DAILY TECHNICAL ANALYSIS FOR OCTOBER 06, 2022
Current level – 0.9915
During yesterday’s trading session the bears’ attempt to overcome the support level at 0.9844 was not successful and the Euro managed to recover part of its recent losses. At the time of writing this analysis, the pair is headed towards a test of the resistance at 0.9934, where a successful breach of this level would pave the way for the pair towards parity. However, a consolidation in the range 0.9844 – 0.9934 is the most probable scenario for today’s trading session. On the other hand, a breach of the support at 0.9844 may suggest sell-offs towards 0.9750. Macroeconomic news that could have a strong effect on the currency pair, is the U.S. jobless claims data at 12:30 GMT.
Current level – 144.46
The pair still continues to be locked in the range 143.60 -144.85. In case the bears manage to overcome the support at 143.60, we may witness a deepening of the sell-offs towards the support at 142.67. Otherwise, the consolidation would most probably continue, unless the resistance at 144.85 is breached. Therefore, a confirmed breach of the mentioned resistance would strengthen the positive sentiments and would most probably send the pair towards a test of the critical resistance at 145.30.
Current level – 1.1363
During yesterday’s trading session we have witnessed a retracement and the pair is currently testing the resistance at 1.1348. The most probable scenario for today’s trading session is for the pair to test the resistance at 1.1470 where a confirmed breach of this level would suggest further appreciation of the sterling towards the next zone at 1.1600. If the bears prevail, a downward movement towards the support at 1.1100 is a highly likely scenario.
Midday update for Gold
Gold price faces negative pressure now to head towards expected test to the key support 1708.50, which urges caution from the upcoming trading, as continuing the decline and breaking this level will stop the morning suggested positive scenario and press on the price to turn to decline, while the price needs to breach 1730.70 to confirm rallying towards new positive targets that start at 1750.00 and extend to 1765.00.
The expected trading range for today is between 1710.00 support and 1750.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis