DAILY TECHNICAL ANALYSIS FOR NOVEMBER 15, 2022petar skakalov
Current level – 1.0317
After the optimistic rally from the end of last week, the currency pair entered a consolidation phase. The important resistance at 1.0363 manages to stop the bulls for now, but the bears are not particularly active either and their downward path stops at the formed minor support at 1.0272. If the bulls do take the upper hand and break the level at 1.0363, it is very likely that there will be no stopping them until the resistance at 1.0480 available on the longer time frames. It is more important for the bears to overcome the second and third support levels at 1.0192 and 1.0093. If they succeed, we’ll likely see them on the market for a longer period.
Current level – 140.40
The bulls managed to move away from the important support at 138.44 and even overcame the next one at 140.18. If they succeed with the next level at 142.44, there will be no stopping them until 145.29. The uptrend has slowed down for the time being, but there is still no confirmation that it has ended. Even if they break the support at 138.44, their success is likely to be temporary.
Current level – 1.1758
The week started calmly for the currency pair and the price managed to hold above the support at 1.1735. We are likely to see a range move and a retracement to the resistance at 1.1852. Sentiment is positive and, if the bulls manage to break through the mentioned level, it is possible to see them for a longer period in the market. This week we expect the announcement of important economic data for the pound, which may have an impact on the exchange rate. The most important of these are the Claimant Count Unemployment Change, today, at 07:00 GMT and the consumer price index on Wednesday, again at 07:00 GMT. In case the data fails to meet the expectations of the traders, it is possible to see a bearish attack on the supports at 1.1735 and 1.1642.
Midday update for Gold
Gold price resumes its positive trading to attempt to move away from 1765.00 level, which supports the continuation of the expected bullish trend scenario for today, which targets 1800.00 mainly, noting that the EMA50 keeps supporting the price from below, while achieving these targets requires holding above 1765.00 and 1755.00 levels.
The expected trading range for today is between 1755.00 support and 1795.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis