Technical Analysis and Review for 07 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

  • Look out for the major currencies to consolidate today after the NFP Friday before continuing with the current trend.

  • The DXY may rise after Friday's drop to 110.65 level. Its currently at 110.88. It may trade sideways and possibly rebound to 111.00 today. Alternatively, it may drop to 109.50.

  • Fed officials Susan Collins, Loretta Mester and Tom Barkin Speak at events today.

  • Watch for change in direction of oil prices due to Covid restrictions in China.

USD/JPY: INTRADAY BEARISH

  • On the 4-hour chart the price is bearish and below the Ichimoku Cloud. Price is currently at 147.11 at time of writing. If bearish momentum continues, we expect the price to hit the first support at 145.98. Alternatively, the price may break and head back up to the 149.04 resistance.

Pivot 147.19

Our Preference:

Short positions below 147.19 with targets 145.98, 145.34, 144.13


Alternative Scenario:

Above 147.19 long positions with targets 147.83, 149.04, 149.68


EUR/USD: INTRADAY BULLISH
  • On the 4-hour chart the price is above the Ichimoku cloud and is currently at 0.9940 at time of writing. We expect the price to retest the first resistance level at 1.0038. If it breaks through this, it may hit the second resistance at 1.0116. Alternatively, the price may drop to the first support at 0.9813.

Pivot 0.9891

Our Preference:

Above 0.9891 long positions with targets 1.0038, 1.0116, 1.0263


Alternative Scenario:

Short positions below 0.9891 with targets 0.9813, 0.9666, 0.9588


GBP/USD: INTRADAY BEARISH
  • On the 4-hour chart, price is bearish, however, there is some short-term bullish momentum, we expect the price to retest the first resistance at 1.1457, if it breaks this it may head towards 1.1537. If it does not break through the first resistance, we expect the price to head back down to the first support at 1.1223. Price is currently at 1.1329 at time of writing.

Pivot 1.1303

Our Preference:

Below 1.1303 short positions with targets 1.1223, 1.1069, 1.0989


Alternative Scenario:

Long positions above 1.1303 with targets, 1.1457, 1.1537, 1.1691


USD/CHF BEARISH
  • On the 4-hour chart, price is showing overall bearish direction and is also below the Ichimoku cloud. The price is currently at 0.9946 at time of writing. If bearish momentum continues, we expect price to hit the first support at 1.0186.

Pivot 1.0007


Our Preference:

Short positions below 1.0007 with targets 0.9869, 0.9793, 0.9655


Alternative Scenario:

Long positions above 1.0007 with targets 1.0083, 1.0221, 1.0297


XAU/USD: INTRADAY BEARISH
  • On the 4-hour chart price is reversing from the first resistance. Its currently at 1672.08. The price may retest Friday's high of 1682.2 before heading back down to the first support at 1645.68.

  • Look for signals of further upside if gold breaks the 1690 towards 1717.86.

Pivot 1663.92

Our Preference:

Short positions below 1663.92 with targets 1645.68, 1609.98, 1591.74


Alternative Scenario:

Long positions above 1663.92, with targets 1699.62, 1717.86, 1753.58



AUD/USD: INTRADAY BULLISH
  • We expect the price to break Friday's high of 0.6484 and to test the first resistance at 0.6539. If it does not break through this the price may reverse and drop back to the first support at 0.6339.

Pivot 0.6411


Our Preference:

Long positions above 0.6411 with targets 0.6539, 0.6611, 0.6739


Alternative Scenario:

Below 0.6411 short positions with targets 0.6339, 0.6211, 0.6139


NZD/USD: BULLISH
  • The price is currently at 0.5900 and is rising towards the first resistance level at 0.5993. If it breaks through this resistance it may head to the second resistance at 0.6055. Alternatively, the price may drop to the first support at 0.5813.

Pivot 0.5875

Our Preference:

Long positions above 0.5875 with targets 0.5993, 0.6055, 0.6173


Alternative Scenario:

Below 0.5875 short positions with targets 0.5813, 0.5695, 0.5633


USD/CAD: BEARISH
  • On the 4-hour chart, we are bearish. The price is currently at 1.3525 at time of writing. If bearish momentum continues, expect the price to head towards the first support at 133.84. Alternatively, the price may head back up to the first resistance at 136.66.

Pivot 1.3568

Our Preference:

Below 1.3568 short positions with targets 1.3384, 1.3286, 1.3102


Alternative Scenario:

Long positions above 1.3568 with targets 1.3666, 1.3850, 1.3948


Crude Oil WTI Futures: INTRADAY BULLISH
  • On the 4-hour, the overall bias is bullish, plus the price is above the Ichimoku cloud. Price at time of writing is at 90.71. If bullish momentum continues, we are expecting oil to retest the second resistance at 90.55. However, China Covid restrictions may impact the direction of oil, causing it to drop back to the first support at 89.33.

Pivot 91.10

Our Preference:

Long positions above 91.10 with targets 94.38, 96.15, 99.43


Alternative Scenario

Below 91.10 short positions with targets 89.33, 86.05, 84.28


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