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DAILY TECHNICAL ANALYSIS FOR NOVEMBER 15, 2021

EUR/USD

Current level – 1.1458

During the past week, the European single currency continued to shed from its value against the U.S. dollar. The bulls managed to limit the sell-off slightly above the support level of 1.1420, but it is possible that the decline will continue. The forthcoming test of the resistance zone of 1.1476 could predetermine the future move of the currency pair. A successful breach of the mentioned level may be a prerequisite for an additional appreciation and a test of the next significant level of 1.1537. The announcement of the trade balance data for the euro area (today; 10:00 GMT) could lead to an increase in the volatility of the currency pair.

USD/JPY

Current level –  113.81

The currency pair resumed its range move in the narrow channel between 113.40 – 114.23 after the brief breach of the lower boundary of the channel and the failed test of the support zone of 112.73. At the time of writing, the situation remains rather neutral. However, a test of the support zone of 113.40 is possible. The announcement of the GDP data for Japan (yesterday; 23:50 GMT) couldn’t change investors’ sentiment and, so far, there is no economic news that is expected to affect the volatility of the market throughout the rest of the day.

GBP/USD

Current level – 1.3425

Like most of the major currency pairs, the pound also lost ground against the U.S. dollar during last week. The bears lost momentum around the support zone of 1.3360, where the bulls intervened and tested the resistance of 1.3427. The current breach of the mentioned resistance cannot be considered as completed and, in case we do not receive confirmation, the most probable scenario would be for a second reduction and a test of the 1.3360 support area.

Gold price keeps the positive close

Gold price ended last week above 1860.00 level, to keep the overall positive scenario active for the upcoming period despite the decline that its witnesses by today’s open, waiting to head towards 1900.00 as a main positive station.

Stochastic negativity interprets the reasons of the current decline, while the EMA50 provides good support to the suggested bullish wave, noting that the price needs to step above 1860.00 to resume the expected bullish trend for the upcoming period, as failing to consolidate above it will put the price under additional negative pressure that targets testing 1833.60 followed by 1825.15 areas before any new attempt to rise.

The expected trading range for today is between 1840.00 support and 1875.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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