DAILY TECHNICAL ANALYSIS FOR DECEMBER 2, 2022petar skakalov
Current level – 1.0522
On the first day of December, the single European currency continued its uptrend against the greenback. As the session opened in Europe, the bulls tried to break the previous local high of 1.0496, but to no avail. This was followed by a build-up of data in the macroeconomic calendar from EU manufacturing managers’ estimates, which positively affected the market and the euro broke through its previous peak to reach a rate of 1.0533 against the dollar. Consolidation and a second attempt at a new high followed, but EUR/USD ended the day around 1.0522. Today, however, moves are expected to be driven by the dollar strength or weakness following the release of the U.S. labour data package at 13:30 (GMT). The data is extremely important for the future of the Fed’s policy on the main interest rate.
Current level – 135.28
The Ninja continues to fall as a result of the weakening of the dollar. With the opening of the Asian session, the bears were in complete control, breaking the previous support at 137.65. Attempts by the bulls around 135.81 to push the price back up failed and, after a few hours, we saw a new bottom at 135.20. The first major support lies at 133.40 and at the core of today’s moves is expected to be the analysis of the U.S. labour force data at 13:30 (GMT), which may shed more light on the future of the key interest rate in the USA.
Current level – 1.2249
December started with an impressive rally for the Cabel’s. As the session opened in London, the bulls took control, breaking through previous resistance at 1.2145 and without any hesitation GBP/USD reached a new high at 1.2308 around the opening of the U.S. markets, when the dollar kept falling after the jobless claims data. Today, as with other instruments, traders await the nonfarm payrolls data from the U.S., which is expected to shed more light on the future of Fed’s policy. Whether the fall in the dollar will continue or we will witness a surprise, remains to be seen today at 13:30 (GMT).
Midday update for Gold
Gold price provides new positive trades now to keep its consolidation above 1800.00 barrier, to keep the bullish trend scenario valid and active for today, supported by the EMA50, waiting to visit 1815.00 followed by 1850.00 levels as next main targets, reminding you that holding above 1786.50 is important to achieve these targets.
The expected trading range for today is between 1780.00 support and 1825.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis