DAILY TECHNICAL ANALYSIS FOR NOVEMBER 02, 2021petar skakalov
Current level – 1.1594
The sell-off was limited to the level of 1.1535 and the common European currency recovered some of its recent losses against the greenback. At the time of writing, the pair is hovering above the level of 1.1589 and а test of the next target of 1.1622 is a highly probable scenario that could easily pave the way for a test of the resistance of 1.1660. However, if the bears re-enter the marкet, a violation of the mentioned zone of 1.1589 and a successful attack on the support of 1.1535 would easily deepen the sell-off towards the levels from July at around 1.1410.
Current level – 113.93
The attempt to violate the resistance of 114.42 was not successful and the dollar lost some ground against the yen. The pair breached the nearby support of 114.10 and a successful breach of the 113.70 level should head the Ninja towards the lower border of the range and main support of 113.21. If the bulls regain control, their first target would be the mentioned level of 114.10, but only a breach of 114.42 could lead to new gains and a more sustained rally for the USD/JPY.
Current level – 1.3646
During yesterday’s session, the bulls did not have enough strength to start a significant correction, but despite that the Cable stabilised around the zone of 1.3665. If the pair remains under the mentioned level, the most probable scenario will be for a move towards the support of 1.3575, which would strengthen the negative expectations for the future path of the GBP/USD. If the buyers prevail, their first resistance could be found at the level of 1.3715, followed by the next target of 1.3759.
Gold price tests the key resistance
Gold price provided additional positive trades to test the key resistance 1797.00, and begins to provide bearish rebound signals now, as it keeps its stability below the broken support of the intraday bullish channel that appears on the chart, while stochastic shows clear negative signals that we are waiting to motivate the price to provide negative trades in the upcoming sessions.
Therefore, the bearish bias will be expected for today, and the targets begin by testing 1770.00, noting that breaching 1797.00 will lead the price to achieve additional gains that reach 1825.15 as a next station.
The expected trading range for today is between 1770.00 support and 1805.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis