DAILY TECHNICAL ANALYSIS FOR OCTOBER 10, 2022
EUR/USD
Current level – 0.9729
In the early hours of today’s trading session, the pair is testing the crucial support zone at 0.9730 and the expectations are for a slight bullish correction to develop towards the resistance at 0.9813. However, if the bears manage to overcome the mentioned support, then this could easily lead the pair towards a test of the support at 0.9663. It seems that this week will be calm in terms of macroeconomic news, with the only news that could potentially influence the currency pair being the U.S. consumer price index and the initial jobless claims data that will be announced on Thursday at 12:30 GMT.
USD/JPY
Current level – 145.25
The outlook for today’s trading session is for a downward movement and a test of the support at 144.13 as the bulls still cannot gain enough momentum to overcome the critical resistance at 145.88. A breach of the mentioned support would pave the way for the pair towards the next support at 143.62. On the other hand, only a confirmed breach of the resistance at 145.88 would suggest a resumption of the uptrend and a further appreciation of the U.S. dollar towards new highs.
GBP/USD
Current level – 1.1066
The appreciation of the dollar against most of the world’s major currencies led to new losses for the Cable, and after the test of the support at 1.1050, the pair consolidated above the mentioned zone. If the bears gain enough momentum, then a successful violation here could easily continue the depreciation and could lead to a move towards the psychological level at 1.0900. If the bulls prevail, then the first resistance for them would be the level at 1.1200, followed by the upper target at 1.1348.
Gold price completes negative pattern
Gold price faced strong negative pressure in the previous sessions to confirm breaking 1708.50 level, approaching 1686.40 level, noticing that the price completed forming double top pattern that has negative targets that surpass the last level to reach 1673.00 followed by 1660.00, which supports the continuation of the bearish trend domination in the upcoming sessions.
Therefore, the bearish bias will be suggested on the intraday basis, noting that breaching 1708.55 will stop the current negative pressure and lead the price to recover again.
The expected trading range for today is between 1665.00 support and 1705.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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