Technical analysis report

3 Jul 2020 01:45 PM

EUR/USD technical analysis

This pair tried to re-test the upper limit of the descending channel we mentioned yesterday, but it failed to cross it and then declined. We expect the pair to decline to support levels of 1.1050 - 1.1000. Our negative outlook for the pair will change if it succeeds in maintaining its the highest levels of 1.12; if this takes place, we expect the rise to continue and it to target 1.1280 - 1.14.

GBP/USD technical analysis

This pair succeeded to reach the target of 1.33, which we referred to with the latest analysis, but it left a price gap at 1.3180 levels due to the sudden rise because of news. Therefore, we expect that if the price falls below 1.33 levels again, we will see price declines to cover the price gap. As for if it remains stable above 1.33 levels, we expect it to rise to 1.34 then 1.3520 levels.

USD/JPY technical analysis

This pair tried to overcome the resistance level of 109.50, but it failed to do so and then retreated. We expect, if it does pass it, to target levels of 110.70 - 112.00. The support levels for the pair of 108.25 - 107.90 are a good support area, if they are preserved. We expect a bounce to experience resistance at 109.50 again, but if it breaks it we may target 106.50 levels.

Gold technical analysis

Gold is currently moving in a narrow ascending channel, and we expect it to target a maximum of 1485-1487 levels. If it declines from these levels to target the level of 1463, and goes on to target the 1458 support level, we expect to target 1450 levels and then 1430. If it rises to stabilise around 1490, our view would be to expect a rise of the levels of 1520 - 1550.

Oil technical analysis

Oil succeeded in reaching the upper limit of the transverse channel that was moving in at the level of $60. We expect that, if it passes over the region of 60-63, it will complete the rise to the level of $66.50. However, if it retracts from these levels, we expect to target 55 levels and then 51 again, which represents the lower boundary of the transverse channel.

Dow Jones technical analysis

The Dow Jones succeed in reaching the 28200 target that we mentioned in our last analysis, but it still has not settled above it. In the event of its stability above, we expect the gains to continue to 28,500-29,000 points. As long as the above-mentioned resistance does not settle, we may see movements between the 27300 and 28200 support.


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