DAILY TECHNICAL ANALYSIS FOR APRIL 12, 2023petar skakalov
Current level – 1.0914
For the single European currency, the trading session started with a slight preponderance of the bulls. At the time of writing, bullish investors are headed for the nearest resistance at 1.0932. If they manage to breach it, we could see them reaching the next one at 1.0969. On the other hand, if the bears manage to activate, we could see a test of the support at 1.0828. Today, market participants will be intently observing updates from the United States regarding the Consumer Price Index, scheduled for release at 12:30 GMT. This vital data will offer valuable insights into the Federal Reserve’s potential course of action during their upcoming meeting.
Current level – 133.70
The bulls attempted two unsuccessful breakouts of resistance at 133.78. A plausible scenario entails bearish momentum pushing the support level to 131.57. For the remainder of today’s trading session, there are no major macroeconomic updates from the Land of the Rising Sun that might significantly impact the currency pair. Instead, the U.S. dollar is expected to be the primary driver of price action, particularly when the inflation data is released.
Current level – 1.2420
With the Cable we are seeing consolidation around the key level at 1.2418 and for the moment, neither the bears, nor the bulls are able to gain the upper hand. If the bulls manage to gain momentum, we could witness the key resistance at 1.2500 being reached. On the other hand, if the bears manage to impose themselves on the market, we could see a test of the support at 1.2338.
Midday update for Gold
Gold price managed to surpass our first target at 2010.00 and attempts to build support base above it, which supports the continuation of the bullish trend scenario in the upcoming sessions, opening the way to head towards our next target that reaches 2040.00.
Therefore, we are waiting for more expected rise for today, organized inside the bullish channel that appears on the chart, reminding you that the continuation of the bullish wave depends on the price stability above 1990.00.
The expected trading range for today is between 1990.00 support and 2025.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis