Technical Analysis and Review for 09 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

  • The major currencies could reverse from their long-term trend today and there may be volatility in the DXY as the US Midterms verdict is announced

  • Oil Drops Again on China’s Covid Challenges, Higher Inventories

  • Musk sells Tesla shares worth $3.95 bln days after Twitter takeover

  • Investors eye prospects of gridlock in US government

  • UK Closes In on EU Breakthrough in Long-Running Brexit Spat

  • Crude oil inventories data release today.


USD/JPY: INTRADAY BEARISH

  • On the 4-hour chart the price is continuing its bearish long-term trend and is below the Ichimoku Cloud. Price is currently at 145.54 at time of writing. If bearish momentum continues, we expect the price to hit the first support at 145.02. If it breaks through it may hit the second support line at 144.35 and possibly head towards the third support at 143.40. Alternatively, the price may break and head back up to the 146.64 resistance.

Pivot 145.97

Our Preference:

Short positions below 145.97 with targets 145.02, 144.35, 143.40


Alternative Scenario:

Above 145.97 long positions with targets 146.64, 147.59, 148.26


EUR/USD: INTRADAY BULLISH
  • On the 4-hour chart the price is above the Ichimoku cloud and is currently at 1.0071 at time of writing after trading sideways during the Asian session. It may rise to the first resistance level at 1.0123. Alternatively, the price may drop to the first support at 0.9999.

Pivot 1.0048

Our Preference:

Above 1.0048 long positions with targets 1.0123, 1.0172, 1.0247


Alternative Scenario:

Short positions below 1.0048 with targets 0.9999, 0.9924, 0.9875


GBP/USD: INTRADAY BULLISH
  • On the 4-hour chart, price is bullish. We expect the price to retest the first resistance at 1.1619, if it breaks this it may head towards 1.1693. If it does not break through the first resistance, we expect the price to head back down to the first support at 1.1451. Price is currently at 1.1541 at time of writing and traded sideways during the Asian session.

Pivot 1.1525

Our Preference:

Long positions above 1.1525 with targets, 1.1619, 1.1693, 1.1787


Alternative Scenario:

Below 1.1525 short positions with targets 1.1451, 1.1357 1.1283


USD/CHF INTRADAY BEARISH
  • On the 4-hour chart, price is showing overall bearish direction and is also below the Ichimoku cloud. Overnight, bearish momentum has continued. price is currently at 0.9864 at time of writing and may head to the first support at 0.9819. Alternatively, the price may rise back up to the first resistance at 0.9911.

Pivot 0.9874


Our Preference:

Short positions below 0.9874 with targets 0.9819, 0.9782, 0.9727


Alternative Scenario:

Long positions above 0.9874 with targets 0.9911, 0.9966, 1.0003


XAU/USD: INTRADAY BULLISH
  • After yesterday's huge spike, on the 4-hour chart price has retraced slightly during the Asian session. The price may rise to test the support level at 1731.75. If it breaks this, it may head towards the second resistance at 1751.02. Alternatively, the price may continue to retrace and head back down to the first support at 1645.04

Pivot 1698.03

Our Preference:

Long positions above 1698.03, with targets 1731.75, 1751.02, 1784.74


Alternative Scenario:

Short positions below 1698.03 with targets 1678.76, 1645.04, 1625.77


AUD/USD: INTRADAY BULLISH
  • On the 4-hour chart, the price is moving in an ascending direction, and is above the Ichimoku cloud. We are slightly bullish that the price may rise towards the first resistance at 0.6609. Alternatively, look for the price to break the first support level at 0.6450 for a sign of a reversal. The price is at 0.6492 at time of writing.

Pivot 0.6501


Our Preference:

Long positions above 0.6501 with targets 0.6558, 0.6609, 0.6666


Alternative Scenario:

Below 0.6501 short positions with targets 0.6450, 0.6393, 0.6342

NZD/USD: NEUTRAL
  • The price is currently at 0.5935 at time of writing. There may be a price rise back to the first resistance at 0.6005. Alternatively, there may be a short-term reversal, look for the price to drop to the first support at 0.5903 to signal further downside.

Pivot 0.5952

Our Preference:

Long positions above 0.5952 with targets 0.6005, 0.6054, 0.6107


Alternative Scenario:

Below 0.5952 short positions with targets 0.5903, 0.5850, 0.5801


USD/CAD: BEARISH
  • On the 4-hour chart the price is bearish and is also above the Ichimoku cloud. Overnight, the price has recovered slightly, however, if bearish momentum continues during today's trading session, we expect the price to head to the first support at 1.3368. The price is currently at 1.3473 at time of writing. Alternatively, the price may head back up to test the first resistance at 135.09

Pivot 1.3449

Our Preference:

Below 1.3449 short positions with targets 1.3368, 1.3308, 1.3227


Alternative Scenario:

Long positions above 1.3449 with targets 1.3509, 1.3590, 1.3650


Crude Oil WTI Futures: INTRADAY BEARISH
  • On the 4-hour, the overall bias is bullish, plus the price is above the Ichimoku cloud. However, overnight, the price has retraced and closed at 88.91. There has been further bearish momentum and the price at time of writing is at the first support level 87.56. If bearish momentum continues and it breaks through the support, it may head to the second support at 86.21. Alternatively, price may rise to retest the first resistance at 91.21.

Pivot 89.86

Our Preference:

Below 89.86 short positions with targets 87.56, 86.21, 83.91


Alternative Scenario

Long positions above 89.86 with targets 91.21, 93.51, 94.86


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