DAILY TECHNICAL ANALYSIS FOR NOVEMBER 24, 2021petar skakalov
Current level – 1.1234
The Greenback continues to dominate other major currencies and, in the early hours of today, the euro erased yesterday’s modest gains. The market still seems overstretched and its initial reaction to the news regarding Jerome Powell’s second term seemed exaggerated. In case the 1.1230 support lasts, a deeper retracement is possible. The resistance at 1.1287 is expected to be tested and probably breached. The correction should then be limited to 1.1365, from which a new push on the negative front can be expected. Due to the shorter trading week in the U.S., an avalanche of news is expected today, with the most significant impact being the data on the GDP and the initial weekly jobless claims (13:30 GMT), as well as the new home sales (15:00 GMT). If the data supports the bearish sentiment, the pair could sink towards 1.1180.
Current level – 115.06
The Ninja is trading above 115.00 again, but the bulls’ behaviour seems uncertain at these market levels. The expectations are rather neutral, with the market likely to enter a new range between the resistance at 115.20 and the support at 114.20. The bulls can expect their first local support at 114.90 and a more solid one at 114.20. A breach above 115.20 would provoke a new rally and a potential target for the bulls could be the area at around 116.50 – 117.00.
Current level – 1.3387
The Sterling marked a series of losses again, which currently remain above the support of 1.3350. The zones at 1.3400 and 1.3440 have been breached several times in both directions and cannot be considered as particularly reliable. It is likely that the bulls will try to form a double bottom аt the support of 1.3350. In such a scenario, a deep correction with a strong movement targeting the areas above 1.3500 can be expected. To validate the model, a new failed bearish attempt at attacking the area above 1.3500 is needed. If the bears end up prevailing instead, then the expected scenario is for a breach of 1.3350.
Gold price confirms the break
Gold price managed to break 1800.00 level and hold with a daily close below it, which supports the continuation of the expected bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, waiting to visit 1770.00 as a next negative station.
Holdig below 1800.00 is important to continue the expected decline, as breaching it might push the price to test 1825.15 areas before any new attempt to decline.
The expected trading range for today is between 1770.00 support and 1805.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis