing, it is consolidating around 1.3700.. If the bulls prevail, a test of the resistance level at 1.3752 is highly probable, but only a successful breach of the upper target at 1.3803 could lead to more sustained gains for the sterling against the dollar. Given the current fuel crisis in the United Kingdom, it is more likely that the bears will take the reins, but only a successful attack of the support zone at 1.3609 would paint a more bearish picture for the future path of the GBP/USD.

Gold price within bearish pattern

Gold price’s recent trades are confined within bearish flag pattern, thus, breaking 1747.00 will activate the negative effect of this pattern and push the price to resume the bearish trend, which its targets begin at 1735.00 and extend to 1692.00 after surpassing the previous level.

Therefore, the chances valid to provide new negative trads today supported by the negative pressure coming by the EMA50, reminding you that it is important to hold below 1770.00 to continue the expected decline.

The expected trading range for today is between 1730.00 support and 1765.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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