Technical Analysis and Review for 21 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

  • Oil continues to decline as concerns over China's Covid cases and demand outlook worsens

  • Dollar advances against all G10 currencies

  • The UK is in the grip of the sharpest drop in living standards on record

  • Disney brings back Iger CEO in surprise move

  • DXY climbs steadily to retest 107.00 area

Key Events
  • German PPI data

  • German Buba President Nagel speaks

  • ECB supervisory board member Fernandez-Bollo Speaks

  • BOE MPC member Cunliffe speaks

  • NZD trade balance and credit card spending

  • AUD CB leading Index data release

USD/JPY: Intraday Under Pressure
  • On the 4-hour chart the price is continuing its bearish long-term trend and is below the Ichimoku cloud.

  • The asset continues to consolidate between 139.70 and 140.40 and is resisting moving lower.

  • Look for the DXY to strengthen for a signal to drag the asset higher.

  • If bearish momentum continues wait for a breakout to the downside below 139.85 support level with a price target to 139.32 and 139.00

  • Alternatively, look for a breakout above 140.17 with price targets 140.71, 141.02 and 141.55

  • Price is currently at 140.48 at time of writing.

Pivot 140.17

Our Preference:

Short positions below 140.17 with targets 139.85, 139.32, 139.00


Alternative Scenario:

Above 140.17 long positions with targets 140.71, 141.02, 141.55


EUR/USD: Intraday Bearish
  • On the 4-hour chart the price is bullish and is above the Ichimoku cloud however, there has been a breakout to the downside below 1.0300 during the Asian session.

  • The price may continue to fall and test the 1.0100 previous support level. Look for the price to break this level for further downside momentum.

  • Alternatively, if it continues its bullish long-term trend, look for the price to head back up to retest the first resistance at 1.0377 and previous high.

  • The price is at 1.0277 at time of writing.

Pivot 1.0345

Our Preference:

Short positions below 1.0345 with targets 1.0294, 1.0262, 1.0211


Alternative Scenario:

Above 1.0345 long positions with targets 1.0377, 1.0428, 1.0460


GBP/USD: Intraday Under Pressure
  • On the 4-hour the price is bullish and is above the Ichimoku cloud. However, the asset is under pressure after rejecting the 1.1900 resistance level. Wait for the price to break above 119.00 for a stronger bullish signal with a price target of 1.2045.

  • Alternatively, below 1.1897 aim for price targets at 1.1795 and 1.1739, if it breaks through these support levels, the next strong support is at 1.1650

  • The price is currently at 1.1830 at time of writing


Pivot 1.1897

Our Preference:

Long positions above 1.1897 with targets, 1.1943, 1.1999, 1.2045


Alternative Scenario:

Below 1.1897 short positions with targets 1.1841, 1.1795, 1.1739



USD/CHF Intraday Bullish
  • Although on the 4-hour chart the price is still bearish and below the Ichimoku cloud. After a period of consolidation there has been a breakout to the upside during Asian trading.

  • The price is currently retesting the first resistance at 0.9567.

  • Alternatively, if the bearish long-term trend continues, the price may head back to the first support at 0.9513.

  • The price is currently at 0.9560 at time of writing.

Pivot 0.9532


Our Preference:

Long positions above 0.9532 with targets 0.9567, 0.9586, 0.9621

Alternative Scenario:

Short positions below 0.9532 with targets 0.9513, 0.9478, 0.9459


XAU/USD: Intraday Bearish
  • On the 4-hour chart price is descending and breaking the Ichimoku cloud.

  • During the Asian session the price continues its retracement lower with the price falling towards the 1745.00 price level.

  • If the price continues to drop, we expect it to retest the second support at 1738.48

  • Alternatively, if the long-term bullish trend continues, the price may retest the 1760.00 resistance

  • Price is currently at 1746.00 at time of writing.

Pivot 1758.50

Our Preference:

Short positions below 1758.50 with targets 1749.35, 1738.48, 1729.33


Alternative Scenario:

Long positions above 1758.50, with targets 1769.37, 1778.52, 1789.39


AUD/USD: Intraday Bearish
  • On the 4-hour chart, the price is bullish and above the Ichimoku cloud. However, during the Asian session the price has dropped towards the 0.6640 level. On the hourly chart a H&S has formed to signal bearish momentum. The RSI has also shifted into bearish territory.

  • Look for the price to reject the 0.6640 level, which could lead to a reversal and the price retracing to the third support at 0.6574

  • Price is currently at 0.6640 at time of writing.

Pivot 0.6688


Our Preference:

Below 0.6688 short positions with targets 0.6644, 0.6618, 0.6574


Alternative Scenario:

Long positions above 0.6688 with targets 0.6714, 0.6758, 0.6784


NZD/USD: Intraday Bearish
  • On the 4-hour chart the price is bullish and is above the Ichimoku cloud. However, is currently trading lower towards the 0.6100 support level.

  • Look for the price to break the 0.6120 level for further downside momentum with targets 0.6094 and 0.6037.

  • The price is at 0.6130 at time of writing.

  • Be mindful of the RBNZ interest rate decision, which could bring significant volatility.

Pivot 0.6150


Our Preference:

Below 0.6150 short positions with targets 0.6094, 0.6037, 0.5981


Alternative Scenario:

Long positions above 0.6150 with targets 0.6207, 0.6263, 0.6320