DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 23, 2022petar skakalov
Current level – 0.9838
On Wednesday, the Fed’s decision to raise interest rates by 75 basis points sent the single European currency to a new low of 0.9807. Then on Thursday, the bulls were able to recoup some of their losses. However, their momentum was stopped by the resistance at 0.9880. The bears were able to take advantage of the failed breakout attempt and at the time of writing the analysis managed to bring the price back to 0.9830. In the last day of the week, no macroeconomic news is expected that would have a strong effect on the market.
Current level – 142.36
With the Ninja, the Fed’s decision had the same effect as with EUR/USD. Since Wednesday, the bears have managed to breach 4 key resistances, managing to reach the level of 140.30. There, however, the bears’ momentum was broken and the bulls managed to restore the USD/JPY levels to 142.36 at the time of writing. The next resistances for the bulls would be at 142.68 and 143.61. No macroeconomic news with a strong effect on the currency is expected during today’s trading session.
Current level – 1.1252
Sterling is also trying to recover from the Fed’s decision. At the time of writing the analysis, the price of the pound against the dollar is moving above the support of 1.1215. If the bulls manage to limit the selling, they will have to deal with support at 1.1350.
Midday update for Gold
Gold price resumes its negative trading clearly to attack 1665.00 level and attempts to confirm breaking it, reinforcing the expectations of continuing the bearish trend efficiently for the rest of the day, paving the way to head towards our next main target at 1644.00, noting that the EMA50 continues to support the suggested bearish wave, which will remain valid conditioned by the price stability below 1680.00.
The expected trading range for today is between 1650.00 support and 1685.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis