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Daily Technical Insights 15 July 2022



EURUSD again contested its support level below the 1.0000 mark during the European session. But later recovers from multi-decade lows following the dovish comments from the Fed in the American session.

From the technical aspect, EURUSD remains under negative pressure despite its positive attempts. The trading pattern of a fresh lower leg hint that EURUSD continues to skew southwards. To reclaim the upside, EURUSD needs to climb above 1.0569, a positive territory. At the moment, the upside is supported by the MACD indicator as it has turned positive. On the contrary, the RSI indicator hovers around 30-40 readings, suggesting that the pair still attracts some sellers.

Resistance: 1.0243, 1.0423, 1.0569

Support: 1.0000, 0.9952


USDJPY reaches as high as the 139.00 mark, the highest level in 23 years. The currency pair is tracking the renewed upsurge as the expectation of a 100 basis points Fed interest rate hike later this month.

From the technical perspective, the intraday bias of USDJPY turns sharply upside and bullish as the pair has successfully breached the bullish channel and its psychological resistance of 137.00. The immediate resistance of 139.89 would be the next major level to challenge; the level would be a major obstacle as the RSI indicator has turned way over overbought territory, suggesting that the bid tone might happen soon. The outlook of USDJPY remains bullish on the four-hour chart as long as it trades above 135.77.

Resistance: 139.38

Support: 137.88, 136.63, 135.77


Gold slumped as low as $1,697 during the American trading session amid the high demand for the greenback; gold later rebounds above $1,700, but is still down more than 1% despite dovish Fed commentary.

Technical speaking, the intraday outlook of XAUUSD remains bearish as gold continues to trade within the descending channel. At the moment, the pivotal support level of $1,697 would be a major defendant for the bright metal; the breakout of the level would scale gold southwards. Moreover, the RSI indicator has returned to the bearish range of 20 to 40 readings, indicating a fresh leg of the bearish impulsive wave ahead.

Resistance: 1740.31, 1766.70, 1788.03

Support: 1697.66

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