DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 15, 2022petar skakalov
Current level – 0.9973
Yesterday’s trading session was marked with low volatility as the bears couldn’t gain enough momentum to continue the downward movement, and the pair found a strong support zone at around 0.9959. At the time of writing this analysis, the EUR/USD is locked in the narrow range of 0.9960 – 1.0025. It is highly possible that this consolidation phase will continue in the early hours of today’s trading, before a potential resumption of the downtrend follows suit. Even though the forecasts remain negative – for a further depreciation of the single European currency, the bulls would most probably try to take control over the market and target the resistance at 1.0025, where a successful breach may lead to a deeper correction targeting the next resistance at 1.0078. On the other hand, if the local resistance at 1.0025 withholds the bulls’ pressure, or if the sellers manage to keep the price below the key resistance at 1.0078, then it is highly likely to witness a new wave of sell-offs heading the price towards the low at 0.9877. However, this scenario may be realised only in case the bears manage to violate the lower border of the range lying at 0.9960. Today, increased volatility can be expected around the release of the initial jobless claims data for the U.S. at 12:30 GMT. A better-than-expected data may trigger an impulse move and give the necessary stimulus for the bulls to attack the low at 0.9877 and even that at 0.9812.
Current level – 143.16
During yesterday’ trading session, the bears once again managed to thwart the bulls’ attack around the resistance at 144.90 and the Ninja convincingly bounced back, reaching the support at 142.68. In fact, it seems that the bulls are starting to lose momentum just above the mentioned support, and it looks like the pair has found itself in a short consolidation in the range of 142.68 – 143.49. The forecasts for today’s trading session are for the bears to try to take the price out of this channel and to head the pair towards a test of the critical support at 141.64. In the opposite direction, if the bulls manage to overcome the upper border of the range and lead the price above 144.00, then we may witness another bull attack on the critical resistance at 144.93.
Current level – 1.1529
The situation with the GBP/USD is quite similar to that of the EUR/USD. After the sharp decline from yesterday, the bulls managed to limit the sell-off to just above the support zone at 1.1475. Furthermore, the sterling recovered part of its recent losses and tested the psychological level at 1.1600, but the bulls couldn’t gain enough momentum to violate it. At the time of writing, the pair is holding just below the mentioned resistance and it is highly possible for the pair to start consolidating in the interval between 1.1475 and 1.1600, before investors eventually start to define the future path of the pair. Essentially, the current market sentiment is for a continuation of the downtrend, but only if the bears manage to successfully violate the critical support at 1.1475. If this happens, this could be considered as a good opportunity for the sellers to strengthen the negative expectations and to head the price towards a test of the psychological level at 1.1400.
Midday update for Gold
Gold price broke 1690.00 level clearly to support the continuation of the expected bearish trend for today, and the way is open to achieve our next target at 1680.00, which breaking it represents the key to rally towards 1655.00 as a next main station, reminding you that it is important to hold below 1700.00 to continue the expected decline.
The expected trading range for today is between 1670.00 support and 1705.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis