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DAILY TECHNICAL ANALYSIS FOR OCTOBER 07, 2021

EUR/USD

Current level – 1.1557

The common European currency continues to depreciate against the dollar and, yesterday, the pair violated the support level of 1.1562. The expectations are for the downtrend to continue, leading the EUR/USD towards a test of the support level of 1.1500, which is coming from the higher time frames. In the positive direction, the previously mentioned level of 1.1562 is now acting as a resistance for the pair. During today’s session, volatility will most likely spike after the announcement of the initial jobless claims data for the U.S. at 12:30 GMT.

USD/JPY

Current level –  111.33

During yesterday’s trading session, the currency pair made an unsuccessful attempt at breaching the support level of 111.28 and now the expectations are for the bulls to prevail and approach the resistance level of 111.63 and, possibly, the local high at 112.00. In the negative direction, the first support lies at 111.28.

GBP/USD

Current level – 1.3588

The sterling managed to partially recover its losses against the dollar in the first half of the week and is currently in a consolidation phase just below the resistance level of 1.3609. The expectations are for the Cable to test and violate the level of 1.3609, which would strengthen the positive sentiment and pave the way for an attack on the resistance zone of 1.3752. In the negative direction, the first support lies at 1.3520.

Gold price gets a negative signal

Gold price begins today negatively, affected by the negative signals provided by stochastic, and we believe that the way is open to achieve more decline in the upcoming sessions, waiting to visit 1735.00 mainly, noting that breaking this level will extend the bearish wave to reach 1692.00.

Therefore, we will continue to suggest the bearish trend on the intraday basis as long as 1770.00 level remains intact, noting that breaking 1750.00 is required to ease the mission of achieving the waited negative targets.

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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