DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 15, 2021petar skakalov
Current level – 1.1806
The bears re-entered the market around the resistance at 1.1847 and the currency pair failed to maintain its daily gains. At the moment, the support at 1.1800 is withstanding the bearish pressure, but a second test of the support at 1.1770 is not ruled out. At the moment, the market direction is not clear and the movement in the range between 1.1774 and 1.1847 may continue in the next trading sessions. The daily support remains at 1.1800, and the main one is found at 1.1774. If the latter is breached, the bears can gain momentum and test the lows at around 1.1731.
Current level – 109.62
The pair breached the lower limit of the range at 109.67 and the inability of the bulls to push trading above 109.67 suggests that the pair may leave the range. In such a scenario, the bearish pressure would increase in order to breach 109.50 and test 108.50. Bullish scenarios seem unlikely, and in order for them to materialise, trading must be held above 110.20.
Current level – 1.3797
The Cable was aggressively sold out at around 1.3900 and the bears managed to breach the support at 1.3826. After this failed peak, the market is likely to be sitting at the beginning of a downtrend. A confirmation of the breach of 1.3826 would strengthen these expectations. The first support is 1.3785, followed by the one at 1.3732. If 1.3785 holds, the market is likely to enter in a range mode, fluctuating between 1.3785 and 1.3860.
Gold price breaches the resistance
Gold price breached 1797.00 level clearly and ended yesterday above it, which leads the price to turn to rise and achieve expected gains on the intraday basis, on its way to visit 1825.15 initially.
Therefore, the bullish bias will be suggested for today, supported by moving above the EMA50, noting that breaking 1797.00 will stop the expected rise and press on the price to decline again.
The expected trading range for today is between 1790.00 support and 1825.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis