DAILY TECHNICAL ANALYSIS FOR NOVEMBER 16, 2021petar skakalov
Current level – 1.1376
On the first trading day of the week, the appreciation of the U.S. dollar continued and, after the successful violation of the support zone at 1.1435, the bears have managed to maintain their control over the market, thus leading the pair towards a test of the support at 1.1365. The most probable scenario for today’s trading session is for the currency pair to make a corrective move towards the resistance at 1.1435, and for trading to remain in the range between 1.1365 and 1.1435. However, if the bears continue to pressure the market and manage to overcome the support level at 1.1365, this would strengthen the negative expectations for a move towards the next support at 1.1300.
Current level – 114.14
At the time of writing this analysis, the currency pair is trading just below the resistance at 114.23 and the bulls are likely to try and attack this level. A successful breach of this resistance would allow the bulls to gain momentum and lead the pair towards the next resistance at 114.42. The Ninja is still bound to the narrow range between 113.74 and 114.42 and only a confirmed breach of the resistance at 114.42 would suggest that the range phase has ended, which would pave the way for the currency pair towards the resistance at 115.50. In the opposite direction, the first important support is found at the level of 113.74.
Current level – 1.3420
The currency pair is currently trading in the range between 1.3359 and 1.3439 after the bears lost momentum and couldn’t overcome the support at 1.3359. The forecasts for today’s trading session are for the pair to retest the support at 1.3359 and a successful breach of the mentioned level would pave the way for the pair towards the support at 1.3290. On the other hand, a breach of the resistance at 1.3439 may lead the pair towards the next resistance at 1.3503.
Gold price is stable above the support base
Gold price keeps its stability above 1860.00 level, getting continuous positive support by the EMA50, waiting to get positive motive that assist to push the price to resume the main bullish trend, which its next target located at 1900.00.
Therefore, the positive scenario will remain valid for the upcoming period as long as 1860.00 level remains intact, as breaking it will put the price under intraday negative pressure that targets testing 1838.00 and might extend to 1825.15 areas before any new positive attempt.
The expected trading range for today is between 1850.00 support and 1885.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis