Technical Analysis and Review for 24 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

  • A gauge of global stocks headed for the highest level in more than two months and the dollar weakened significantly on Thursday after the Fed Reserve meeting minutes showed support for tapering interest rate increases.

  • Oil falls as the European Union considers a higher-than-expected price cap on Russian crude and signs of a global slowdown increases

  • Gold rises on back of Fed reserve minutes

  • Europe's top two economies, France and Germany contract as bloc already in recession. French composite PMI fell to a 21-month low and German activity gauge improves but still in negative territory.

  • Major currencies making huge gains against the greenback due to dollar weakness today, expect further gains if DXY continues to weaken

  • Watch out for choppy price action due to the US market being closed.

Key Events
  • ECB publishes account of its October policy meeting

  • US stock and bond markets are closed for Thanksgiving holiday

USD/JPY: Intraday Bearish
  • On the 4-hour chart the price is bearish and is below the Ichimoku cloud.

  • Overnight the price has rejected the 141.00 level and is now heading towards the first support at 138.65.

  • If bearish momentum continues, expect the price to retest 137.71, if it breaks through this it will find new support around 136.23

  • Alternatively, if it does not break 137.71, it may rebound to 141.07.

  • Look for the DXY to weaken for further downside.

  • Price is currently at 138.76 at time of writing.

Pivot 140.13

Our Preference:

Short positions below 140.13 with targets 138.65, 137.71, 136.23


Alternative Scenario:

Above 140.13 long positions with targets 141.07, 142.55, 143.49


EUR/USD: Intraday Bullish
  • On the 4-hour chart the price is bullish and is above the Ichimoku cloud and has broken the ascending trendline.

  • If bullish momentum continues, the price may continue to turn up and test the 1.0543 resistance level.

  • Alternatively, the price may drop back to the first support at 1.0325

  • The price is at 1.0442 at time of writing.

Pivot 1.0366

Our Preference:

Above 1.0366 long positions with targets 1.0434, 1.0475, 1.0543


Alternative Scenario:

Short positions below 1.0366 with targets 1.0325, 1.0257, 1.0216


GBP/USD: Intraday Bullish
  • On the 4-hour the price is bullish and is above the Ichimoku cloud. The price has broken through 1.1900 territory and is heading towards first resistance level at around 1.2133. If it breaks through this is may hit the second resistance line at around 1.2211, where the previous high sits

  • Alternatively, the price may head back down to the first support level at 1.1925

  • The price is currently at 1.2099 at time of writing


Pivot 1.2003

Our Preference:

Long positions above 1.2003 with targets, 1.2133, 1.2211, 1.2341


Alternative Scenario:

Below 1.2003 short positions with targets 1.1925, 1.1795, 1.1717


USD/CHF Intraday Bearish
  • On the 4-hour chart the price is crossing below the Ichimoku cloud

  • If bearish momentum continues, the price may hit the second support at 0.9332 and then head towards the third support at 0.9252

  • Alternatively, the price may head back to the first resistance at 0.9504

  • The price is currently at 0.9347 at time of writing.

Pivot 0.9458


Our Preference:

Short positions below 0.9458 with targets 0.9378, 0.9332, 0.9252

Alternative Scenario:

Long positions above 0.9458 with targets 0.9504, 0.9584, 0.9630



XAU/USD: Intraday short-term bullish
  • On the 4-hour chart price is descending and breaking the Ichimoku cloud. However, we are seeing some short-term bullish momentum due to the weakening of the DXY.

  • If bullish momentum continues, the price mat retest the 1760.00 resistance and previous high.

  • Alternatively, if the price drops, we expect it to retest the first support at 1749.18 a drop below this may trigger a further drop to the 1748.77

  • Price is currently at 1755.81 at time of writing.

Pivot 1752.80

Our Preference:

Short positions below 1752.80, with targets 1749.18, 1748.77, 1745.15


Alternative Scenario:

Long positions above 1752.80, with targets 1753.21, 1756.83, 1757.24


AUD/USD: Intraday Bullish
  • On the 4-hour chart, the price is bullish and above the Ichimoku cloud and has broken the key resistance level at 0.6721

  • We expect the price to continue to head towards 0.6808, if it breaks through this, it may retest the 0.6877 resistance level

  • Alternatively, the price could head back down to retest the first support at 0.6665

  • Price is currently at 0.6765 at time of writing.

Pivot 0.6702


Our Preference:

Long positions above 0.6702 with targets 0.6771, 0.6808, 0.6877


Alternative Scenario:

Below 0.6702 short positions with targets 0.6665, 0.6596, 0.6559


NZD/USD: Intraday Bullish
  • On the 4-hour chart the price is bullish and is above the Ichimoku cloud. If bullish momentum continues, expect price to head to the first resistance at 0.6287 and then 0.6329

  • Alternatively, the price may retrace back down to the first support at 0.6167

  • The price is at 0.6258 at time of writing

Pivot 0.6209


Our Preference:

Long positions above 0.6209 with targets 0.6287, 0.6329, 0.6407


Alternative Scenario:

Below 0.6209 short positions with targets 0.6167, 0.6089, 0.6047


USD/CAD: Intraday Bearish
  • On the 4-hour chart the overall direction is bearish. If bearish momentum continues, the price may break the first support at 1.3319 if it breaks this it may head towards the second support at 1.3284

  • Alternatively, the price could head back up to retest the first resistance level at 134.15

  • Price is currently at 1.3334 at time of writing

Pivot 1.3380

Our Preference:

Below 1.3380 short positions with targets 1.3319, 1.3284, 1.3223


Alternative Scenario:

Long positions above 1.3380 with targets 1.3415, 1.3476, 1.3511


Crude Oil WTI Futures: Intraday Bearish
  • On the 4-hour, the overall bias is bearish. However, the price is currently consolidating around 77.90. The RSI is mixed and calls for caution

  • If bearish momentum continues the price may head to the first support at 77.64. Alternatively, if bullish momentum kicks in, the price may head back up to retest the 80.00 previous Fibonacci extension line sits.

  • Price is currently at 77.87 at time of writing.

Pivot 77.82

Our Preference:

Long positions above 77.82 with targets 78.11, 78.29, 78.58


Alternative Scenario

Below 77.82 short positions with targets 77.64, 77.35, 77.17



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.