DAILY TECHNICAL ANALYSIS FOR APRIL 11, 2023petar skakalov
Current level – 1.0864
During yesterday’s trading session, the bears successfully breached the support at 1.0886 which led to an impulsive downward movement towards the next support at 1.0828. However, the bears’ attack was thwarted by the bulls and the pair managed to recover part of its recent losses. In the early hours of today’s trading, the corrective move continued and the pair headed towards the resistance at 1.0886. In case the sellers regain control over the market and successfully overcome the support at 1.0828, we could expect the downward movement to continue towards the next key support at 1.0788. In the upward direction, only a confirmed breach of the resistance at 1.0886 would pave the way for the pair towards the next resistances at 1.0886, followed by the one at 1.0932. During today’s session, market participants will closely follow the announcement of the retail sales data for the eurozone (09:00 GMT) and FOMC’s Golsbee at 17:30 GmT.
Current level – 133.58
The strong upward movement that we witnessed yesterday led to an approximately 1.36% increase in the value of the U.S. dollar against the Japanese yen, but was limited by the resistance at 133.78. The bulls lost momentum and it seems that a correction phase is highly likely to develop leading the pair towards a test of the local support at 132.96, where a successful breach of this level could pave the way for the pair towards the next significant support at 131.57. In an alternative scenario, if the bulls regain control over the market and manage to violate the resistance at 133.78, their next target appears to be the psychological level at 135.00.
Current level – 1.2384
After the pair rebounded from the support at 1.2338, the bulls regained control and GBP/USD is headed towards a test of the resistance at 1.2418. A confirmed breach of the mentioned resistance would be considered as a signal for a resumption of the long-term uptrend and the buyers would most likely set their targets at around the resistance at 1.2500. If the mentioned resistance manages to resist the bulls’ attack, we could expect the bears to make another attempt to breach the support at 1.2338.If this level is violated, the downward movement could get stronger and the pair would most probably head towards the key support at 1.2270.
Midday update for Gold
Gold price shows positive trades since morning to approach our first waited target at 2010.00, waiting to breach this level to confirm extending the bullish wave towards 2040.00 as a next positive station.
Therefore, the bullish trend scenario will remain valid and active for today, supported by the EMA50, reminding you that the continuation of the bullish wave requires holding above 1985.00.
The expected trading range for today is between 1980.00 support and 2010.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis