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08Nov

DAILY TECHNICAL ANALYSIS FOR NOVEMBER 08, 2022

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EUR/USD

Current level – 1.0026

During yesterday’s trading session, the bulls managed to continue the rally and successfully led the pair above parity, but encountered strong resistance at the level around 1.0030. At the time of writing this analysis, the bulls are facing difficulties in overcoming the mentioned resistance, thus it is highly likely to witness a rebound towards the support at 0.9977, where a successful breach would pave the way for the pair towards the next support zone at 0.9929. The strong upward movement that we have witnessed in the last days was mainly driven by fundamental factors and it may be considered as a correction of the overall bearish market. Therefore, the forecasts for today’s session are for the bears to try to regain control and take advantage of the current levels to enter the market and to attack the support at 0.9929. However, only a confirmed breach of this support may strengthen the negative market sentiments for further depreciation of the euro against the U.S. dollar and to give sellers the necessary stimulus to target the key support at 0.9853. In an alternative scenario, if the bulls manage to gain enough momentum to breach the resistance at 1.0030 and hold the pair above this level, we may expect a further upward movement towards the resistance at 1.0088.

USD/JPY

Current level – 147.68

The pair continues to consolidate in a wide range in the interval 145.64 -148.36 as neither the bears, nor the bulls can dominate to break out of this channel. The overall market sentiments remain neutral and the pair is highly likely to remain locked in this range, unless the bears prevail and successfully breach the support at 145.64, which could easily extend the selloffs towards the next support at 144.65. The first critical resistance for the bulls is located at 146.36.

GBP/USD

Current level – 1.1513

After the strong rally that we have witnessed in the last trading days, the pair is hovering just below the resistance at 1.1554 and it seems that the bulls start to lose momentum. Therefore, the forecasts are for the bears to try to recover part of their recent losses leading the pair towards the support at 1.1372, but only a confirmed breach of the support at 1.1448 would suggest a potential development of a stronger downward movement towards the support ат 1.1372, followed by the one at 1.1277. In the upward direction, a breach of the resistance at 1.1554 would pave the way for the pair towards the resistance at 1.1637.

Midday update for Gold

Gold price provided additional negative trades to approach 1660.00 level, starting recovery attempts now, while stochastic continues to gain the positive momentum, waiting to assist to push the price to resume the expected bullish trend for today, which its targets begin by testing 1686.40 level and extend to 1708.55 after surpassing the previous level, reminding you that it is important to hold above 1660.00 to achieve the suggested targets.

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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