DAILY TECHNICAL ANALYSIS FOR DECEMBER 22, 2022petar skakalov
Current level – 1.0614
The EUR/USD pair continues to trade in the 1.060 – 1.065 range, and at the time of writing the analysis, the rate is at 1.061. Neither the bulls, nor the bears manage to gain an upper hand. It is possible that the aforementioned range could be overcome as a result of price action resulting from the macroeconomic news ahead. Traders will turn their attention to the U.S. Initial Jobless Claims (13:30 GMT), with the value expected to rise from 211,000 to 222,000. If the claims show that quite a bit more people have lost their jobs, the scenario in which the U.S. terminal interest rate will be lower in 2023, as well as the economic growth, resulting in a weaker Greenback.
Current level – 131.89
Today’s trading session of the Ninja started with a bear attack around the support level at 131.40. If the bulls enter the market and manage to stop the bear attack, it is possible that the pair heads towards the next support level at 133.60. If this level is breached, the price may head to the nearest support level at 134.55, respectively. Otherwise, if sentiments remain negative, the pair would head towards the support level at 130.60.
Current level – 1.2104
The day for the Cable started with the bulls trying to breach the support level at 1.2115. The most likely scenario is for the trading to continue in the range between 1.2056 – 1.2221. If the sellers stop the bulls’ attack and take over the market, then it is possible that the price could head to the next support level at 1.2026. News where higher volatility is possible is UK GDP (07:00 GMT). The previous value was 4.4% and it is expected that it drops to 2.4% signalling the slowdown of the British economy and the upcoming recession.
Gold price awaits the breach
Gold price fluctuates near 1824.50 level since yesterday, noticing that stochastic gains the positive momentum gradually, waiting to motivate the price to resume the positive trades to breach the mentioned level and open the way to visit 1850.00 as a next main target.
Therefore, we will continue to suggest the bullish trend supported by the EMA50, reminding you that it is important to hold above 1805.00 as a first condition to continue the expected rise.
The expected trading range for today is between 1805.00 support and 1840.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis