Technical Market update 14th June
Recently the pair broke the support zone of 1.21500. Initial bias is now on the downside within the week for 1.1985 support first. Break there’ll confirm that the consolidation pattern from 1.2348 has started the third leg. A deeper fall would then be seen back to 1.1703 support. On the upside, above 1.2265 will resume the rise from 1.1703 to retest 1.2348 high. From the technical point of view we can say, the next support zone will be at 1.19700 and thus subsequent resistance zone is at 1.21500. Look for selling opportunities of EUR/USD.
Recently, GBP/USD trended down into the key level of 1.41. BOE Governor Bailey goes to be speaking later at 2100 (GMT+8), during this point, there could even be volatility in GBP. Currently, the pair is hovering above the key level of 1.41. Its next support zone is at 1.40000 and thus subsequent resistance zone is at 1.43500. Search for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.41.GBP/USD holds lower ground within a monthly trading range. UK government up for a four-week extension to June 21 unlock deadline amid Delta variant fears.
USD/JPY is on the verge of a restest of the 110.00 level. Bulls have pierced the hourly resistance and broken 15-min structure. USD/JPY is on the way to the 110 area because the US dollar continues to firm following Friday’s bullish performance. Overall, USD/JPY is trending upwards. USD/JPY’s next support zone is at 108.500 and therefore the next resistance zone is at 110.800. search for buying opportunities of USD/JPY. Corrective rise from 107.47 could have completed at 110.32 already. Risk will stay the downside, and an opportunity of 109.17 will target 108.55 support first. Break there should indicate that pattern from 110.95 has started the third leg already and target 107.47 support next.
Gold price is bearing the brunt of the persisting upbeat tone seen around the US dollar, as investors flock to the haven before the FOMC decision within the week. gold is trading at weekly lows near $1863, down 0.69% on the day. The yellow metal dropped by over 1% vs the US dollar on Friday with XAU/USD falling from a high of $1,903.12 to a low of $1,874.54. there is a confluence of the prior resistance from back in late January near $1,870. On a test of the globe, the upside is getting to be vulnerable to a correction to the prior lows of 1,884/88 during a mean reversion of the bearish impulse.