Technical Analysis and Review for 11 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

  • Be aware that the US markets will remain closed Friday because it is Veterans Day, however the impact of yesterday's softening CPI data continues

  • UK GDP data has contracted 0.2% in Q3 from previous quarter, which is better than analysts predicted, and report shows sign of recovery as construction output increased

  • Commodities surge as China eases Covid restrictions, hopes are raised over a demand recovery in the world's second largest economy

  • Almost all major currencies trade higher following news that China reduces the amount of quarantine time

  • Prelim UoM consumer sentiment data release in the US at 15:00pm GMT time, which will determine US consumer confidence.

USD/JPY: INTRADAY BEARISH
  • A death cross formation has appeared as the short-term moving average descends below the long-term moving average signalling a possible sell off, plus the RSI has shifted into the bearish range, which indicates further weakness.

  • If bearish momentum continues, look for the price to break below 140.00 for a stronger sell signal.

  • On the 4-hour chart the price is continuing its bearish long-term trend.

Pivot 142.59

Our Preference:

Short positions below 142.59 with targets 138.59, 136.21, 132.21


Alternative Scenario:

Above 142.59 long positions with targets 144.97, 148.97, 151.35


EUR/USD: INTRADAY BULLISH
  • On the 4-hour chart the price is bullish and is above the Ichimoku cloud.

  • EUR/USD is currently hovering around the 1.0200 at time of writing, we expect the asset to be topsy turvy today as it tries to head towards the first resistance at 1.0308.

  • Further upside may be limited so look out for a price retracement below 1.0200

Pivot 1.0122

Our Preference:

Above 1.0122 long positions with targets 1.0308, 1.0407, 1.0593


Alternative Scenario:

Short positions below 1.0122 with targets 1.0023, 0.9837, 0.9738



GBP/USD: BULLISH
  • On the 4-hour the price is bullish and is above the Ichimoku cloud.

  • We expect the price to hit the first resistance at 1.1846, if it breaks it could hit the second resistance at 1.1978 and then head towards the third resistance at 1.2224. Its currently at 1.1719 at time of writing. Alternatively, the price may drop back to the first support at 1.1468.

  • Be mindful of the UK GDP data release, which will determine the direction of this asset today.

Pivot 1.1600

Our Preference:

Long positions above 1.1600 with targets, 1.1846, 1.1978, 1.2224


Alternative Scenario:

Below 1.1600 short positions with targets 1.1468, 1.1222, 1.1090



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 0.9646 at time of writing and may head to the first support at 0.9542. Look for the price to break through 0.9629 for a stronger sell signal.

  • Alternatively, the price may rise back up to the first resistance at 0.9812.

Pivot 0.9721


Our Preference:

Short positions below 0.9721 with targets 0.9542, 0.9451, 0.9272


Alternative Scenario:

Long positions above 0.9721 with targets 0.9812, 0.9991, 1.0082



XAU/USD: INTRADAY BULLISH
  • On the 4-hour chart price is bullish and above the Ichimoku cloud. We expect the price to rise back up to test the resistance at 1773.91 and then to possibly head towards the second resistance at 1792.22. Alternatively, look for the price to drop below 1740.00 for a downside signal.

Pivot 1739.01

Our Preference:

Long positions above 1739.01, with targets 1773.91, 1792.22, 1827.12


Alternative Scenario:

Short positions below 1739.01 with targets 1720.70, 1685.80, 1667.49



AUD/USD: INTRADAY BULLISH
  • On the 4-hour chart, the price is moving in an ascending direction, and is above the Ichimoku cloud. We expect the price to hit the first resistance at 0.6705 and then may retrace back to the first support at 0.6459.

Pivot 0.6545


Our Preference:

Long positions above 0.6545 with targets 0.6705, 0.6791, 0.6951,


Alternative Scenario:

Below 0.6545 short positions with targets 0.6459, 0.6299, 0.6213



NZD/USD: BULLISH
  • The price has seen strong bullish momentum during the Asian session and is currently at a key resistance level at 0.6013 at time of writing. Look for the price to break through this for a signal of further upside. Alternatively, if it fails to break expect a retracement towards the first support at 0.5898.

Pivot 0.5969

Our Preference:

Long positions above 0.5969 with targets 0.6098, 0.6169, 0.6298


Alternative Scenario:

Below 0.5969 short positions with targets 0.5898, 0.5769, 0.5698



USD/CAD: BEARISH
  • On the 4-hour chart the price is bearish. Overnight, the bearish momentum has continued. We expect the price to head towards the first support at 1.3228. The price is currently at 1.3314 at time of writing. Alternatively, the price may head back up to the first resistance at 1.3491.

Pivot 1.3400

Our Preference:

Below 1.3400 short positions with targets 1.3228, 1.3137, 1.2965


Alternative Scenario:

Long positions above 1.3400 with targets 1.3491, 1.3663, 1.3754



Crude Oil WTI Futures: INTRADAY BULLISH
  • On the 4-hour, the overall bias is bearish and is below the Ichimoku cloud. However, there has been bullish momentum overnight and the price at time of writing is at 87.64. If bullish momentum continues and it breaks through the first resistance at 87.64, it may head to the second resistance at 88.75. Alternatively, if the price fails to break the first resistance, it may head back down to the first support at 85.02.

Pivot 86.16

Our Preference:

Long positions above 86.16, with targets 87.61, 88.75, 90.20


Alternative Scenario

Below 86.16 short positions with targets 85.02, 83.57, 82.43



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