Technical Analysis and Review for 08 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

  • Euro-zone retail sales data is released today, giving further cues on recession fears

  • The markets are braced for the US Congressional Elections today, most majors are trading sideways - expect short-term volatility in the DXY, impacting currency short term direction

  • Oil prices fall as recession concerns and worsening Covid outbreaks in China spark fears of lower fuel demand

  • The GBP/USD gains but outlook for the UK economy still bleak, eye consumer price data Thursday and US inflation for cues

  • USD/JPY biased for further downside as Japanese Bank continue with intervention.

USD/JPY: INTRADAY BEARISH

  • On the 4-hour chart the price is bearish and below the Ichimoku Cloud. Price is currently at 146.62 at time of writing. If bearish momentum continues, we expect the price to hit the first support at 145.95. Alternatively, the price may break and head back up to the 147.41 resistance.

Pivot 146.75

Our Preference:

Short positions below 146.75 with targets 145.95, 145.29, 144.49


Alternative Scenario:

Above 146.75 long positions with targets 147.41, 148.21, 148.87

EUR/USD: INTRADAY BULLISH
  • On the 4-hour chart the price is above the Ichimoku cloud and is currently at 1.0090 at time of writing. It may retest the first resistance level at 1.0071. Alternatively, the price may drop to the first support at 0.9985.

  • We expect the price to move sideways until the known outcome of the mid-term elections.

Pivot 0.9985

Our Preference:

Above 0.9985 long positions with targets 1.0071, 1.0120, 1.0206


Alternative Scenario:

Short positions below 0.9985 with targets 0.9936, 0.9850, 0.9801

GBP/USD: INTRADAY CONSOLIDATION
  • On the 4-hour chart, price is bullish and has broken through the Ichimoku cloud. We expect the price to retest the first resistance at 1.1606, if it breaks this it may head towards 1.1699. If it does not break through the first resistance, we expect the price to head back down to the first support at 1.1357. Price is currently at 1.1493 at time of writing.

  • We expect the price to move sideways until the known outcome of the mid-term elections.

Pivot 1.1450

Our Preference:

Below 1.1450 short positions with targets 1.1357, 1.1201, 1.1108


Alternative Scenario:

Long positions above 1.1450 with targets, 1.1606, 1.1699, 1.1855

USD/CHF SHORT TERM BULLISH
  • On the 4-hour chart, price is showing overall bearish direction and is also below the Ichimoku cloud. Overnight, bearish momentum has continued. However, the price is currently at 0.9912 at time of writing and is there is some short-term bullish momentum, which will rise the price to the first resistance to 0.9957. If bullish momentum continues, we expect the price to head towards the second resistance at 1.0030. Alternatively, the long-term bearish trend may continue, dropping the price back to the first support at 0.9843.

Pivot 0.9916


Our Preference:

Long positions above 0.9916 with targets 0.9957, 1.0030, 1.0071


Alternative Scenario:

Short positions below 0.9916 with targets 0.9843, 0.9802, 0.9729

XAU/USD: INTRADAY BEARISH
  • On the 4-hour chart price is reversing from the 1680.00 resistance level. Its currently at 1669.52. We expect the price to drop to the first support at 1667.18. If bearish momentum continues it may retest the second support at 1658.99. Alternatively, the price may rise back up to 1680.00, break through and test 1682.82 level.

  • Look for the price to break the 1660.00 for further downside

Pivot 1674.63

Our Preference:

Short positions below 1674.63 with targets 1667.18, 1658.99, 1651.54


Alternative Scenario:

Long positions above 1674.63, with targets 1682.82, 1690.27, 1698.46

AUD/USD: INTRADAY WEAK BEARISH
  • On the 4-hour chart, the price is moving in an ascending direction, and is above the Ichimoku cloud. However, overnight the price has been moving sideways and is failing to break the 0.6513 level.

  • The current price action signals a possible price reversal to the downside. Look for the price to break the first support level at 0.64.27 to signal a reversal. The price is currently at 0.6458 at time of writing.

Pivot 0.6460


Our Preference:

Below 0.6460 short positions with targets 0.6427, 0.6374, 0.6341


Alternative Scenario:

Long positions above 0.6460 with targets 0.6513, 0.6546, 0.6599


NZD/USD: BEARISH
  • The price is currently at 0.5910 at time of writing. Overnight, the price has been moving sideways. If it rises, it may test the first resistance level at 0.5975. If it breaks through this resistance it may head to the second resistance at 0.6011. Alternatively, there may be a short-term reversal, look for the price to drop to the first support at 0.5874 to signal further downside.

Pivot 0.5910

Our Preference:

Long positions above 0.5910 with targets 0.5975, 0.6011, 0.6076


Alternative Scenario:

Below 0.5910 short positions with targets 0.5874, 0.5809, 0.5773

USD/CAD: BULLISH
  • Overnight, the price has been moving sideways. The price is currently at 1.3520 at time of writing. If bearish momentum continues, expect the price to head towards the first support at 134.56. Alternatively, the price may head back up to the first resistance at 135.90

Pivot 1.3504

Our Preference:

Long positions above 1.3504 with targets 1.3542, 1.3590, 1.3628


Alternative Scenario:

Below 1.3504 short positions with targets 1.3456, 1.3418, 1.3370

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. Overnight, the price stalled at 93.74 and closed at 91.79. Its currently at 90.63 at time of writing. If bullish momentum continues, we are expecting oil to retest the first resistance at 93.55. Alternatively, the price may drop back to the first support at 90.21. If it breaks this, we expect it to head towards the second resistance at 88.63.

Pivot 91.97

Our Preference:

Long positions above 91.97 with targets 93.55, 95.31, 96.89


Alternative Scenario

Below 91.97 short positions with targets 90.21, 88.63, 86.87

Sign up today

Risk warning

Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents on our website and ensure that you fully understand the risks before you make any trading decisions.