DAILY TECHNICAL ANALYSIS FOR APRIL 21, 2022petar skakalov
Current level – 1.0828
The bears managed to limit the recovery of the single European currency against the U.S. dollar to around the resistance level at 1.0850. The subsequent sell-off is possible to deepen further, with the first support zone being the level at 1.0811. The sentiment remains negative and a successful breach of the local minimum at 1.0757 could give the bears enough momentum to attack the next level at around 1.0640. Today, investors will focus on the announcement of the consumer price index data for the eurozone (09:00 GMT), as well as on the initial jobless claims data for the U.S. (12:30 GMT), with increased volatility expected around both events.
Current level – 128.36
After reaching the local high at 129.40, the currency pair entered a corrective phase as the bears managed to lead the price towards 127.50. At the time of writing, the appreciation of the dollar against the Japanese yen is gaining steam yet again, with the currency pair trading at around 128.50. Sentiments at the moment remain positive – for another attack on the main resistance at 129.40.
Current level – 1.3047
After the bulls managed to limit the sell-off at the 1.2986 support zone, a price appreciation followed suit. At the beginning of the last trading session, the currency pair broke the resistance at 1.3045, after which throughout the day we observed a consolidation just above this level. Since the beginning of today’s trading session, however, the bears have regained control, with the most likely scenario being a breach of 1.3045, which is already playing the role of the first important support. A successful breach of the mentioned support could lead towards a deepening of the sell-off and another test of the main support at 1.2986.
Gold price tests the resistance
Gold price provided positive trades to test the key resistance 1960.00, keeping its stability below it until now, accompanied by stochastic loss to the positive momentum clearly, waiting to motivate the price to resume the negative trades to head towards 1925.35 that represents our main target.
Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1960.00 and hold with a daily close above it.
The expected trading range for today is between 1925.00 support and 1970.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis