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DAILY TECHNICAL ANALYSIS FOR OCTOBER 07, 2022

EUR/USD

Current level – 0.9789

The European common currency lost some ground against the dollar and the pair breached the support zone at 0.9844. During the early hours of today’s session, the pair is still trading below the aforementioned level, and if the bearish attack continues, the expectations will be for a test of the important support at 0.9750. A successful violation of this level could lead to a deeper decline towards the lower zone at 0.9670. If the bulls prevail, then their first target can be found at the zone at 0.9844, which now acts as resistance. A breach of the zone at 0.9934 and the upper level at 0.9999 could form the current move as corrective and could pave the way for a test of the local high at 1.0050. Important news for investors today is the U.S. non-farm payrolls change, as well as the unemployment rate (today; 12:30 GMT).

USD/JPY

Current level – 145.05

The sentiment remained unchanged, and after the test of the zone at 144.13, the pair held above the mentioned level. A breach for the bulls of the next zone at 145.29 could easily lead to a test of the high at 145.88, where a violation could strengthen the positive expectations and could easily lead to new gains for the dollar against the yen. If the bullish momentum fades, then the bears could attack the support at 144.62. A successful breach of the lower target at 143.62 could lead to a deeper decline towards the support at 142.67.

GBP/USD

Current level – 1.1146

The pound erased some of its recent gains against the dollar, and during the early hours of today, the pair is trading just above the support zone at 1.1106. If this level is successfully breached, then this could easily lead to an attempt for breaching the lower and important target at 1.1029. If the bulls prevail instead, then a violation of the resistance at 1.1216, followed by a breach of the upper zone at 1.1348, could easily head the Cable towards the local high at 1.1474.

Midday update for Gold

Gold price didn’t show any strong move since morning, to continue fluctuating near 1708.50 level, thus, no change to the expected bullish trend scenario for today, which depends on the price stability above the mentioned level, supported by stochastic current positivity, waiting to breach 1721.00 to confirm opening the way to rally towards 1750.00 followed by 1765.00 levels.

The expected trading range for today is between 1695.00 support and 1735.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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