Current level – 0.9692

After the unsuccessful bullish attack, the currency pair continues to trade in the narrow range between 0.9663 and 0.9730. A new attempt by the buyers is a probable scenario, but only a successful breach of the mentioned zone at 0.9730, followed by a violation of the next target at 0.9813, could lead to a rally and could take the pair to the upper target at 0.9926. If the bears prevail, then a breach of the level at 0.9663 could easily deepen the depreciation of the euro against the dollar and could send the pair towards the support zones at 0.9570 and at 0.9535. Today, investors will focus on ECB President Christine Lagarde`s speech at 13:30 GMT and the expected FOMC Meeting Minutes at 18:00 GMT.


Current level – 146.10

The bulls managed to violate the resistance zone at 145.88, and during the early hours of today`s session, the Ninja is still trading above the mentioned level.. The expectations are for the rally to continue and for an attack on the upper zone at 146.50 to be the most likely scenario.. If the bears re-enter the market, then a violation of the support at 145.29, followed by a breach of the next target at 144.85, could lead to a deeper correction towards 144.13. Аnother successful test of the lower support zone at 143.62, on the other hand, could lead to a change in the current sentiments of the market participants.


Current level – 1.0949

Following the breach of the zone at 1.1052, the sterling lost even more ground against the dollar, and the currency pair is on track to test the major target at 1.0887. Success for the bears could reinforce the negative expectations for the Cable’s future path, potentially deepening the decline towards the zone at 1.0770, followed by the lower level at 1.0650. The bulls may benefit from better-than-expected GDP data in the UK today at 06:00 GMT. Their first target is found at the level of 1.1052, which is currently acting as resistance. A breach of the upper zone at 1.1348 and a breach of the next one at 1.1216 could lead to a recovery and an attack on the high at 1.1474.

Midday update for Gold 

Gold price shows positive trades to head towards new potential test to the key resistance 1686.40, while the EMA50 forms continuous negative pressure against the price, to continue suggesting the bearish trend as long as the mentioned resistance remains intact, waiting to break 1660.00 to head towards our next negative stations at 1645.00 followed by 1630.00.

Note that breaching 1686.40 will complete forming positive pattern that has the ability to turn the intraday track to rise, to achieve gains that start by visiting 1708.50 areas.

The expected trading range for today is between 1640.00 support and 1680.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

Share this post

Comments (761)