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Daily Technical Insights 15 June 2022



EURUSD has temporarily rebounded after a three-day losing streak. Market sentiment, however, continues to look bearish for the Euro as market participants are now pricing in a possible 75 basis point interest rate hike by the Fed. The Federal Reserve is set to convene tomorrow and provide forward guidance on the U.S. economy. Important retail sales figures are also due tomorrow during the American trading session.

On the technical side, EURUSD has found support near the 1.04038 price region. The secondary support level sits at 1.03783. RSI for the pair has dropped to 35.5, as of writing. On the four-hour chart, EURUSD is trading below its 50, 100, and 200-day SMA.

Resistance: 1.07454

Support: 1.04038, 1.03783


GBPUSD extends its losing streak as market participants continue to sell off the British Pound. The National Statistics of the U.K. reported a higher unemployment rate for the month of May, thus exerting more pressure on the U.K.’s economic outlook. While the Federal Reserve is set to announce its interest rate policy tomorrow, the BoE continues to find itself in a hard place, facing soaring inflation while the economy is contracting. Risk-averse market sentiment further supports the U.S. Greenback in the short term. The U.S. 10-year Treasury yield has marched past 3.44%.

On the technical side, GBPUSD has reached its lowest point in two years. The short-term support level at 1.20824 seems weak, but the next level support level sits close at 1.19189. RSI for the pair sits at an oversold territory of 15.52, as of writing. On the four-hour chart, Cable trades well below its 50, 100, and 200-day SMA.

Resistance: 1.25944

Support: 1.20824


The U.S. Greenback continue to gain appeal as global market sentiment continues to sour. Global equities have retreated significantly since the start of the month. Red hot U.S. PPI has market participants pricing in a 75 basis point hike by the Fed. As of writing, the U.S. 10-year Treasury yield has soared past 3.45%. The further interest rate differential between the U.S. and Japan will continue to provide upward momentum for the USDJPY pair.

On the technical side, USDJPY has found a near-term support level around the 134.1 price region. The short-term resistance level at around 135 seems weak as the Fed is due to announce monumental monetary policy statements tomorrow. RSI for the pair sits at 62.5, as of writing. On the four-hour chart, USDJPY trades above its 50, 100, and 200-day SMA.

Resistance: 134.56

Support: 133.5, 132.5

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