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Technical analysis report 07-09-2022

7 Sep 2022 11:53 AM

USD/JPY jumped to a new 24-year high, and momentum is positive, suggesting the bulls are dominating. If the rally continues, it might target 145.00 or 146.00. The RSI is overbought, and that could be a sign the rally is overstretched, a pullback from here could see it hit 143.04 or 142.71.

EUR/USD fell to a new 20-year low yesterday, and momentum is negative, suggesting the bears are in control. If the wider downtrend continues, it might target 0.9877 or 0.9800. If the short-term rebound continues, it might hit 0.9959 or 0.9985.

On Monday, GBP/USD fell to its lowest level since March 2020. If the long-term bearish trend continues it might fall to 1.1442 or 1.1400. A rally from here could see it target 1.1522 or 1.1652.

The Dow Jones fell to a seven-week low, and if the bearish move continues it might target 31035 or 30974. Should the market rally from here, it might target 31397 or 31448.

WTI is trending lower, and it fell to its lowest level since January. Momentum is in negative territory, implying the bears are in control. A fall from here could see it target, 84.78 or 84.00. RSI is rising, suggesting the price bias is to the upside. Resistance might be encountered at 87.74 or 88.44.

Gold’s longer-term trend is lower, and momentum has turned negative, suggesting the sellers are still in control. If the bearish trend continues, it might find support at 1700 or 1691. The near-term trend is higher, and a rally from here could see it hit 1715 or 1726.

Silver is recovering, and momentum is in positive territory, which suggests the buyers are dominating. If the rally continues, it might target 18.57 or 18.83. Should the wider bearish trend resume, 17.83 or 17.55 might act as support.

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