DAILY TECHNICAL ANALYSIS FOR APRIL 20, 2023petar skakalov
Current level – 1.0954
Today’s trading session at the single european currency started with a slight advantage for the bears. At the time of writing, they are targeting the nearest support at 1.0932. If they manage to make a breach, we could see an attempt to reach the next one at 1.0886. On the other hand, if the bulls manage to prevail, we could see an attempt to breach the psychological support at 1.1000. Today, macroeconomic news that could have a strong effect on the currency pair is the Philadelphia Federal Reserve Index, slated for release at 12:30 GMT, and the Jobless Claims report, which will also be unveiled at the same time. Moreover, it’s crucial to monitor the Building Permits figures, scheduled for concurrent release, which may collectively shape the market sentiment and trading dynamics.
Current level – 134.88
With the Ninja we see an attempt of the bulls to break the resistance at 135.02. If they succeed, we could see an attempt to reach the next resistance at 137.04. On the other hand, if the bears manage to gain momentum, we could see an attempt to reach support at 133.78. It is crucial to note that during today’s trading session, the primary catalyst behind the price action is expected to be the USD, particularly during the announcement of key macroeconomic news scheduled for 12:30 GMT.
Current level – 1.2423
With the Cable, it looks like the bears have managed to impose themselves on the market and at the time of writing we are seeing their attempt to break the support at 1.2418. If it turns out to be successful, the next support for them would be at the level of 1.2338. If the bulls manage to gain the upper hand, we could see an attempt to reach the resistance at 1.2506.
Midday update for Gold
Gold price tests the key support 1992.20 now, waiting to break this level to confirm opening the way to head towards our next correctional target at 1957.30.
The EMA50 forms continuous negative pressure to support the expected bearish trend, besides stochastic that loses its positive momentum clearly, reminding you that it is important to hold below 2006.00 to continue the expected decline.
The expected trading range for today is between 1970.00 support and 2006.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis