DAILY TECHNICAL ANALYSIS FOR APRIL 26, 2023petar skakalov
Current level – 1.0975
In the recent session, the bears took control and the currency pair moved in a negative direction. The support level at 1.0969 has been tested multiple times, but there has been no definitive break yet. The downward movement may not be over yet, as the resistance level at 1.1065 was not even reached. However, if there is a possible breakout and test of the next target at the resistance level of 1.1173, it could be seen as a signal that the bulls are regaining control of the market.
Current level – 133.57
The yen has been gaining strength against the dollar, but there is a possibility of a consolidating move in the currency pair, with a support at 132.96 and a resistance at 133.78. In such a scenario, the rate may head back towards the resistance level at 135.00. However, a successful break above the 135.00 level could indicate that the bulls are regaining control and the uptrend is resuming. On the contrary, if the support level at 130.48 is breached, it could signal a further correction towards the area around 129.62.
Current level – 1.2413
During the past session, the U.S. dollar managed to gain ground against the Cable. The support at 1.2420 failed to hold the bears, but their next target 1.2338 is still not reached. On the other hand, the bulls need to break through the resistance at 1.2420 and 1.2506 again so we could say they are back on the market.
Midday update for Gold
Gold prices didn’t show any strong move since morning, to fluctuate around the EMA50, thus, no change to the expected bearish trend for today, depending on the price move within the symmetrical triangle that appears on the chart, waiting to break 1992.20 followed by 1976.00 levels to ease the mission of rallying towards our main target at 1957.30, reminding you that the continuation of the bearish wave requires holding below 2007.50.
The expected trading range for today is between 1980.00 support and 2010.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis