DAILY TECHNICAL ANALYSIS FOR APRIL 25, 2023
Current level – 1.1055
Yesterday’s trading session was extremely positive for the single European currency. At the beginning of the day, the rate reached the support level at 1.0969, but then the bulls took the upper hand and without any problem successfully overcame the resistance at 1.1004, closing the daily candle at 1.1045. If the bulls continue their momentum, we could see a formation of a new local top, but if the bears take matters into their own hands, we could see a test and a possible break of the newly formed support at 1.1004. Expect an uptick in volatility as the market reacts to the release of Building Permits (13:30 GMT), Consumer Confidence, and New Home Sales (14:30 GMT) for the U.S.
Current level – 134.10
The course of the Ninja was calm during the past trading session with no breakout of nearby support or resistance. Today, we could see a possible attempt to breach the support or the resistance, depending on investor sentiment.
Current level – 1.2492
The past trading session was positive for the Cable as the price reached the support level at 1.2418 at the beginning of the day, but then the bulls took the upper hand and headed towards the resistance at 1.2506. If the bulls maintain their momentum, we could see an attempt to break the aforementioned resistance. Otherwise the bearish investors could push the course back to the support at 1.2418.
Midday update for Gold
Gold price managed to break 1992.20 level and closed the last four hours’ candlestick below it, reinforcing the expectations of continuing the bearish trend efficiently for the rest of the day, paving the way to head towards our next negative target at 1957.30.
Therefore, we will continue to suggest the bearish trend for today, supported by the negative pressure formed by the EMA50, noting that it is important to hold below 1992.20 to achieve the waited targets.
The expected trading range for today is between 1975.00 support and 2005.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis