DAILY TECHNICAL ANALYSIS FOR NOVEMBER 22, 2022petar skakalov
Current level – 1.0240
The single European currency suffered losses against the dollar on the first day of this trading week. The day began with a sell-off fueled by the release of German manufacturing inflation data at 7:00 (GMT) and with the opening of the European session, the downward movement deepened to 1.0228. There, the pair found support and the market closed at around 1.0240. Today, the answer to the question of whether the downtrend will continue, can be given by the European balance sheet data at 09:00 (GMT).
Current level – 142.08
Looks like last week’s bottom is giving the Ninja another boost against the dollar. Around the opening of the European session on Monday, the previous key level of 140.72 was breached and the currency pair continued its rise to the resistances, namely 142.18. Today, after 16:00 (GMT), we will hear a number of speeches from the members of the Fed’s interest rate decision making committee. If their statements continue to give strength to the dollar, then the gains in USD/JPY may continue, but if we hear comments about a change in monetary policy in the U.S., then this could lead to a drop of the dollar.
Current level – 1.1818
The Cabel started the week with movements to the downside, but failed to reach, let alone break, last week’s lows. In the beginning of the day, the decline started with the opening of the London session and intensified around the opening of the session in New York when it reached its daily low of 1.1776. There, the rate rebounded and ended the day around 1.1818. If the aforementioned support does not withstand the bearish pressure, the sell-off will most likely accelerate towards the next level at 1.1642. Today, there is no data on the macroeconomic calendar to follow, but the direction is expected to be dictated by the dollar and statements from the members of the Fed’s committee, which will be made between 16:00 and 19:45 (GMT).
Midday update for Gold
Gold price shows more bullish bias to attempt to breach 1746.40 level, which urges caution from the upcoming trading, as we mentioned this morning that it is important to consolidate below this level and the most important below 1752.50 to keep the bearish trend scenario valid for today, supported by stochastic loss to the positive momentum, waiting to head towards our next negative target at 1721.65.
The expected trading range for today is between 1720.00 support and 1760.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis