DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 21, 2022petar skakalov
Current level – 0.9962
The support at 0.9988 was overcome in the past session. Afterwards, the movement of the currency pair remained in a narrow range, given the expected important economic data later today. The next support at 0.9944 was not tested and the price managed to hold above it. This does not mean that the downward movement is over, but it is very likely that traders will be cautious and not take any unnecessary risks until the Federal Reserve’s decision on the main interest rate comes out at 18:00 GMT and the follow-up press conference at 18:30 GMT.
Current level – 143.79
The consolidating move in the currency pair between the support at 142.68 and the resistance at 143.61, that we saw in the past trading session, continued at the start of today’s session as well. The bulls are in control of the market and so a successful breach of the 143.61 level would not be a surprise to anyone. Their next target is the resistance at 144.93. Conversely, if the level that has now become a support at 143.61 and the next target at 142.68 are both overcome, then this would open the way for the bears towards the zone at 141.64, where the bulls should intervene and stop them.
Current level – 1.1372
The support at 1.1348 is stopping the bears for now, but that doesn’t mean they’ve given up hope just yet. The bulls need to break through at least three important resistances: 1.1402, 1.1474 and 1.1600, before it could be said that they have achieved any temporary success. We could also witness new record lows for the pound against the dollar.
Midday update for Gold
Gold price provided sudden positive trades after the increased tensions coming from Russian, to touch the symmetrical triangle’s resistance, and still below it until now, to keep the chances valid to continue the expected bearish trend for today, which depends on the price stability below 1680.00, reminding you that we are waiting to visit 1655.00 followed by 1644.00 levels as next main stations.
The expected trading range for today is between 1640.00 support and 1680.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis