DAILY TECHNICAL ANALYSIS FOR OCTOBER 13, 2022petar skakalov
Current level – 0.9703
Yesterday’s trading session was calm for the single European currency. The currency pair continues to move in the range between 0.9663 and 0.9730, and if the bulls manage to breach the upper limit of the range, then we could witness an attempt to breach the resistance at 0.9813. On the other hand, if the bears manage to gain control over the market, then they could try to test the resistance at 0.9570. During today’s trading session, high volatility will likely result from the expected macroeconomic news from the U.S: the consumer price index (12:30 GMT) and the crude oil stocks reports (15:00 GMT).
Current level – 146.74
The bulls managed to consolidate their breach through the resistance at 145.88 and rally the pair by almost a figure. If the bears manage to stop the momentum of the bulls and tip the scales in their favour, we could witness an attempt to reach the more distant support at 145.29. No news with a strong effect is expected from Japan until the end of the week, with the main factor behind price action being the U.S. inflation data at 12:30 GMT.
Current level – 1.0909
With the Sterling, the bulls managed to breach the resistance at 1.1052. If they manage to take advantage of the gathered momentum, they could move away from it and reach the next resistance at 1.1216. If, however, the U.S. dollar manages to gain value against the British pound, we could witness an attempt to reach the support at 1.0887.
Midday update for Gold
Gold price shows some bullish bias to head towards potential test to the bearish pennant’s resistance line that confines the recent trades, while stochastic and the EMA50 continue to provide the negative signals that support the continuation of the expected bearish trend for today, reminding you that our targets begin by breaking 1667.00 to get negative motive that assists to push the price to rally towards 1645.00 followed by 1630.00.
The expected trading range for today is between 1640.00 support and 1680.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis