DAILY TECHNICAL ANALYSIS FOR NOVEMBER 11, 2021petar skakalov
Current level – 1.1477
The rally for the dollar continues as it gained more than a figure against the common European currency and violated the support level of 1.1535 as a result of yesterday’s higher-than-expected inflation reading in the U.S. of 6.2%. Due to this, the market started pricing the Federal Reserve’s decision to raise interest rates sooner than expected and the forecast is for the dollar to continue rising and for the EUR/USD to test the support level of 1.1410 that is coming from the higher time frames. In the positive direction, the former support level of 1.1512 is now acting as a first resistance for the currency pair.
Current level – 113.97
The Ninja bounced back from the support level of 112.70 and managed to consecutively violate the resistance levels of 113.25 and 113.70, adding more than a figure to its value. The forecast is for the uptrend to continue and for the pair to test the resistance level of 114.22, which is also the upper border of the range in which the pair was trading a couple of days ago.
Current level – 1.3405
The unsuccessful test of the resistance level of 1.3575 was followed by a sharp decline and a breach of the main support and a local bottom of 1.3427. The expectations are for the dollar to continue rising and for the pair to attack the support level of 1.3350 that is coming from the higher time frames. In the positive direction, the aforementioned level of 1.3427 is now acting as a first resistance for the Cable.
Gold price hits the target
Gold price succeeded to touch our expected target at 1860.00 and found solid resistance there, to show some slight bearish bias, noticing that the price completed forming positive pattern that we believe it will motivate the price to resume the bullish bias and surpass the mentioned level to head towards 1900.00 on the near term basis.
Therefore, the bullish trend will remain suggested for the upcoming period supported by the EMA50, taking into consideration that breaking 1825.15 will stop the expected rise and press on the price to turn to decline.
The expected trading range for today is between 1830.00 support and 1870.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis