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Technical analysis report 03-08-2022

3 Aug 2022 11:56 AM

EUR/USD is edging lower and the MACD indicator shows that momentum is negative, implying the sellers are dominant. A decline might see it find support at 1.0095 or 1.0027.  A rally from here could see it target 1.0293 or 1.0324.

GBP/USD has pulled back from its five-week high, and RSI is moving lower, suggesting the price bias is to the downside. If the bullish move continues, it might hit 1.2292 or 1.2331. Should the currency pair fall, support could come into play at 1.2062 or 1.2019.

USD/JPY has rebounded from an eight-week low, and momentum has turned positive, suggesting the buyers are now in control. 134.59 or 135.74 might act as resistance. If the wider bearish move continues, it could hit 130.69 or 130.38.

AUD/USD is trending lower, and the RSI is falling, indicating the bias is to the downside. Support might be found at 0.6858 or 0.6801. Should the long-term rally continue, it might retest 0.6975 or 0.7046.

Gold is trending higher, but momentum is negative, indicating the bears are in control. If the rally continues, it might target 1788 or 1800. A pullback could retest 1747 or 1736.

Silver is edging lower and the MACD indicator shows that momentum is negative, implying the sellers are dominant. Further declines could see it fall to 19.62 or 19.27. If the broader rally resumes, resistance might be encountered at 20.49 or 21.04.

WTI is in a downtrend and RSI is in decline, suggesting the price bias is to the downside.  If the bearish move continues, 90.00 or 88.31 could act as support. Resistance might be found at 97.54 or 98.13.

This week, the Dow Jones hit its highest mark since early June, if the rally continues, resistance might be found at 33000 or 33322. Momentum is negative, and the RSI is moving lower, this points to selling pressure. 32246 or 32000 might provide support.

The FTSE 100 has pulled back from its eight-week high and negative momentum is falling, implying the sellers are losing control. A rally could see it hit 7472 or 7500. A fall from here could see it target 7359 or 7307.

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