Technical Analysis and Review for 24 October 2022


Fundamentals

  • The next leader of the conservative party and Prime Minister of the UK could be announced today at 2pm. Rishi Sunak is the likely candidate now Boris Johnson has dropped out.

  • The Bank of England is expected to raise interest rates again in November to further curb inflation.

  • JPY experiences huge volatility after it fell to a 32 year low. Japanese authorities have yet to confirm whether they have intervened, however, whilst the US dollar is so strong the JPY will continue to struggle.

  • China releases stronger than expected GDP data after Xi Jinping secures third term in power.

  • All eyes are on the Euro Zone PMI data releases throughout the day today.

USD/JPY: INTRADAY CAUTION


Pivot 148.61

Our Preference:

Long positions above 148.61 with targets 151.01, 154.33, 156.73


Alternative Scenario:

Below 148.61 short positions with targets 145.29, 142.89, 139.57

EUR/USD: INTRADAY CONSOLIDATION


Pivot 0.9813

Our Preference:

Short positions below 0.9813 with targets 0.9756, 0.9650, 0.9593


Alternative Scenario:

Above 0.9813 long positions with targets 0.9919, 0.9976, 1.0082

GBP/USD: INTRADAY BULLISH


Pivot 1.1227

Our Preference:

Long positions above 1.1227 with targets 1.1393, 1.1482, 1.1648


Alternative Scenario:

Above 1.1227 short positions with targets 1.1138, 1.0972, 1.0883

USD/CHF: INTRADAY BEARISH


Pivot 1.0030

Our Preference:

Short positions below 1.0030 with targets 0.9912, 0.9844, 0.9726


Alternative Scenario:

Above 1.0030 long positions with targets 1.0098, 1.0216, 1,0284

XAU/USD: INTRADAY BULLISH


Pivot 1644.70

Our Preference:

Long positions above 1644.70 with targets 1672.20, 1686.57, 1714.07


Alternative Scenario:

Above 1644.70 short positions with targets 1630.33, 1602.83, 1588.46

AUD/USD: INTRADAY BEARISH


Pivot 0.6328

Our Preference:

Short positions below 0.6328 with targets 0.6263, 0.6145, 0.6080


Alternative Scenario:

Above 0.6328 long positions with targets 0.6446, 0.6511, 0.6629

NZD/USD: INTRADAY BEARISH


Pivot 0.5710

Our Preference:

Short positions below 0.5710 with targets 0.5648, 0.5538, 0.5476


Alternative Scenario:

Above 0.5710 long positions with targets 0.5820, 0.5882, 0.5992

USD/CAD: INTRADAY BULLISH


Pivot 1.3710

Our Preference:

Long positions above 1.3710 with targets 13791, 1.3936, 1.4017


Alternative Scenario:

Below 1.3710 short positions with targets 1.3565, 1.3484, 1.3339


Crude Oil WTI Futures: Caution


Our Preference:

Long positions above 84.70 with target 86.279


Alternative Scenario

Below 84.70 short positions with target 83.539