DAILY TECHNICAL ANALYSIS FOR NOVEMBER 09, 2022petar skakalov
Current level – 1.0073
The single European currency continued to accumulate gains against the dollar. Tuesday started with a corrective reaction towards the levels around 1.0031, but after reaching the key support at 0.9977, the bulls reentered the market and the currency pair gained nearly 120 pips by the end of the day. However, the rally stopped at its previous high of 1.0093 and whether these levels of resistance will be overcome, remains to be seen. Today, there is no macroeconomic data to give direction to the markets, but the trend is always what professional traders are looking for. Reactions around the local high should be monitored closely as an aggressive correction is never ruled out, especially given that the higher time frames are still showing the pair is in a downtrend.
Current level – 145.62
The Ninja started the early hours of yesterday’s session with a slight rise to 146.90, a rate that the bears found attractive to start building their shorts. After their attack around the opening of the European session, we saw a decline that breached the previous support at 145.70, but it lost momentum around 40 pips below the mentioned level. The day ended in a narrow range between the two mentioned levels. Today, there is no data to give the currency pair a boost, but the established downward trend is likely to continue. Whether the supports in the bottoms will hold or will be broken, remains to be seen tomorrow when the CPI data for the U.S. is announced.
Current level – 1.1539
The Cable managed to continue to rally despite the crisis in politics and the economy of the United Kingdom. Yesterday started with a corrective move, but after reaching the support of 1.1424, the currency pair started a sharp upward move. The 1.1510 levels were broken, but the rally lost momentum 80 pips higher. If the local high is tested and breached today, despite the lack of macro data, there is a chance that this sparks a more sustained rally. Of course, the option that these are just corrections should not be ruled out.
Midday update for Gold
Gold price’s shows new positive trades in attempt to move away from 1708.55 level, to hint resuming the bullish wave and head to test 1730.70 areas in the upcoming sessions, making the bullish bias suggested for the rest of the day as long as 1708.55 level remains intact, as breaking it will put the price under negative pressure that targets testing 1686.40 level before any new positive attempt.
The expected trading range for today is between 1690.00 support and 1730.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis