DAILY TECHNICAL ANALYSIS FOR OCTOBER 19, 2022
EUR/USD
Current level – 0.9855
The pair tested the resistance at 0.9853 once more, and in the early hours of today’s trading it is trading above that level. A confirmed breach for the bulls could easily lead to a continuous recovery with an attack on the next target at 0.9926 being the most likely scenario. If the bears succeed, a breach of the support at 0.9807 could deepen the decline towards 0.9734. If the lower support at 0.9667 is breached, the current move could be interpreted as a corrective move, leading the pair to the local low at 0.9570.
USD/JPY
Current level – 149.13
Positive sentiments remained unchanged and the Ninja consolidated around the resistance zone at 149.06. If the bullish attack continues, the market is expected to rally and reach levels around 150.00. If bears enter the market, they may find their first target at 147.71, followed by the lower zone at 146.94. Breach of the next level at 146.94 deepens the decline and opens the door for a test of the major zone at 145.88.
GBP/USD
Current level – 1.1340
The support zone at 1.1336 was not tested, and at the time of writing, the Cable had consolidated around the mentioned zone. A new bearish attack is a very likely scenario, but only a confirmed breach here, followed by a violation of the support at 1.1222, could reinforce the negative expectations and deepen the depreciation towards the main zone at 1.1052. The CPI data in the United Kingdom (today; 06:00 GMT) could help bulls re-enter the market. A breakthrough of the resistance at 1.1438, followed by a violation of the upper zone at 1.1500, could easily continue the pound’s recovery against the dollar and lead the pair to levels around 1.2000.
Midday update for Gold
Gold price resumes its negative trading to approach our first waited target at 1630.00, waiting for more decline to head towards the recently recorded low at 1615.00 as a next station, to keep the bearish trend scenario valid and active for today unless the price rallied to breach 1660.00 and hold above it.
The expected trading range for today is between 1625.00 support and 1665.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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