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Technical analysis report 01-08-2022

1 Aug 2022 11:34 AM

EUR/USD is edging higher and the MACD indicator shows that momentum is positive, implying the buyers are in control. A rally from here could see it target 1.0324 or 1.0400. A decline might see it find support at 1.0145 or 1.0095.

GBP/USD is rising, and so is the RSI, suggesting the price bias is to the upside. If the bullish move continues, it might hit 1.2331 or 1.2405. Should the currency pair fall, support could come into play at 1.2062 or 1.2019.

USD/JPY has fallen to a six-week low, and momentum is negative, implying the bears are in control. A further decline might find support at 131.48 or 130.00.  RSI is oversold, so a rebound could be in the offing, a rally could see it hit 133.55 or 134.59.

Gold is trending higher, but positive momentum is fading, implying the bulls are losing influence. If the rally continues, it might target 1786 or 1800. A pullback could retest 1750 or 1736.

Silver is in an uptrend and if the bullish move continues, it might hit 21.04 or 21.52. The RSI is overbought, suggesting the rally might be overstretched, a fall could target 19.56 or 19.27.

WTI is edging lower and the MACD indicator shows that momentum is negative, implying the sellers are in control. 93.58 or 92.41 could act as support. Resistance might be found at 97.54 or 98.13.

The Dow Jones hit its highest mark since early June, if the rally continues, resistance might be found at 33000 or 33322. The RSI is overbought so a pullback might be in the offing. 32494 or 32000 might provide support.

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