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Technical analysis report 08-08-2022

8 Aug 2022 11:58 AM

GBP/USD is in a downtrend, and RSI is moving lower, suggesting the price bias is to the downside. 1.1962 or 1.1889 could provide support. Resistance might be encountered at 1.2214 or 1.2292.

USD/JPY is moving higher and RSI is rising too, so that suggests the price bias is to the upside. If the rally continues it might target 136.57 or 137.45. A pullback might find support at 134.20 or 132.51.

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 1.0121 or 1.0095. If the medium-term rally continues, it might hit 1.0253 or 1.0293.

Gold is trending higher, but momentum is negative, implying the bears are in control. If the uptrend continues, it might target 1800 or 1811. A pullback could retest 1753 or 1736.

Silver is pushing higher and so is the RSI, and that indicates the price bias is to the upside. 20.49 or 20.80 could act as resistance. If the medium-term bearish trend resumes, 19.53 or 19.27 might act as support.

The US500 is in a bullish trend and RSI is rising, suggesting the buyers are dominant. If the uptrend continues, it could target 4189 or 4200. Should the market sell off, support could be found at 4101 or 4078.

WTI fell to a 5-month low last Friday, and RSI is in decline, suggesting the price bias is to the downside. If the bearish move continues, 85.84 or 83.33 could act as support. Resistance might be found at 91.25 or 94.09.

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