DAILY TECHNICAL ANALYSIS FOR SEPTEMBER 30, 2022petar skakalov
Current level – 0.9819
The day for the single European currency started with a slight decline, and with the opening of the European session it intensified even further. However, once the bulls found a good price to enter the market, the daily trend reversed and the currency pair went up. After seeing a slowdown in last month’s Spanish inflation, the resistance at 0.9738 was breached and prices continued to rally, reaching the next key level of 0.9820 towards the end of the trading session. Whether the rise today continues at the same pace will depend on the upcoming data at 12:30 GMT on Americans’ personal spending. If traders are disappointed with the dollar and we see a deepening of yesterday’s decline, then we could witness a new high for the EUR/USD. Of course, the possibility of a downtrend should not be ignored either, as any potential corrections could present good opportunities for placing long positions.
Current level – 144.42
The Ninja continues to be locked in a narrow range with a peak that formed at the beginning of September. The 144.85 level appears to be the level at which institutional traders in Japan are willing to defend the Japanese yen. In the early hours of today, we saw a slight uptrend, but as traders started closing in on the mentioned level, it pushed back towards the bottom and there was no successful breakout in either direction until the end of the trading session. Today, the market will be driven by the dollar and whether the gains from earlier this month will continue will depend on the reaction to today’s data on Americans’ personal spending at 12:30 GMT. If the dollar is to rise further, it can only do so after a successful breach of the mentioned resistance.
Current level – 1.1116
In the early hours of yesterday’s trading session, the Cable corrected its movements from the previous day, but once the bulls got involved, we also saw a convincing rally. Towards the end of the European session, we saw a new weekly high of 1.1106 being reached, however the upward movements stopped at that point. Today is an important day for traders as a package of macroeconomic data for the UK will be released at 6:00 GMT, including the final GDP count for the last quarter. If the reaction to the data is positive, then the rally could be extended, but if we once again see a strong dollar, then the sterling might find it extremely difficult to overcome these price movements.
Gold price gets a positive close
Gold price returned to rise clearly to breach 1660.00 level and closes the daily candlestick above it, to head towards achieving additional bullish correction in the upcoming sessions, on its way to visit 1686.40 as a next correctional station.
Therefore, the bullish bias will be suggested for today, supported by moving above the EMA50, taking into consideration that breaking 1660.00 followed by 1648.00 levels will stop the expected rise and press on the price to resume the main bearish track again.
The expected trading range for today is between 1645.00 support and 1686.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis