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04Nov

DAILY TECHNICAL ANALYSIS FOR NOVEMBER 04, 2021

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EUR/USD

Current level – 1.1605

The currency pair still does not seem to be able to find a clear direction and the market is in а range phase, with the lower band being the support of 1.1535 and the upper one – the resistance of 1.1660. Yesterday’s meeting of the U.S. Federal Reserve failed to spark much movement on the market and, at the moment, the mood remains mixed. A new bearish attack and a breach of the 1.1535 support could prompt a sell-off towards 1.1410. Given that the pair manages to finish the week above 1.1622, the scales would be tilted in favor of the bulls. A more sustainable rally can only be expected if prices stay above 1.1690.

USD/JPY

Current level –  114.22

The market continues to trade in a range limited by the support of 113.38 and the resistance of 114.20. Current prices are hovering at the mentioned resistance and, if the zone is overtaken, the next obstacle for the bulls would be 114.42. The first daily support for the buyers is 113.70. It is likely that the market will continue to trade without a clear direction, but a breach of either border might be able to define the future path of the pair.

GBP/USD

Current level – 1.3671

The cable is found in a short-term downtrend, and the picture on the higher time frames is neutral. Current levels are around the first daily resistance between 1.3670 – 1.3690. Expectations remain positive, at least until the support of 1.3575 is breached. A meeting of the Bank of England on its interest rate decision (12:00 GMT) is expected today, and a potential spark in market volatility could blast off prices towards 1.3830. The market is likely to remain choppy performance-wise until the time of the event.

Gold price hits the target

Gold price succeeded to touch our waited target at 1770.00 and found solid support there, to show some temporary bullish bias, affected by stochastic positivity, waiting to resume the negative trades, supported by the negative pressure formed by the EMA50, to break the mentioned level and open the way to head towards 1735.00 as a next negative target.

Therefore, the bearish trend scenario will remain suggested for the upcoming period unless the price rallied to breach 1797.00 and hold above it.

The expected trading range for today is between 1755.00 support and 1790.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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