Technical outlook for 9/08/2022
GBPUSD - short term bearish momentum looks poised to continue, with a clean break back below 1.2069, this could pave the way lower at least in the short term to 1.1920. The bearish view aligns with GBPJPY however I would put caution in the wind as the global macro environment surrounding rate hikes and QE points towards USD weakening. Albeit for the time being we can only trade what we see and technically GBPUSD remains bearish.
The chart below shows a short idea into the London session with preferred entries around 1.21 and first targets at 1.1940.
GBPJPY - with a similar outlook for pound weakness, we are expecting further downside on this pair.
Japans economy has not been hit with the same inflation issues as the west therefore monetary stimulus is lagging putting pressure on the yen. The consensus remains unknown as to the BOJ next move therefore the macro outlook remains murky for the time being.
With that being said, technically weekly chart for yen futures appears to have found a base after taking out 20 year lows and is moving into a bullish structure on the intraday timeframes.
Using a technical perspective for the short term, we prefer short positions back into retest support at 155.60 however could anticipate a short squeeze first clearing liquidity above the 164 area. We will monitor order flow and sell side delta as per our methodology.
XAUUSD - Downside potential on gold as the downtrend that has been in place since march remains in place.
The weekly timeframe has printed a large double top which we expect will at least attempt to break and sustain. Current price is trading around $1790 however ideal entries would come for a third and final drive higher into $1800 - $1804 where will we look to take shorts.
Long term targets remain at $1675 support level before reconsideration. If the market can sustain 2 days above $1800 then the short bias could babe shifting.
Daily perspective;
Intraday timeframe with entry idea;
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