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01Oct

DAILY TECHNICAL ANALYSIS FOR OCTOBER 01, 2021

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EUR/USD

Current level – 1.1570

The common European currency continues to depreciate against the dollar and yesterday violated the support level of 1.1600. The expectations are for the downtrend to continue, leading the pair towards a test of the support level of 1.1420 that is coming from the higher time frames. In the positive direction, the previously mentioned level of 1.1600 is now acting as a resistance for the pair. During today’s session, volatility will most likely spike after the euro area CPI data is announced at 09:00 GMT.

USD/JPY

Current level –  111.36

The Ninja is currently found in a consolidation phase at around 111.40. The expectations are for the pair to retest the resistance level of 112.00 once the consolidation is over, and head towards the resistance level of 113.50 in case the test is successful. In the negative direction, the first support level is found at 111.01.

GBP/USD

Current level – 1.3459

The support level of 1.3422 managed to stop the decline of the Cable and, at the time of writing, the pair is in a consolidation phase at around 1.3470. The expectations are for the pair to retest the support at 1.3422 and, if it manages to violate the support, to head towards the support level of 1.3360 that is coming from the higher time frames. In the positive direction, the first resistance level is found at 1.3520.

Gold price achieves strong gains

Gold price’s rise stopped at 1765.00 level, and begins to provide bearish rebound signals after reaching the bearis channel’s resistance that appears on the chart, motivated by the negative signals that appear through stochastic, which makes us suggest witnessing negative trades in the upcoming sessions, and the targets begin by testing 1735.00 again.

Holding below 1770.00 is important to continue the expected decline, as breaching it will lead the price to exit the correct bearish track followed by turning to rise on the intraday and short term basis.

The expected trading range for today is between 1735.00 support and 1770.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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