Technical Analysis and Review for 31 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

  • Stock rally wobbles as FED Rate hike draws near this Wednesday

  • US dollar strengthens as FED Reserve expect to stay hawkish

  • China continues to ramp up Covid lockdowns, impacting the price of oil.

  • Japan's industrial output falls 1.6% in September

  • Yen stays fragile, intervention still on the cards

  • BOE expecting to announce biggest interest rate hike in 30 years

  • Big week for news, data and central bank interest rate decisions

USD/JPY: INTRADAY BULLISH

  • Price is currently trading slightly above the pivot point at 147.79. We expect price to head back up to the first resistance at 148.23 before a possible retracement back to the first support at 146.36.

  • US dollar index has turned volatile as investors anticipate Fed Interest Rate Decision this week.

Pivot 147.11

Our Preference:

Above 147.11 long positions with targets 148.23, 148.98, 150.10


Alternative Scenario:

Short positions below 147.11 with targets 146.36, 145.24, 144.49



EUR/USD: INTRADAY NEUTRAL
  • The price is currently trading sideways, above the Ichimoku cloud. It may continue to range between the first support at 0.9930 and the first resistance at 1.0001. Alternatively, if bullish momentum kicks in, the price may break parity and head up to the third resistance at 1.0072.

Pivot 0.9965

Our Preference:

Short positions below 0.9965 with targets 0.9930, 0.9894, 0.9859


Alternative Scenario:

Above 0.9965 long positions with targets 1.0001, 1.0036, 1.0072



GBP/USD: INTRADAY NEUTRAL
  • We are slightly bearish biased that there will be some selling pressure combined with strengthening dollar that the price will drop back to the first support at 1.1539, before head back up to test the first resistance at 1.1659. If it breaks through, it will then head to the second resistance at 1.1702.

Pivot 1.1582

Our Preference:

Long positions above 1.1582 with targets 1.1659, 1.1702, 1.1779


Alternative Scenario:

Below 1.1582 short positions with targets 1.1539, 1.1462, 1.1419



USD/CHF: INTRADAY SHORT-TERM BULLISH
  • On the 4-hour chart, price is showing overall bearish direction and is also below the Ichimoku cloud. We are expecting some short-term bullish momentum, which means the price may retest the first resistance at 1.0005 before retracing to the first support at 0.9899

Pivot 0.9943


Our Preference:

Long positions above 0.9943 with targets 1.0005, 1.0049, 1.0111


Alternative Scenario:

Short positions below 0.9943 with targets 0.9899, 0.9837, 0.9793


XAU/USD: INTRADAY BEARISH

  • On the 4-hour chart price is still in a descending trendline, which is bearish, indicating the price may retrace back to the second support at 1619.14

  • Alternatively, the price may head back up to retest the first resistance at 1661.00

Pivot 1649.19


Our Preference:

Short positions below 1649.19 with targets 1630.95, 1619.14, 1600.90


Alternative Scenario:

Long positions above 1649.19 with targets 1661.00, 1679.24, 1691.05



AUD/USD: INTRADAY BULLISH
  • We are bullish that the price may retest the first resistance at 0.6466. Alternatively, the price may fall back to the first support at 0.6375.

Pivot 0.6428


Our Preference:

Below 0.6428 short positions with targets 0.6375, 0.6337, 0.6284


Alternative Scenario:

Long positions above 0.6428 with targets 0.6466, 0.6519 0.6557


NZD/USD: UNDER PRESSURE
  • Overnight the price has been ranging and is under selling pressure. We are slightly bullish that the price may rise to test the first resistance at 0.5864 before retracing to the first support at 0.5773.

Pivot 0.5824

Our Preference:

Long positions above 0.5824 with targets 0.5864, 0.5915, 0.5955


Alternative Scenario:

Below 0.5824 short positions with targets 0.5773, 0.5733, 0.5682


USD/CAD: BEARISH
  • on the 4-hour chart, we are seeing bearish movement. The price is also below the Ichimoku cloud. If bearish momentum continues, price may head towards the first support at 1.3541

Pivot 1.3589

Our Preference:

Below 1.3589 short positions with targets 1.3541, 1.3478, 1.3430


Alternative Scenario:

Long positions above 1.3589 with targets 1.3652, 1.3700, 1.3763


Crude Oil WTI Futures: INTRADAY BEARISH
  • We are expecting oil to retrace to the third support at 85.38. However, price is still above the Ichimoku cloud and therefore, could head back up towards the first resistance at 88.74

Pivot 87.91

Our Preference:

Long positions above 87.91 with targets 88.74, 89.59, 90.42


Alternative Scenario

Below 87.91 short positions with targets 87.06, 86.23, 85.38


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