Technical Analysis and Review for 26 October 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

  • All eyes are on the Bank of Canada Monetary Policy report and interest rate decision today.

  • US Fed reserve are being urged by US Senators to take a more dovish stance on interest rate hikes to protect jobs.

  • Stocks rise in Asia in hope of slowing interest rate hikes

  • EUR rises as markets price in 0.75% interest rate hike for Euro Zone

  • Japanese finance minister states that intervention will not have much effect on the currency and a policy change not likely until 2023.

USD/JPY: INTRADAY BULLISH

  • Overall, the intraday bias is bullish. However, overnight there has been some price retracement. If this retracement continues, we expect price to hit the first support at 147.27. Alternatively, it may retest the first resistance at 148.84.

Pivot 148.19

Our Preference:

Short positions below 148.19 with targets 147.27, 146.61, 145.70


Alternative Scenario:

Above 148.19 long positions with targets 148.84 149.75, 150.41



EUR/USD: INTRADAY BULLISH
  • On the 4-hour, price is moving in a short-term ascending direction. We are expecting the price to rise to the first resistance at 1.0015.

Pivot 0.9932

Our Preference:

Above 0.9932 long positions with targets 1.0015, 1.0062, 1.0145


Alternative Scenario:

Short positions below 0.9932 with targets 0.9885, 0.9802, 0.9755



GBP/USD: INTRADAY BULLISH

  • We are bullish biased that the price will break through the first resistance at 1.1557 and head towards the second resistance at 1.1642

Pivot 1.1413

Our Preference:

Long positions above 1.1413 with targets 1.1557, 1.1642, 1.1786


Alternative Scenario:

Below 1.1413 short positions with targets 1.1328, 1.1184, 1.1099



USD/CHF: INTRADAY BEARISH
  • Overnight price has retraced, if it continues, we expect price to hit the first support at 0.9915


Pivot 0.9973

Our Preference:

Short positions below 0.9973 with targets 0.9915, 0.9882, 0.9824


Alternative Scenario:

Long positions above 0.9973 with targets 1.0006, 1.0064, 1.0097



XAU/USD: INTRADAY CAUTION

  • The price is currently retesting at 1665.30 and possibly will extend to 1670.00. We expect it to hit this price range and then drop back down to the third support at 1641.51 and then to 1628.00.

Pivot 1653.60


Our Preference:

Long positions above 1653.60 with targets 1657.37, 1661.53, 1665.30


Alternative Scenario:

Short positions below 1653.60 with targets 1649.44, 1645.67, 1641.51



AUD/USD: INTRADAY BULLISH
  • We are bullish that the price will test the first resistance at 0.6437

Pivot 0.6368


Our Preference:

Long positions above 0.6368 with targets 0.6437, 0.6480, 0.6549


Alternative Scenario:

Below 0.6368 short positions with targets 0.6325, 0.6256, 0.6213



NZD/USD: BULLISH

  • Bullish momentum has continued overnight, and price is heading back up to the first resistance at 0.5800. If it breaks through this, we expect it to head towards the second resistance at 0.5844.

Pivot 0.5736

Our Preference:

Long positions above 0.5736 with targets 0.5800, 0.5844, 0.5908


Alternative Scenario:

Below 0.5736 short positions with targets 0.5692, 0.5628, 0.5584



USD/CAD: INTRADAY BEARISH
  • Bearish momentum continued overnight, we expect price to head to the first support at 1.3556, and then to hit the second support at 1.3505.

Pivot 1.3652

Our Preference:

Below 1.3652 short positions with targets 1.3556, 1.3505, 1.3409


Alternative Scenario:

Long positions above 1.3652 with targets 1.3703, 1.3799, 1.3850



Crude Oil WTI Futures: INTRADAY RANGE
  • Oil has been consolidating just under the first resistance at 85.45. Our overall bias is bearish. We are expecting price to head towards the first support at 84.78.

Pivot 84.92

Our Preference:

Below 84.92 short positions with targets 84.78, 84.25, 84.11


Alternative Scenario

Long positions above 84.92 with targets 85.45, 85.59, 86.12