DAILY TECHNICAL ANALYSIS FOR NOVEMBER 28, 2022petar skakalov
Current level – 1.0343
After the breach of the zone at 1.0392 the European common currency lost some ground against the dollar and during the early hours of today’s trading session the pair is heading for a test of the next support at 1.0304. Success for the bears could easily deepen the depreciation of the euro and could lead the currency pair towards the major zone at 1.0226. If the bulls re-enter the market, their first target is the mentioned level at 1.0392, which now acts as a resistance. A successful violation of the upper zone at 1.0448 could mark the current move as a corrective and could easily lead to new gains for the EUR against USD. Important news for the investors this week is the expected in the EU data for CPI (Wednesday, 10:00 GMT), the U.S. data in the on Unemployment claims (Thursday, 13:30 GMT) followed by the release of the Non-farm payrolls change and Unemployment rate (Friday, 13:30 GMT), as well as the escalating unrest in China.
Current level – 138.50
The test of the resistance zone at 138.99 was not successful and the pair consolidated around the current level at 138.50. If bears prevail, violation of the support at 137.65 could easily lead to new losses for the dollar against the yen and could strengthen negative expectations for the future path of the Ninja. If bulls enter the market, new attack of the mentioned zone at 138.99 would be a highly probable scenario, but only a successful test of the resistance at 139.94, followed by a breach of the next target at 140.69 could lead the pair to a recovery towards the local high at 142.18.
Current level – 1.2043
The bullish momentum faded and after the unsuccessful test of the resistance zone at 1.2145, the pound erased some of its recent gains against the dollar. At the time of writing the analysis, the pair is hovering above the support zone at 1.2026, but a breach for the bears could easily deepen the decline towards the next support at 1.1955, followed by the major level at 1.1776. If bulls prevail, a new successful attack of the high at 1.2145 could help for a continuation of the rally and could lead to new gains for the Cable.
Midday update for Gold
Gold price trades with clear positivity to reach our first waited target at 1765.00, and we suggest the continuation of the bullish bias to surpass this level and open the way to head towards our next station that reaches 1786.50, to keep the bullish trend scenario valid and active for the rest of the day conditioned by the price stability above 1746.40.
The expected trading range for today is between 1735.00 support and 1775.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis