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Daily Technical Insights 25 July 2022



Gold surpasses $1,725 at the time of this Friday’s writing. As a result of the poor PMI data, the benchmark 10-year US Treasury bond yield falls by more than 4% every day, reducing the demand for the US dollar. After reaching the crucial support level of $1,680, gold performs a good technical recovery. Due to the fact that the RSI has not yet reached overbought territory and the MACD is continuing to provide support, gold may be able to overcome the $1,732 resistance level. The acceptance of the midpoint of the Bollinger band would protect the bulls of gold.

Resistance: 1732.58, 1756.40, 1779.70

Support: 1680.99


Following the release of US economic statistics, USDJPY was able to fall below 136,000 during the American session. The USDJPY reached its lowest level in two weeks. The intraday bias is now bearish from a technical standpoint, as the pair has breached the bullish channel. The pair is about to produce a four-hour closing price below the channel and the 136.28 resistance level. Immediate support is located at 135.67, followed by the zone at 134.52. To erase the negative tone, the U.S. dollar must climb back above 136.28.

Resistance: 136.28, 136.95, 137.53

Support: 135.67, 134.52


After US statistics, the EURUSD has extended its rebound during the American trading day. From a technical standpoint, EURUSD recovers after reaching the lower Bollinger Band band and the 20 Simple Moving Average. The bulls had pushed EURUSD over 1.0205 resistance at the time of writing, indicating a positive change on the four-hour chart. If EURUSD is able to sustain its upward momentum into the next barrier around 1.0284, the probable double-bottom formation will indicate a bullish bias for the pair. Currently, the RSI indicator is trading within the positive region, which supports the upside. Contrariwise, an intraday closing below 1.0205 could pave the way for a decline towards parity. Next week’s FOMC meeting will likely influence future price movements.

Resistance: 1.0284, 1.0362, 1.0459

Support: 1.0205, 1.0109

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