DAILY TECHNICAL ANALYSIS FOR OCTOBER 15, 2021
EUR/USD
Current level – 1.1591
The bulls did not manage to gain enough momentum to successfully breach the resistance zone of 1.1597 and, during the early hours of today`s trading session, the pair is trading just under the mentioned level. A new test of the level in question is a highly probable scenario and, if successful, the pair will most likely continue to recover and target the resistance level of 1.1639. However, if the bears regain control of the market and breach the support zone of 1.1528, the common European currency will most likely continue to lose ground against the greenback and move towards the levels of around 1.1400. During today’s session, volatility could spike when the data for the retail sales in the U.S. is announced (today; 12:30 GMT).
USD/JPY
Current level – 113.85
The buyers continue to prevail as the USD/JPY breached the important resistance zone of 113.64. If the pair remains above the aforementioned level, new gains for the dollar against the yen can be expected and the rally will most likely continue towards the highs from October 2018 at around 114.50. If the bullish momentum fades and a corrective move develops, it should be limited to the support zone of 112.98.
GBP/USD
Current level – 1.3678
Although the rise of the Cable was limited to the resistance zone of 1.3713, the positive sentiment remains intact. At the time of writing, the most probable scenario is for another test of the aforementioned level and a continuation of the appreciation of the pound against the U.S. dollar towards the resistance of 1.3750. If this does not happen, the first target for the bears is the level of 1.3640, a successful breach of which could easily bring trading back in the range between 1.3568 and 1.3640.
Midday update for Gold
Gold price begins to rebound bearishly to move away from 1797.00, reinforcing the expectations of continuing the bearish trend for the rest of the day, which targets 1770.00 level mainly, reminding you that the continuation of the bearish wave requires holding below 1797.00.
The expected trading range for today is between 1785.00 support and 1810.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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