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Daily Technical Insights 24 June 2022



GBPUSD continued to trade lower after a slight pull back from the previous trading day. British PMI contracted to 53.4, below estimates of 52.7. Risk-off sentiment has further helped the U.S. Dollar rise against the British Pound. On the economic docket, the British retail sales and the American existing home sales data are slated to release during the European trading session and American trading session, respectively.

On the technical side, GBPUSD remains depressed under our previously estimated resistance level of 1.239. Near-term support for Cable remains at 1.2173. RSI for the pair sits at 48.18, as of writing. On the four-hour chart, GBPUSD currently trades above its 50-day SMA, but below its 100 and 200-day SMA.

Resistance: 1.25944, 1.239

Support: 1.2173, 1.20824


After three days of gains, EURUSD entered a sharp correction on Thursday as risk-off sentiment returned across global markets. Fed Chair Jerome Powell’s testament on Wednesday added concerns of a recession in the U.S.. Chairman Powell points out the possibility of an interest rate-induced recession as the central bank aims to aggressively pull back inflation. On the other hand, recession in the European zone could be well underway as PMI from Germany drops to a multi-year low of 52, indicating stalling demand and drastic slow down of the economy. The EU leaders’ summit will reconvene today.

On the technical side, EURUSD continues to face strong resistance at our previously estimated level of around 1.05483. The new level of support could form around the 1.049 price region, but there are no technical indications of it yet. RSI for the pair sits at 44.42, as of writing. On the four-hour chart, EURUSD currently trades below its 50, 100, and 200-day SMA.

Resistance: 1.05483, 1.06315

Support: 1.0382


USDJPY continues to drop for the second straight day. The risk-off sentiment has driven flows from the U.S. Dollar to a more supportive monetary environment for the Japanese Yen. With the U.S. benchmark 10-year Treasury yield falling back towards 3%, market participants the Dollar is losing steam amidst recent rallies. Some analysts are predicting that a further depreciation of the Japanese Yen could push the BoJ to intervene in monetary supply, however, no indication of such actions has been found yet.

On the technical side, USDJPY faced strong selling pressure at around the 136.6 price region. Near-term support for USDJPY sits at 133.84 and 131.81. RSI for the pair has resumed to normal territory and is sitting at 60.99, as of writing. On the four-hour chart, USDJPY currently trades above its 50, 100, and 200-day SMA.

Resistance: 136.57

Support: 133.84, 131.81

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