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14Nov

DAILY TECHNICAL ANALYSIS FOR NOVEMBER 14, 2022

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EUR/USD

Current level – 1.0325

In the last trading day of the previous week, the single European currency continued its steady recovery which began after the announcement of the data on the CPI and initial jobless claims for the U.S. The buyers managed to overcome the critical resistance level at 1.0192 leading the pair towards a test of the resistance at 1.0363. However, in the early hours of today’s trading session, the bears are making an attempt to regain control in order to recover part of their recent losses. The impulsive upward movement seems to be losing momentum and the most probable scenario is for the bears to try to pull back the pair from the above mentioned resistance and head towards a test of the key support at 1.0192. Today, there is no major economic news, thus it is highly likely for the pair to enter a short consolidation phase in the range 1.0192 – 1.0363 as market participants may need time to relocate their positions. The publication of the data regarding producer price index and the Empire State Manufacturing Index that are expected on Tuesday at 13:30 GMT may result in higher-than-expected volatility.

USD/JPY

Current level – 138.99

After the free fall that we witnessed at the end of last week, the bulls are trying to withhold the bears’ pressure forming a support at 138.44. At the time of writing, the pair is consolidating in the narrow range 138.48 – 140.18. The forecasts for today’s trading session are for a possible price correction towards the resistance at 142.46 and further sideway moves in the range 138.44 – 142.46. On the other hand, a confirmed breach of the support at 138.44 may suggest a resumption of the downtrend towards the next key support at 137.50. Considering the strong depreciation of the U.S. dollar against the euro, investors shall be cautious as fake breakthroughs are highly likely to develop as the overall market sentiments are neutral at this point.

GBP/USD

Current level – 1.1787

The situation with the Cable is quite similar to that with the euro, as a result of the weakening of the dollar. In the early hours of today’s trading session, the bears are making an attempt to recover some of their recent losses and the pair has formed a resistance zone at around 1.1852. The expectations for today are for a possible correction towards the resistance at 1.1642, but it may be realised in case a confirmed breach of the first support at 1.1735 takes place. In the upward direction, a confirmed breach of the resistance at 1.1852 would pave the way for the pair towards the psychological level at 1.1900, and even the next one at 1.2000.

Midday update for Gold 

Gold price faces solid resistance at 1765.00 level, to show some slight bearish bias now, noticing that stochastic gets rid of its negative momentum clearly, waiting to motivate the price to resume the expected bullish trend for today, which its targets begin by surpassing the mentioned level to open the way to head towards 1800.00, noting that breaking 1754.00 will press on the price to achieve more decline and visit 1730.70 before any new positive attempt.

The expected trading range for today is between 1750.00 support and 1785.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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