DAILY TECHNICAL ANALYSIS FOR NOVEMBER 07, 2022
EUR/USD
Current level – 0.9929
In the single European currency, the bulls were able to take advantage of the negative news about the unemployment rate in the United States and gained serious momentum. Almost two-figure growth was achieved by the euro against the U.S. dollar. At the time of writing, EUR/USD is hovering around the key level at 0.9944. If the bulls continue in the same way, it is possible to witness parity between the two currencies. The lack of news today may suggest that we will most likely see a narrow range movement around the aforementioned level at 0.9944.The main macro event which will most certainly lead to some volatility, is the announcement of the CPI data for the U.S. on Thursday.
USD/JPY
Current level – 147.08
The news about the unemployment rates in the U.S. affected the Ninja as well. After Friday’s session, the U.S. dollar was down about 90 pips against the Japanese yen. At the time of writing, the bulls are trying to recoverp their losses and are targeting a nearby resistance at 147.28. If they manage to break through, we could witness a breakout attempt at 147.91.
GBP/USD
Current level – 1.1324
On Friday, we witnessed a strong bull attack against the Cable. The buyers were able to convincingly break through the resistance at 1.1269, however, their strength was not enough to breach the next one at 1.1385. The lack of macroeconomic news in the coming days would mean that it is highly likely that we will see a range movement in Sterling between 1.1269 and 1.1385.
Midday update for Gold
Gold price resumes its positive trading to approach our first waited target at 1686.40, waiting to get additional positive motive to assist to push the price to breach this level and open the way to rally towards our next station that reaches 1708.55, to continue suggesting the bullish trend for today supported by the EMA50 conditioned by the price stability above 1660.00.
The expected trading range for today is between 1655.00 support and 1690.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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