DAILY TECHNICAL ANALYSIS FOR OCTOBER 31, 2022
EUR/USD
Current level – 0.9947
EUR/USD recorded a gain of 1.06% for the past week, but the pair quickly erased the aggressive rally and, at the time of writing the analysis, is consolidating around the support at 0.9944. If the bears prevail, it is possible for the rate to reach the next support at 0.9853. If the bulls take the pair in the opposite direction, the EUR/USD could head towards the resistance at 0.999. Important news for traders this week will be the release of the data for EU Preliminary CPI (Monday; 10:00 GMT), the Fed Interest Rate Decision in the USA (Wednesday; 18:00 GMT) and the Unemployment rate in the USA (Friday; 12:30 GMT).
USD/JPY
Current level – 148.06
The outlook for today’s trading session is bullish as at the time of writing the bulls have taken the lead and a break of resistance at 148.25 is possible. If this rally continues, it is possible that the pair reaches the next resistance at 149.06 during the same session. News that could affect the price of the Ninja for this week is the Fed Interest Rate Decision (Wednesday; 18:00 GMT).
GBP/USD
Current level – 1.1586
The week for the GBP/USD began with the breach of the resistance at 1.1611. A possible scenario is for the bulls to take the upper hand and lead the rate to the support levels at 1.1545, and even at 1.1437. But the expectations are for a continuation of the range-bound trading between 1.1437 – 1.1611. Important news for traders here is the Bank Of England Interest Rate Decision (Thursday; 12:30 GMT).
Midday update for Gold
Gold price resumes its negative trading to press on 1635.00 level, to support the expectations of continuing the bearish trend for the rest of the day, which its next main target located at 1615.00, supported by moving below the EMA50, reminding you that the continuation of the bearish wave depends on the price stability below 1660.00.
The expected trading range for today is between 1615.00 support and 1660.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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