DAILY TECHNICAL ANALYSIS FOR NOVEMBER 23, 2021
Current level – 1.1234
The dollar continues to appreciate against the common European currency as it violated yet another support level – that of 1.1263 after Jerome Powell got nominated for a second term as head of the Federal Reserve. The sentiment remains strictly negative and the expectations are for the resumption of the downtrend, with a potential next target being the level of 1.1180. In the positive direction, the main resistance is found at 1.1365.
Current level – 115.06
Following the unsuccessful test of the support of 113.77, the pair bounced back and breached the resistance at 114.40 and, in the early hours of today’s trading session, also ploughed through the next resistance at 114.90. In case this breach is confirmed, then the pair would continue rising towards the next target at 115.50 that is coming from the higher time frames. In the negative direction, the mentioned level of 114.40 is now acting as a support and the major support for the pair is found at 113.40.
Current level – 1.3387
The Cable is currently found in a consolidation phase between 1.3400 and 1.3500. At the time of writing, the pair is headed towards a test of the lower border of the range. In case it is violated, then the pair is expected to test the support level at 1.3350. In the positive direction, the upper border of the range is acting as a resistance for the Cable. Today, increased activity can be expected around the release of the manufacturing PMI and services PMI data for the U.K. (09:30 GMT).
Gold price suffers significant losses
Gold price settled near 1800.00 level after the strong decline that it witnessed yesterday, which hints that the price is on its way to achieve more expected decline in the upcoming sessions, noting that surpassing this level will lead the price to visit 1770.00 direct.
Therefore, the bearish bias will be suggested for today, taking into consideration that breaching 1825.15 will release the price from the current negative pressure and push to start new recovery attempts that target testing 1860.00 areas initially.
The expected trading range for today is between 1785.00 support and 1820.00 resistance.
The expected trend for today: Bearish