• CL-OIL


  • Cocoa-C


  • View more

Daily Technical Insights 28 July 2022



Gold climbs above 1720 with an initial reaction to the US Fed, whose decision to raise the interest rates by 75 basis points as expected.

Technically speaking, gold still trades in the tight range above and below 1722. In the meantime, gold remains on the midline of the Bollinger band, showing its directionlessness; however, the RSI indicator at the moment skews to the upside, suggesting that the near-term outlook turns bullish. On the downside, if gold falls below 1722, then its momentum would turn bearish as it would trade within the lower bounce of the Bollinger band.

Resistance: 1722, 1748, 1769

Support: 1680.99


USDJPY loses traction as the Fed signals that it could slow the pace of rate hikes, causing the greenback to lose interest.

From the technical perspective, despite the downward price action, USDJPY remains bullish as it stays within the ascending channel as well as the 20 Simple Moving Average. As long as USDJPY can stay above 136.52 and the bullish channel, then the outlook of the pair remains upside. On the flip side, a breakout of 136.52 would imply that the bearish momentum is in charge, attracting some follow-through sellers. The RSI indicator has skewed to the south, signalling that the breakout is possible.

Resistance: 136.52, 137.06, 137.61

Support: 136.84, 134.75


EURUSD loses traction in the second half of the day on Wednesday as the greenback recovers ahead of the FOMC meeting.

From the technical perspective, EURUSD currently trades slightly above the support of 1.0109. The pair has oscillated in the range of 1.0109- 1.0284 since mid-July. Whether EURUSD can hold above the support level would be a turning point to determine the momentum of the pair. If EURUSD falls below the support, then it will attract some follow-through sellers, causing the pair toward further south. The RSI indicator continues to trade within the negative territory, implying that buyers are still on the sideline.

Resistance: 1.0205, 1.0284, 1.0362

Support: 1.0109, 0.9952

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.