DAILY TECHNICAL ANALYSIS FOR APRIL 11, 2022
EUR/USD
Current level – 1.0887
In the early hours of today’s trading session, the euro recovered part of its recent losses, but the bears re-entered the market and the pair quickly returned below the resistance at 1.0900. The support at 1.0850 has so far managed to hold off the bearish pressure, but the overall market sentiment remains negative. A confirmed breach of the aforementioned support level would probably extend the sell-off towards the psychological level at 1.0800, which could be considered as a signal that the downtrend is intact. In case of positive news regarding the war between Russia and Ukraine, the trend could change its direction and the bulls might return to the market. If that’s the case, then their first resistance is expected to be the level of 1.0970. The important news for this week, which is also expected to have an impact on the market, is the interest rate of the European Central Bank (Thursday; 11:45 GMT) as well as the announcement of the CPI data for the U.S. (Tuesday; 12:30 GMT).
The expected trend for today: Overall bearish
USD/JPY
Current level – 124.52
The support at 123.70 appeared to be an obstacle for the sellers, and at the time of writing, the currency pair is headed towards a test of the critical resistance at 125.00, where a breach could easily lead the pair towards the next resistance lying at 126.00. If the bullish momentum fades and the bears enter the market and violate the zone at 123.70, then the decline could deepen towards the support level at 122.40.
The expected trend for today: Bullish
GBP/USD
Current level – 1.3019
The sterling lost some ground against the dollar, and during the early hours of today`s trading, the pair is headed for a test of the support zone at 1.3000. A successful violation of this psychological level of support would strengthen the negative expectations for the future path of the GBP/USD for a move towards the levels at around 1.2900. If the bearish momentum fades and the bulls re-enter the market, then their first target would be the zone at 1.3100, followed by the resistance at 1.3170. However, only a successful breach of the higher level at 1.3170 would paint a more bullish picture for the Cable.
The expected trend for today: Bearish
Gold price attempts to recover
Gold price keeps rising to test the sideways range’s resistance that appears on the chart, which makes us prefer to stay aside until we get clearer signal for the next trend, which we will get through breaching 1960.00 resistance or breaking 1925.35 support, noting that the contradiction between the technical indicators provides another reason for neutrality.
Note that the continuation of the rise and breaching the mentioned resistance will push the price to achieve additional gains that reach 2000.00, while breaking the support twill reactivate the negative scenario that its next target located at 1890.00.
The expected trading range for today is between 1925.00 support and 1965.00 resistance.
The expected trend for today: Neutral
Source: Technical analysis
Comments (13)
I think the admin of this site is really working hard for his website since here every stuff is quality based data.
You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic.
I appreciate you sharing this blog post. Thanks Again. Cool.
Good post! We will be linking to this particularly great post on our site. Keep up the great writing Watch bbcfarsi
I just like the helpful information you provide in your articles
Awesome! Its genuinely remarkable post I have got much clear idea regarding from this post
I am truly thankful to the owner of this web site who has shared this fantastic piece of writing at at this place.
I truly appreciate your technique of writing a blog. I added it to my bookmark site list and will
As I website owner I believe the content material here is really good appreciate it for your efforts. dubai racing channel
594613 405018Average In turn sends provides will be the frequent systems that offer the opportunity for ones how does a person pick-up biological, overdue drivers, what one mechanically increases the business. Search Engine Marketing 538533
919865 971794Excellent artical, I unfortunately had some troubles printing this artcle out, The print formating looks a bit screwed over, something you may want to appear into. 106683
585217 315309When do you think this Real Estate market will go back in a positive direction? Or is it still too early to tell? We are seeing a lot of housing foreclosures in Altamonte Springs Florida. What about you? Would really like to get your feedback on this. 938117
842739 664191obviously like your website but you have to take a look at the spelling on quite a few of your posts. 967337