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Daily Technical Insights 11 July 2022



USDJPY oscillates amid the US economic data and the news of Japan ex- leader Shinzo Abe’s assassination. Technical speaking, the outlook remains positive on the four-hour chart. The US dollar remains supported by the fundamental backdrop and the technical perspective.

USDJPY got pushed higher with the formation of a higher high. The breakout of the resistance of 135.70 gives USDJPY an upside momentum toward the next resistance of 137.00. As the RSI indicator is still far from overbought, USDJPY is expected to trade higher. On the flip side, USDJPY needs to fall below the bullish trend line and the support of 134.89 in order to lose traction.

Resistance: 135.7, 137.00

Support: 134.89, 134.24, 133.59


GBPUSD has managed to advance in positive territory above the descending channel. The upside movement of the currency pair witnesses risks sentiment, making it harder for the US dollar to preserve its strength despite better-than-expected Nonfarm Payrolls in June.

From the technical perspective, intraday’s upside momentum boosted GBPUSD above the midline of the Bollinger Band; in the meantime, GBPUSD has advanced above the bearish channel. Both suggest that GBPUSD manages to stage a positive rebound in the near- term. The acceptance above 1.2063 would confirm the positive shift. On the flip side, if GBPUSD fails to hold above the bearish channel and fails to breach the immediate resistance, then it could potentially stage back to negative territory. As both MACD and the RSI indicator are showing signs of bulls, GBPUSD is expected to head further north.

Resistance: 1.2063, 1.2178, 1.2272

Support: 1.1876


Gold edges are slightly higher despite rising US yield and better-than-expected US economic data.

From the technical aspect, gold clings slightly above the support level of 1732.32, trying to defend the last land before heading further south. The lower-low formation has given gold pressure, attracting some follow-through sellers. Current support would be robust as the RSI has reached the oversold territory and the MACD has slightly turned positive, giving some signs of attracting some dip- buyers. If the support ends up failing to defend, then more selling pressures would come into play.

Resistance: 1766.80, 1788.13, 1805.36

Support: 1732.32

Note: The information is provided for reference purposes only and doesn’t take into account your personal objectives, financial circumstances, or needs, and does not constitute investment advice. We encourage you to seek independent advice if necessary. VT Academy will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.