DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 29, 2022petar skakalov
Current level – 0.9685
The single European currency is trying to stop its depreciation against the U.S. dollar, and after hitting another rock bottom at 0.9535, the pair’s rate managed to settle above the two supports at 0.9570 and at 0.9670. Attempts by the bulls to settle more permanently above the resistance at 0.9738 are not particularly successful so far, but the bears cannot gain an upper hand either as they try to overcome the support at 0.9670. This, however, doesn’t necessarily mean that the downward movement is over just yet. An economic indicator that may have an impact on the rates today is the weekly jobless claims data for the U.S.
Current level – 144.44
The consolidating movement of the currency pair between the support at 143.61 and the resistance at 144.93 continued, both in the past trading session and in the beginning of the new one. The bulls control the market and so a successful breakout at the 145.00 level would not be a surprise to anyone. In the opposite case, if the support at 143.61 is overcome, then it would open the way for the bears towards the next two support zones at 142.68 and at 141.62, where the bulls should intervene and stop their advance.
Current level – 1.0792
The bulls’ attempt to break through the resistance at 1.0884 proved unsuccessful. Although the pound has been trying to consolidate above the support at 1.0444 since the start of the week, this does not mean that the bears have given up just yet. The bulls need to break through at least two important resistances – 1.0884 and 1.1217 – before they can be said to have achieved any temporary success. Sentiment remains negative and the bears are likely to look for new lows should they breach the support at 1.0444.
Midday update for Gold
Gold price continues to decline to return to the bearish channel again, motivated by stochastic current negativity, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, waiting to visit 1638.00 as a next main station, noting that surpassing this level will push the price to 1614.80 as a next target, while holding below 1660.00 represents key condition to achieve the suggested targets.
The expected trading range for today is between 1625.00 support and 1670.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis