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NZDUSD Technical Analysis​

The NZDUSD pair rallies upwards to move away from 0.6100 level and touch our first waited target at 0.6160, waiting for more rise to visit 0.6200 that represents our next positive station, to keep the bullish trend scenario active for today conditioned by the price stability above 0.6100.

The expected trading range for today is between 0.6070 support and 0.6170 resistance, and the expected trend for today is Bullish.​

 

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USDCAD Loses Momentum​

The USDCAD pair shows some bullish bias to test 1.3300 barrier, noticing that stochastic lost its positive momentum to show clear overbought signals now, waiting to motivate the price to resume the bearish trend that targets 1.3205 level as a next station, reminding you that we suggest extending the bearish wave on the longer term basis to reach 1.3050 areas.

Therefore, the bearish trend scenario will remain valid and active unless breaching 1.3350 and holding above it. The expected trading range for today is between 1.3220 support and 1.3360 resistance, and the expected trend for today is Bearish.​

 

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EURUSD Tests the Support Base

The EURUSD pair bounced downwards strongly after approaching our waited target at 1.0515, to test the key support base 1.0285 and keeps its stability above it, as it resumed its positive trading from there to settle around 1.0360 now. Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 that carries the price from below, waiting to test 1.0515 mainly, noting that breaking 1.0285 will stop the expected rise and press on the price to turn to decline.

The expected trading range for today is between 1.0285 support and 1.0465 resistance, and the expected trend for today is Bullish.​

 

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GBPUSD - In anticipation of British statistics on inflation

According to the report for September, the UK unemployment rate increased to 3.6% from 3.5% earlier, resulting in a loss of 52.0K jobs, more than the forecasted decrease of 25.0K, which, however, was offset by the dynamics of the average level of wages, which, excluding bonuses, rose by 5.7%, which is better than the positive dynamics of 5.5% a month earlier, and taking into account bonuses – by 6.0%, higher than the preliminary estimates of experts at 5.9%. Inflation statistics will be released today, and analysts expect the consumer price index to reach 10.7% from 10.1% last month, continuing global growth.

The trading instrument moves within the local ascending channel on the daily chart, approaching the resistance line.

Resistance levels: 1.199, 1.225 | Support levels: 1.173, 1.136​

 

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USDCHF - Switzerland may return to neutral status soon

Also to the correction of the US dollar, the main driver of the downward dynamics of the trading instrument, experts call the readiness of the country's authorities to return to a full-fledged "neutral status." The Swiss economy is actively declining after the outbreak of a military conflict in Ukraine and joining the anti-Russian sanctions, which violated more than 200 years of neutrality of the country. Six months later, the energy crisis and rising inflation helped Swiss National Bank officials withdraw from the policy of negative rates, a serious blow to the reputation of the world's main financial haven. Yesterday, former People's Party (SVP) chairman Christopher Blocher announced the registration of the Pro Suisse Association initiative, which involves amending the Constitution to consolidate neutrality and prohibit political bodies from making decisions that contradict this principle as joining military or defense alliances. To submit the initiative to a national referendum, it is necessary to enlist the support of at least 100K citizens of the country by the spring of next year.

On the daily chart of the asset, the price has slowed down its active decline and is being corrected near the low at the end of summer.

Resistance levels: 0.9484, 0.96 | Support levels: 0.941, 0.93​

 

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GBPUSD Technical Analysis

The GBPUSD pair resumes its positive trading to surpass 1.1900 barrier, reinforcing the expectations of continuing the bullish trend for today, organized inside the main bullish trend, depending on the price stability above 1.1780, noting that our main waited targets begin at 1.2000 and extend to 1.2135.

The expected trading range for today is between 1.1780 support and 1.1975 resistance, the expected trend for today is Bullish.​

 

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EURUSD Technical Analysis

The EURUSD pair didn’t show any strong move since morning, thus, no change to the expected bullish trend scenario for today, supported by stochastic gain to the positive momentum gradually, besides the EMA50 that carries the price from below, reminding you that our main waited target is located at 1.0515, while holding above 1.0285 represents key condition to continue the expected rise.

The expected trading range for today is between 1.0285 support and 1.0465 resistance, and the expected trend for today is Bullish.​

 

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GBPJPY Holds Below the Barrier

GBPJPY pair attempted to form some positive waves to test the sideways range’s resistance at 166.8 and settles below it, as the stability below this barrier will allow us to suggest the negative attempts for now, to target 165.25 as a first station, followed by waiting to reach the initial support near 164.5. Note that succeeding to breach the current barrier and getting positive close above it will confirm regaining the bullish bias, to expect forming strong positive rally and target 167.9 initially, followed by reaching 169.

The expected trading range for today is between 166.80 and 165.25, and the expected trend for today is Bearish.​

 

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EURJPY Tends Towards the Negativity

The EURJPY pair kept its negative stability below 145.60, to reinforce the chances of starting the previously suggested bearish correction, expecting to gather the negative momentum soon and decline towards 143.30 level as a first negative target, while breaking it might extend trades towards 142.5 followed by reaching the bullish channel’s support line at 141.4.

The expected trading range for today is between 145.60 and 144.2, and the expected trend for today is Bearish.​

 

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EURUSD turns to decline

The EURUSD pair couldn’t manage to reach 1.04 barrier, to face negative pressure and start testing 1.0285 level now, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that we expect to push the price to turn to decline, as breaking this level represents the key to confirm rallying towards 1.0175 followed by 1.0135 levels as main negative targets.

Therefore, the bearish bias will be suggested for today unless breaching 1.0370 and holding above it. The expected trading range for today is between 1.02 support and 1.0360 resistance, and the expected trend for today is Bearish.​

 

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NZDUSD Loses Momentum

The NZDUSD pair found solid resistance at 0.6200 barrier, to decline and heads towards expected test to 0.6100 level, as it lost its positive momentum, and we suggest the continuation of the bearish bias to break this level and head towards 0.5990 areas mainly. Therefore, we are waiting for more expected decline on the intraday basis, noting that breaching 0.6185 will stop the suggested negative scenario and lead the price to recover again.

The expected trading range for today is between 0.6080 support and 0.6185 resistance, and the expected trend for today is Bearish.​

 

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GBPUSD draws negative formation

The GBPUSD pair turns downwards to move below 1.1900 barrier, as it recorded lower high that makes us suggest witnessing trend turn to the downside, on its way to achieve negative targets that we expect to start at 1.1710 and extend to reach the bullish channel’s support line around 1.1490.

Therefore, we expect to witness bearish trend in the upcoming sessions, and breaking 1.1760 will ease the mission of achieving the suggested targets, while the price needs to hold below 1.1945 to continue the expected decline.

The expected trading range for today is between 1.1750 support and 1.1920 resistance, and the expected trend for today is Bearish.​

 

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USDJPY prepares to build bullish wave​

The USDJPY pair founds solid support at 139.45 level, to trade positively and hints heading to recover in the upcoming sessions, as we notice that the price draws inverted head and shoulders’ pattern that its confirmation line located at 140.75, which means that breaching this level will lead the price to achieve positive targets that start at 141.80 and extend to 143.30.

Therefore, the bullish trend will be expected for today, taking into consideration that breaking 139.45 will stop the positive scenario and put the price under the negative pressure again.

The expected trading range for today is between 139.60 support and 141.50 resistance, and the expected trend for today is Bullish.

 

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EURUSD Confirms the Break

The EURUSD pair ended yesterday below 1.0285 level, to get more confirmation to the continuation of the expected bearish trend for the upcoming period, supported by moving below the EMA50 that presses negatively on the price, waiting for more decline to achieve our negative targets that start at 1.0175 followed by 1.0135.

Stochastic begins to lose the positive momentum gradually to support the expectations to decline, noting that breaching 1.0285 followed by 1.0305 levels will stop the negative scenario and lead the price to recover again.

The expected trading range for today is between 1.0175 support and 1.0320 resistance, and the expected trend for today is Bearish.​

 

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NZDUSD - Investors expect a decrease in trading activity during the week

Although yesterday's report on consumer spending with credit cards showed an annual growth of 24.8%, which is lower than the previous month's figure (34.0%), investors found a positive driver in the statistics on foreign trade levels. According to Statistics New Zealand (Stats.nz), the country's exports in October increased by 758.0M New Zealand dollars, or 14.0%, to reach 6.1B New Zealand dollars, while imports rose by 1.6B New Zealand dollars, or 24 0%, amounting to 8.3B New Zealand dollars, and thus the trade deficit rose to –2.1B New Zealand dollars. Traditionally, the highest growth in the structure of imports was shown by fuel prices, which increased by 44.0%, and in the structure of exports, livestock products kept leadership, adding 34.0% in value.

The trading instrument left the global downward channel on the daily chart, having confidently consolidated above the resistance line.

Resistance levels: 0.619, 0.645 | Support levels: 0.603, 0.577​

 

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GBPJPY Technical Analysis

The GBPJPY pair provided new bullish rally yesterday, to touch 168.3 level and confirm its surrender to the domination of the bullish bias by moving away from the additional support at 166.8, reminding you that the fluctuation within the bullish channel and the major indicators that provide the positive momentum allow us to suggest more bullish attempts, to surpass 169 obstacle and move towards the next main station at 170.2.

The expected trading range for today is between 167.40 and 169, and the expected trend for today is Bullish.​

 

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EURJPY Provides Positive Signal

The EURJPY pair stared today by forming bullish wave, surpassing 145.65 barrier to hint getting rid of the negative pressures and start resuming the main bullish attack on the near term and medium term period. In case the price got a positive close above the breached barrier and getting continuous positive momentum by the major indicators, we expect to target 146.20 followed by reaching 147.1 levels, while turning back to fluctuate below 145.65 might force it to suffer some losses by crawling towards 144.5.

The expected trading range for today is between 145.5 and 146.2, and the expected trend for today is Bullish.​

 

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Gold Price Keeps its Negative Stability

Gold price tested 1746.40 level and kept its stability below it, to resume the negative trades and attempts to move away from this level, which keeps the correctional bearish trend valid, waiting to test 1721.65 as a next main target. The EMA50 forms negative pressure that supports the expected decline, which will remain valid unless breaching 1746.4 – 1754 levels and holding above them.

The expected trading range for today is between 1715 support and 1750 resistance, and the expected trend for today is Bearish.

 

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Silver Price Tests the Key Resistance

Silver price continued to rise to test 21.30 resistance line, and bounced downwards clearly from there, to support the continuation of the bearish trend domination, waiting to test 20.72 level initially, which breaking it represents the key to rally towards 20.25 as a next correctional target. Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 21.30 and hold above it.

The expected trading range for today is between 20.50 support and 21.30 resistance, and the expected trend for today is Bearish.

 

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EURUSD - Strong business activity statistics supported the position of the euro

Yesterday, data on business activity in the leading sectors of the EU economy were presented, which was positive for the first time since the end of summer. Thus, Manufacturing PMI in France rose to 49.1 points from 47.2 points earlier, and in Germany – to 46.7 points from 45.1 points, while Manufacturing PMI in the EU amounted to 47.3 points, higher than 46.4 points earlier. As for Services PMI, the upward dynamics here were slightly restrained: in France, the indicator consolidated around 49.4 points, which was lower than 51.7 points earlier, and in Germany, it was 46.4 points against 46.5 points in the month previously. The Composite index for EU countries remained at 48.6 points.

On the daily chart, the trading instrument is correcting, confidently approaching the local highs of the last week around 1.0485. Technical indicators have long since reversed upwards and are strengthening their signal.

Support levels: 1.0328, 1.0095 | Resistance levels: 1.0485, 1.0780​