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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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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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AUDUSD Touches the First Target

The AUDUSD pair succeeded to touch our waited target at 0.6650 and bounced upwards clearly from there, to head towards resuming the bullish track on the intraday and short term basis, on its way to test 0.6767 initially, noting that breaching this level will push the price to 0.6870 as a next positive station. Therefore, the bullish will be suggested for today conditioned by the price stability above 0.6650.

The expected trading range for today is between 0.6665 support and 0.6790 resistance, and the expected trend for today is Bullish. 
 

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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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XRPUSD - Authorities are preparing to introduce restrictions for the crypto sector

In general, the market remains negatively affected by the bankruptcy of the FTX exchange, which continues to cause an outflow of investors' funds from digital assets and may lead to the introduction of restrictions for cryptocurrency entrepreneurship by the authorities. It should be noted that US Treasury Secretary Janet Yellen and Deputy Governor of the Bank of England John Cunliffe have already spoken out for the soonest strengthening of regulation of the sector, and representatives of the American Financial Industry Regulatory Authority (FINRA) have announced an audit of the advertising policy of companies. The current market situation is pushing global regulators to designate clearer rules of operation, but some experts believe that they will only complicate the business conditions for many projects.

Technically, the price has reversed from the 0.3418 mark (Murray [-1/8]) and is aiming for the 0.3906 level (Murray [0/8], the middle line of the Bollinger Bands), which is the key for the "bulls". In case of its breakout, the growth may continue to the levels of 0.4330 (Fibo retracement 23.6%) and 0.4630. The most important level for the "bears" remains 0.3418, a breakdown of which will give the prospect of a decline to the area of 0.3165 (November lows), 0.2930 (Murray [-2/8]).

Resistance levels: 0.3906, 0.4330, 0.4630 | Support levels: 0.3418, 0.3165, 0.2930.

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DAX 40 - German stock market continues its uptrend

The Frankfurt Stock Exchange's leading index, the DAX 40, corrects higher to trade at 14480 on positive news from the corporate sector. One of the leading energy companies in Europe, Enel S.p.A., announced its intention to sell up to 21 billion euros of its non-core assets to increase financial stability, as it plans to increase capital expenditures for the period from 2023 to 2025. In turn, shares of medical device maker Fresenius SE are rising as the company's management announced the placement of two tranches of bonds worth a total of 1 billion euros in order to raise the necessary funds for corporate-wide needs.

On the daily chart of the asset, the price is trading above the resistance line of the descending channel, actively rising and reaching the highs of this spring, and the technical indicators maintain a steady buy signal.

Support levels: 14270, 13570 | Resistance levels: 14720, 15430

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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
 

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GBPUSD - Statistics from the US again disappointed investors

The pound is actively gaining in value after the publication of data on business activity in the leading sectors of the economy and the depreciation of the US currency, currently trading around 1.2110.

Thus, UK Manufacturing PMI in November consolidated at 46.2 points, which exceeded the analysts' forecast of 45.7 points, and Service PMI amounted to 48.8 points, improving the analysts' forecast of 48.0 points. The Composite PMI rose to 48.3 from 48.2 in October, the first monthly increase since June.

On the daily chart, the trading instrument moves within the local rising channel, reaching the resistance line at 1.2200 yesterday, and technical indicators are preparing for a local correction.

Support levels: 1.1958, 1.163 | Resistance levels: 1.2220, 1.2590

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S&P 500 - Prospects for a slowdown in the US Fed's “hawkish” rate support the stock market

The American stock market continues to recover its positions against the backdrop of positive signals from the US Federal Reserve, which were received from the minutes of the last meeting of the monetary policy department. According to the published document, the agency acknowledges the serious uncertainty in the economy associated with high interest rates and does not rule out the start of a slowdown in the pace of their adjustment to assess the effect on the economy from the steps already taken. Also, the previous level of stability of the value was revised upwards, and this gives the market a signal that the rate will change next year as well. Thus, analysts confirmed their confidence in the continued tightening of monetary stimulus by the US Federal Reserve, but at the December meeting, they expect an increase of 50,0 basis points, and not 75,0 basis points, as it was in November.

The index quotes continue the local corrective trend, and on the daily chart, they still form a Flag pattern, rising toward the resistance line, and technical indicators hold a buy signal.

Support levels: 3940, 3746 | Resistance levels: 4126, 4310