DAILY TECHNICAL ANALYSIS FOR APRIL 13, 2022
Current level – 1.0832
During yesterday’s session, the euro jumped after scorching CPI numbers for the United States, but the gains were quickly erased. The bearish pressure persisted until the end of the session and the pair closed around the daily lows, with prices testing the bottom from the beginning of March. In the early hours of today, a pullback move is developing, and it is expected to be limited by the resistance at 1.0850. If such a scenario is to develop, the breach could be considered as confirmed and the downtrend should continue. The mood remains bearish, as a breach in the area at around 1.0810 could plunge prices towards 1.0730 and 1.0640. A possible recovery towards 1.0900 would defer the bearish pressure, allowing trading to continue in the 1.0850 – 1.0940 range.
Current level – 125.56
The pair ended the day almost unchanged and the uptrend is still spared from deep retracements. The expectations are for the trading action to slow around the resistance of 125.75 – the peak zone from 2015. If this zone is overcome, then prices are likely to set a record not seen in nearly 20 years. This type of movement belongs to the highest timeframes and it is possible that the bears will continue to be stuck. The first daily support for buyers is 124.74, followed by the already confirmed zone at 124.00.
Current level – 1.3009
The sterling slowed the declines and is currently range trading within the support at 1.2988 and the resistance at 1.3050. The bulls’ attempts to overcome the resistance were quickly suppressed and the pair ended the day in the red. The bears are therefore expected to overcome the support at 1.2988 and the decline is to continue towards 1.2845. First resistances for the bulls are 1.3050 and 1.3165, but a recovery towards the resistance at 1.3100 so far seems unlikely.
Gold price activates the positive scenario
Gold price confirmed breaching 1960.00 level after closing the daily candlestick above it, to activate the bullish trend scenario on the intraday basis, waiting for more rise to visit 2000.00 as a next positive target.
Holding above 1960.00 is important to continue the expected rise, as breaking it will press on the price to turn to decline and head to test 1925.35 areas initially.
The expected trading range for today is between 1950.00 support and 1990.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis