DAILY TECHNICAL ANALYSIS FOR NOVEMBER 18, 2022petar skakalov
Current level – 1.0361
On Thursday the single European currency ended the session in the red against the Greenback . The day started with a consolidation, but at the opening of the European session at 08:00 (GMT) a decline began after reaching the resistance around 1.0406. After the data on the high inflation in the EU, the sell-off intensified and reached the key level of 1.0304. The bulls managed to fend off the bearish attack at the mentioned level and the market ended the day around 1.0361. Today, ECB leader Christine Lagarde will speak at 08:30 (GMT), which may shed some light on the future of monetary policy in Europe. The possibility of the euro falling further is there, and the recent uptrend moves could quickly be corrected, if the dollar continues its rise in case traders analyse her speech negatively.
Current level – 140.19
For the time being, the Ninja remains locked in a range. Volatility was extremely low at the start of yesterday, but after a quick decline and buying the levels around 138.88, the currency pair started to rally. Attempts by the bulls to break through this week’s previous high of 140.72 failed and the currency pair finished the day around 140.19. In today’s early hours, we saw the Japanese inflation data which may give further impetus to USD/JPY moves. For now, neither bulls, nor bears are managing to take the upper hand and the future path of the pair will most likely be determined by a breach of the upper or the lower border of the range.
Current level – 1.1863
Yesterday was a highly volatile day for Cabley, starting with a slight uptick in the London session, but after traders analysed the UK’s autumn economic forecasts, which were published at 11:30 (GMT), the currency pair began an aggressive decline. The bears had taken full control of the day, but support was found around the 1.1758 level. There, the pair bounced back and ended the day at values around 1.1863. Today at 7:00 (GMT), data on UK retail sales will be released, which in turn could give direction to GBP/USD.
Midday update for Gold
Gold price hovers around 1765.00 level since morning, while stochastic keeps losing the positive momentum clearly, waiting to motivate the price to resume the correctional bearish trend, which its targets begin at 1746.40 and extend to 1721.65, reminding you that the continuation of the bearish wave depends on the price stability below 1765.00 and 1770.70.
The expected trading range for today is between 1740.00 support and 1780.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis