DAILY TECHNICAL ANALYSIS FOR APRIL 19, 2023petar skakalov
Current level – 1.0980
Yesterday’s trading session was positive for the single European currency as the bulls started their attack from the level around the support at 1.0932 and took the rate to the resistance at 1.0969. If the bulls maintain their momentum, they could overcome the aforementioned resistance, but if bearish investors get the upper hand, they could turn EUR/USD back to the support at 1.0932. We may see higher volatility today due to the Eurozone CPI report release at 09:00 GMT.
Current level – 133.95
The past day for the Ninja was negative, but without a breakthrough at important levels for the currency pair. With the opening of the European trading session, the rate headed south finding support at the level of 133.78. In today’s trading session, we could see a breakout of nearby support or resistance depending on investor sentiment.
Current level – 1.2487
The Cable had a positive day as after reaching the support at 1.2338, the bulls took control and managed to overcome the resistance at 1.2418, but the bears did not allow the price to hold above it. If the bulls maintain their momentum, they could break again the aforementioned resistance, but if the bears gain the upper hand, they could turn GBP/USD back to the resistance at 1.2338.
Midday update for Gold
Gold price broke 1992.20 level strongly and closed the last four hours’ candlestick below it, which supports the continuation of the expected bearish trend scenario efficiently for the upcoming period, and the way is open to head towards our next target at 1957.30.
Therefore, we are waiting for more decline on the intraday basis, supported by the negative pressure formed by the EMA50, noting that holding below 1992.20 represents the first condition to continue the suggested bearish wave.
The expected trading range for today is between 1960.00 support and 1990.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis