DAILY TECHNICAL ANALYSIS FOR APRIL 10, 2023petar skakalov
Current level – 1.0910
For the single European currency, the range movement around the resistance level at 1.0916 continues. At the time of writing, the pair is sitting just below the aforementioned resistance, with the bulls attempting a breach. If the attack continues and the breakout is confirmed, the next target is 1.0969. Otherwise, if the bears enter the market, the pair is likely to head towards the nearest support level at 1.0862. The week will be filled with a lot of macroeconomic news from the U.S: on Wednesday we will see the data for CPI at 12:30 GMT with a previous value of 0.4%, an an expected drop to 0.3%, on Thursday, at 12:30 GMT will be released the PPI data, with a previous value of -0.1% and an expected rise to 0.1%. On Friday, at 12:30 GMT, will be published the Retail Sales figures, with a previous value of -0.4% and a forecast for -0.4%.
Current level – 132.41
For the Ninja, the positive sentiment continues, with the bulls currently targeting resistance at 132.96. If their onslaught continues, then we are likely to see an attempt to breach the aforementioned level. Otherwise, if the bears enter the market, a possible scenario is for the pair to head towards the nearest support level at 131.57.
Current level – 1.2421
For the Cable, the consolidation between the 1.2486-1.2410 levels continues. At the time of writing the analysis, the pair is sitting just above the resistance at 1.2418. If the bears prevail, we are likely to see a correction to the nearest support level at 1.2338. Otherwise, if the bulls prevail, a possible scenario is for the pair to head towards the next resistance level at 1.2506.
Gold price faces negative pressures
Gold price ended last Friday below 2010.00 level, and opened today with bearish gap to touch 1990.00 level, noticing that the price covers this gap to hint the attempt to resume the main bullish trend, which moves within the bullish channel that appears on the chart.
Therefore, we believe that the chances valid to provide positive trades in the upcoming sessions, and the price needs to surpass 2010.00 level to reinforce the chances of heading towards 2040.00 as a next positive station, taking into consideration that bouncing bearishly and breaking 1980.00 will push the price out of the bullish track to start bearish correction on the intraday basis.
The expected trend for today: Bullish
Source: Technical analysis