DAILY TECHNICAL ANALYSIS FOR OCTOBER 11, 2022petar skakalov
Current level – 0.9685
The single European currency has been depreciating against the U.S. dollar for five days in a row, and at the beginning of the new session, it is moving in a range between 0.9730 and 0.9663. Attempts by the bulls to settle more permanently above the resistance at 0.9730 are not particularly successful so far, but the bears cannot gain an upper hand, either. At the time of writing the analysis, the bears have not even made an attempt to breach the support at 0.9663. Today, it is possible to observe a consolidation attempt, but it cannot be said that the downward movement is over just yet.
Current level – 145.70
The currency pair’s long-range move may be coming to an end. The resistance at 145.88 is not tested yet, but the bulls are slowly approaching it as we speak. Should they break through, this would pave the way for a test of the all-time high at 147.71. Conversely, if the bears manage to make a comeback, then they are likely to test the two supports at 145.29 and at 144.85 instead.
Current level – 1.1037
The Cable is likely to try to temporarily halt its slide against the U.S. dollar that has been ongoing for the past four days. Although the support at 1.1052 was tested by the bears, it has not been successfully overcome at the time of writing the analysis. On the other hand, the bulls need to overcome the resistance at 1.1216 before they could be able to say that they have achieved at least partial success.
Midday update for Gold
Gold price fluctuates around 1665.00 level since morning, and as long as the price is below 1686.40, our bearish overview will remain valid for today, supported by the negative pressure formed by the EMA50, reminding you that we need to break 1660.00 to confirm rallying towards 1645.00 followed by 1630.00 as next main stations.
The expected trading range for today is between 1640.00 support and 1680.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis