Technical Analysis and Review for 25 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 fall as signs of a global slowdown increases

  • European stocks gain and the dollar continues to fall after Fed Reserve meeting minutes show more moderate interest rate increases

  • Trading volumes are lower due to the Thanksgiving holiday.

  • Gold futures rose 0.5%

  • Major currencies rose against the greenback due to further dollar weakness

  • With no major news events and the US market closing early expect lower volatility and possible consolidation

  • Look for the DXY to retrace to find support at 106.00.

Key Events
  • US stock and bond markets close early today

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

  • Overnight, there has been a slight rebound back to the 138.40 price level, however, further downside can be expected if the DXY continues to weaken.

  • If bearish momentum continues, expect the price to retest 137.90, if it breaks through this it will find new support around 137.18

  • Alternatively, if the DXY strengthens and it does not break 137.90, it may rebound to retest the third key resistance at 141.10

  • Price is currently at 138.43 at time of writing.

Pivot 138.78

Our Preference:

Short positions below 138.78 with targets 137.90, 137.18, 136.30


Alternative Scenario:

Above 138.78 long positions with targets 139.50, 140.38, 141.10


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 1.0448 resistance level.

  • Alternatively, the price may drop back to the first support at 1.0380

  • The price is at 1.0442 at time of writing.

Pivot 1.0407

Our Preference:

Above 1.0415 long positions with targets 1.0448, 1.0483, 1.0516


Alternative Scenario:

Short positions below 1.0415 with targets 1.0380, 1.0347, 1.0312


GBP/USD: Intraday Bullish
  • On the 4-hour the price is bullish and is above the Ichimoku cloud. The price may head towards the first resistance at 1.2166.

  • Alternatively, the price may head back down to the first support level at 1.2058

  • The price is currently at 1.2106 at time of writing


Pivot 1.2106

Our Preference:

Long positions above 1.2106 with targets, 1.2166, 1.2214, 1.2274


Alternative Scenario:

Below 1.2106 short positions with targets 1.2058, 1.1998, 1.1950


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

  • If bearish momentum continues, the price may retest the 0.94.00 key support. If it breaks through this, it may hit the support at 0.9397 and then head towards 0.9337

  • Alternatively, the price may head back to the first resistance at 0.9457

  • The price is currently at 0.9430 at time of writing.

Pivot 0.9422


Our Preference:

Short positions below 0.9422 with targets 0.9397, 0.9362, 0.9337

Alternative Scenario:

Long positions above 0.9422 with targets 0.9457, 0.9482, 0.9517


XAU/USD: Intraday Bullish
  • On the 4-hour chart price is crossing the Ichimoku cloud.

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

  • Alternatively, if the price drops, we expect it to retest the first support at 1748.76 a drop below this may trigger a further drop to the 1748.77

  • The direction of gold will be very much depended on the DXY. Look for the DXY to weaken to signal further upside. Alternatively, if the DXY heads up, gold could trade lower

  • Price is currently at 1758.36 at time of writing.

Pivot 1755.76

Our Preference:

Long positions above 1755.76, with targets 1759.07, 1762.76, 1766.07


Alternative Scenario:

Short positions below 1755.76, with targets 1752.07, 1748.76, 1745.07


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 0.6838 resistance level

  • Alternatively, the price could head back down to retest the first support at 0.6734

  • It is likely that the AUD/USD may consolidate and retrace briefly today

  • Price is currently at 0.6763 at time of writing.

Pivot 0.6756


Our Preference:

Long positions above 0.6756 with targets 0.6786, 0.6808, 0.6838


Alternative Scenario:

Below 0.6756 short positions with targets 0.6734, 0.6704, 0.6682


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 0.6293 and then 0.6327

  • Alternatively, the price may retrace back down to the first support at 0.6223

  • The price is at 0.6265 at time of writing

Pivot 0.6257


Our Preference:

Long positions above 0.6257 with targets 0.6293, 0.6327, 0.6363


Alternative Scenario:

Below 0.6257 short positions with targets 0.6223, 0.6187, 0.6153


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 1.3315 if it breaks this it may head towards the second support at 1.3294