Technical Analysis and Review for 10 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

  • US CPI Data release today, major currencies may consolidate while waiting for the data release. Markets anticipate that the FED will continue with its Hawkish policy. DXY likely to rise today above 110.50 level.

  • Expect further volatility on all major currency pairs in the run up to the release at 13:30pm GMT.

  • With the withdrawal of Russian Troops from Ukraine key cities and the rise of DXY, expect gold to drop.

  • Following comments from the Bank of Japan that the economy is showing signs of recovery, expect the USD/JPY to consolidate

  • GBP/USD eyes GDP data release Friday - expect volatility


USD/JPY: INTRADAY BEARISH

  • On the 4-hour chart the price is continuing its bearish long-term trend. The price is currently hovering at a nearly two-week low at 146.00 at time of writing and remains at the mercy of the dollar price dynamics.

  • If bearish momentum continues, we expect the price to test the first support at 145.46. If it breaks through, it may hit the second support line at 144.51 and possibly head towards the third support at 143.85. Alternatively, the price may break and head back up to the 147.07 resistance.

  • Look for price weakness below 145.00 as a strong sell signal.

  • Be prudent of the CPI data release, which will determine price action for the short-term.

Pivot 146.12

Our Preference:

Short positions below 146.12 with targets 145.46, 144.51, 143.85


Alternative Scenario:

Above 146.12 long positions with targets 147.07, 147.73, 148.68

EUR/USD: INTRADAY BULLISH
  • On the 4-hour chart the price is above the Ichimoku cloud and is currently at 1.0020 at time of writing. There has been a slight price reversal from a two-month-old resistance line around 1.0065, however, look for the price to drop to the first support at 0.9974 for a stronger sell signal.

  • The price may rise back up to retest the first resistance level at around 10070.

  • Be prudent of the CPI data release, which will determine price action for the short-term.

Pivot 1.0032

Our Preference:

Above 1.0032 long positions with targets 1.0070, 1.0128, 1.0168


Alternative Scenario:

Short positions below 1.0032 with targets 0.9974, 0.9936, 0.9878

GBP/USD: BEARISH
  • We expect the price to retrace to 1.1320 level. Its currently at 1.1406 at time of writing. Alternatively, the price may rise back up to a previous high at 115.05.

  • Be prudent of the CPI data release, which will determine price action for the short-term.

Pivot 1.1419

Our Preference:

Below 1.1419 short positions with targets 1.1272, 1.1186, 1.1039


Alternative Scenario:

Long positions above 1.1419 with targets, 1.1505, 1.1652, 1.1738

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 0.9820 at time of writing and may head to the first support at 0.9804. Alternatively, the price may rise back up to the first resistance at 0.9878.

Pivot 0.9839


Our Preference:

Short positions below 0.9839 with targets 0.9804, 0.9765, 0.9730


Alternative Scenario:

Long positions above 0.9839 with targets 0.9878, 0.9913, 0.9952

XAU/USD: INTRADAY CONSOLIDATION
  • On the 4-hour chart price has traded sideways during the Asian session and retraced slightly. We expect the price to rise back up to test the resistance at 1728.93 and then to retrace to the first resistance at 1695.56. The price is currently hovering around the 1710.00 level at time of writing.

  • Look out for choppy price action ahead of the CPI data release and a stronger sell signal below the 1700.00 level.

Pivot 1708.91

Our Preference:

Short positions below 1708.91 with targets 1695.56, 1688.89, 1675.54


Alternative Scenario:

Long positions above 1708.91, with targets 1715.58, 1728.93, 1735.60

AUD/USD: INTRADAY BEARISH
  • On the 4-hour chart, the price is moving in a descending direction, and is below the Ichimoku cloud. We are bearish that the price may drop towards the first support at 0.6390. Alternatively, look for the price to break the first resistance level at 0.6498 for a buy signal. The price is at 0.6419 at time of writing.

Pivot 0.6456


Our Preference:

Below 0.6456 short positions with targets 0.6390, 0.6348, 0.6282


Alternative Scenario:

Long positions above 0.6456 with targets 0.6498, 0.6564, 0.6606

NZD/USD: BEARISH
  • The price is currently at 0.5876 at time of writing. The price may continue to drop to the first support level at 0.5847. If it breaks, it may head test the 0.5811 resistance level.

Pivot 0.5909

Our Preference:

Below 0.5909 short positions with targets 0.5847, 0.5811, 0.5749


Alternative Scenario:

Long positions above 0.5909 with targets 0.5945, 0.6007, 0.6043

USD/CAD: BULLISH
  • On the 4-hour chart the price is bearish. However, overnight, the price has recovered slightly, and the bullish momentum seems to be continuing into today's trading session, we expect the price to head to the first resistance at 1.3573. The price is currently at 1.3523 at time of writing. Alternatively, the price may head back down to the first support at 1.3445.

Pivot 1.3494

Our Preference:

Long positions above 1.3494 with targets 1.3573, 1.3622, 1.3701


Alternative Scenario:

Below 1.3494 short positions with targets 1.3445, 1.3366, 1.3317

Crude Oil WTI Futures: INTRADAY BEARISH
  • On the 4-hour, the overall bias is bearish. There has been further bearish momentum overnight and the price at time of writing is at 85.63. If bearish momentum continues and it breaks through the support, it may head to the second support at 83.06. Alternatively, price may rise to retest the first resistance at 88.04.

Pivot 86.76

Our Preference:

Below 86.76 short positions with targets 84.34, 83.06, 80.64


Alternative Scenario

Long positions above 86.76, with targets 88.04, 90.46, 91.74


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