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12Oct

DAILY TECHNICAL ANALYSIS FOR OCTOBER 12, 2021

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EUR/USD

Current level – 1.1549

The currency pair still cannot recover from its recent losses and continues to trade in the range between 1.1535 and 1.1597. The bulls are managing to limit the sell-off at the support level of 1.1535. A breach of the mentioned support, however, would strengthen the negative expectations and would most likely lead to a sell-off towards the next significant support of 1.1400. However, before the downward trend is to continue, it is possible that we could witness a corrective move towards the resistance of 1.1685. Only a confirmed breach of the resistance of 1.1597, however, would give the bulls a chance to enter the markets and head the EUR/USD towards the mentioned resistance.

USD/JPY

Current level –  113.38

The appreciation of the U.S. dollar against the Japanese yen continued during the first trading session for this week and the resistance level of 113.45 was reached. At the time of writing this analysis, the pair is testing this resistance and the next significant one before the bulls is the level of 113.60, followed by the one of 114.50. The forecasts for today’s trading session are for the resistance at 113.45 to limit the rally and to allow the bears to enter the market, which would lead to a sell-off targeting the first important support at 112.00.

GBP/USD

Current level – 1.3589

The currency pair is testing the support of 1.3580 and, if this level is successfully breached, the next target for the sellers would be the level of 1.3520. On the other hand, if the current level turns out to be a good entry level for the bulls and if they enter the market and gain enough momentum to overcome the resistance at 1.3640, this would pave the way for the currency pair towards the next important resistance of 1.3713.

Gold price needs a negative motive

Gold price continues to fluctuate around the bearish channel’s resistance and around the EMA50, while stochastic loses its positive momentum gradually, waiting to get negative motive that assists to push the price to resume the expected bearish wave for the upcoming period, which its first main target located at 1735.00.

Therefore, we will continue to suggest the bearish trend on the intraday basis, reminding you that the continuation of the expected decline depends on the price stability below 1770.00 and 1780.00 levels.

The expected trading range for today is between 1735.00 support and 1775.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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