Technical Analysis and Review for 01 November 2022

Here are our signal directions and price ranges for your consideration. These are your guides for your own research to help you identify opportunities. We recommend including fundamentals into your research and to keep up to date with breaking news that may impact the direction of your trades. Good luck and have a great day.

Fundamentals

  • Investors turn their focus onto the FED reserve interest rate decision due Wednesday - stocks close weaker, USD under pressure

  • US dollar index is volatile amid falling treasury yields and rate hike decision Wednesday.

  • AUD increased interest rates by 0.25 percentage points, as expected - however, inflation still not under control

  • Euro zone headline inflation increased again, GDP slows, recession becoming more imminent

  • USD JOLTS job opening data release today, which will highlight the overall condition of the jobs labour market.

  • NZD employment data release due today as well as Bank of Canada Gov Macklem speaks.

USD/JPY: INTRADAY UNDER PRESSURE

  • USD/JPY under selling pressure, the price is currently just below 148.50 (at time of writing). If bearish momentum continues, the price will head towards the first support at 145.30. Alternatively, it may try and re-test the 150.51 resistance.

Pivot 147.08

Our Preference:

Short positions below 147.08 with targets 145.30 141.87, 140.09


Alternative Scenario:

Above 147.08 long positions with targets 150.51, 152.29, 155.72

EUR/USD: INTRADAY BEARISH
  • Overnight, the price has seen a slight bounce back up and is currently at 0.9940 (at time of writing) If the recovery continues it may hit the second support at 1.0002 before retracing to the second support at 0.9812.

Pivot 0.9907

Our Preference:

Short positions below 0.9907 with targets 0.9847, 0.9812, 0.9752


Alternative Scenario:

Above 0.9907 long positions with targets 0.9942, 1.0002, 1.0037

GBP/USD: INTRADAY BULLISH
  • We are slightly bullish that the price may test the first resistance at 1.1565, price is currently at 1.1500 at time of writing. If this first resistance is broken, the second resistance is at 1.1667. Alternatively, the price may drop back to the first support at 1.1411.

Pivot 1.1513

Our Preference:

Long positions above 1.1513 with targets 1.1565, 1.1667, 1.1719


Alternative Scenario:

Below 1.1513 short positions with targets 1.1411, 1.1359, 1.1257

USD/CHF: INTRADAY SEESAWING
  • On the 4-hour chart, price is showing overall bearish direction and is also below the Ichimoku cloud. However, there has been some bullish momentum over the last few days. We are now seeing sideways movement, with the price currently hovering at 1.0003 at time of writing. The price may test the first support at 1.0077 before retracing to 0.9974.

Pivot 1.0003


Our Preference:

Long positions above 1.0003 with targets 1.0048, 1.0077, 1.0122


Alternative Scenario:

Short positions below 1.0003 with targets 0.9974, 0.9929, 0.9900

XAU/USD: INTRADAY BEARISH
  • On the 4-hour chart price is still in a descending trendline, which is bearish, indicating the price may retrace back to the second support at 1628.40, if it breaks through this it may hit the second support at 1623.16.

  • Alternatively, the price may rise back up to retest the first resistance at 1642.31

Pivot 1637.07


Our Preference:

Short positions below 1637.07 with targets 1628.40, 1623.16, 1614.49


Alternative Scenario:

Long positions above 1637.07 with targets 1642.31, 1650.98, 1656.22

AUD/USD: INTRADAY BULLISH
  • We are bullish that the price may retest the first resistance at 0.6428. Alternatively, the price may fall back to the first support at 0.6367.

Pivot 0.6398


Our Preference:

Long positions above 0.6398 with targets 0.6428, 0.6459 0.6489


Alternative Scenario:

Below 0.6398 short positions with targets 0.6367, 0.6337, 0.6306

NZD/USD: BULLISH
  • The price has been consolidating over the last few days, however, there are signs of a breakout at the first resistance of 0.5841. It may break through this and hit the second resistance at 0.5870 and then 0.5903. Alternatively, if it does not break out, the price may drop to the first support at 0.5779.

Pivot 0.5808

Our Preference:

Long positions above 0.5808 with targets 0.5841, 0.5870, 0.5903


Alternative Scenario:

Below 0.5808 short positions with targets 0.5779, 0.5746, 0.5717

USD/CAD: BEARISH
  • on the 4-hour chart, we are seeing bearish movement. The price is also below the Ichimoku cloud. If bearish momentum continues, price may head towards the first support at 1.3588, if it breaks through this it may hit the second resistance at 1.3552.

Pivot 1.3637

Our Preference:

Below 1.3637 short positions with targets 1.3588, 1.3552, 1.3503


Alternative Scenario:

Long positions above 1.3637 with targets 1.3673, 1.3722, 1.3758

Crude Oil WTI Futures: INTRADAY BULLISH
  • On the 4-hour, the overall bias is bullish, plus it is above the Ichimoku cloud. If this bullish momentum continues, we are expecting oil to retest the first resistance at 88.28.

Pivot 86.79

Our Preference:

Long positions above 86.79 with targets 88.28, 90.03, 91.52


Alternative Scenario

Below 86.79 short positions with targets 85.04, 83.55, 81.80

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