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GBPUSD Awaits more Rise​

The GBPUSD pair provides strong positive trades to achieve our waited target at 1.18, waiting for new rises to achieve additional gains that start by visiting 1.1920 and reach 1.2 barrier, as the price returned to the bullish channel that appears on the chart, which supports the chances of continuing the bullish trend on the intraday and short term basis.

On the other hand, the EMA50 provides good support to the price, to keep our bullish overview conditioned by the price stability above 1.1645. The expected trading range for today is between 1.1720 support and 1.1900 resistance.​

 

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EURUSD Technical Analysis​

The EURUSD pair resumes its positive trading after testing 1.0300 barrier this morning, to keep the bullish trend scenario active for today, waiting to get positive motive that assists to push the price to achieve our next main target that reaches 1.0515, reminding you that the continuation of the bullish wave requires holding above 1.0285.

The expected trading range for today is between 1.0260 support and 1.0430 resistance.​

 

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AUDCAD Settles Above the Moving Average​

The AUDCAD pair resumed its correctional bullish attack by breaching 0.8840 barrier recently, to settle above the moving average 55 and notice recording additional gains by reaching 0.8935, while stochastic additional positive momentum allows us to expect providing new bullish trades, to attempt to achieve new gains that might start at 0.9 and 0.9055.

The expected trading range for today is between 0.8880 and 0.9, and the expected trend for today is Bullish.​

 

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DAX 40 - Low gas prices catalyze the growth of the German manufacturing sector

As of the end of yesterday's trading, 1.0 thousand cubic meters of "blue fuel" on the London Intercontinental Exchange (ICE) was traded at a price of 1.245 thousand dollars. The spot price for gas with a next day delivery is at around 0.716 thousand dollars per 1.0 thousand cubic meters, which cannot be compared with the spring peak prices of 3.8 thousand dollars. The main reasons for the decline in quotations are the high filling levels of European gas storage facilities, which are approaching 99%, as well as abnormally warm weather in the EU for the current time of the year.

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.

Support levels: 13962, 13262 | Resistance levels: 14631, 15541​

 

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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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ETHUSD - Murray analysis

Last week, the ETHUSD pair showed a serious decline in the framework of the general market trend after the FTX cryptocurrency exchange initiated voluntary bankruptcy, trying to find a way to return their funds to customers as part of the judicial procedure. The price of the ETH token reached four-month lows around 1071.70, after which it went into correction.

Now the quotes are trying to consolidate above 1250 (Murray [2/8]) with a target at 1375 (Murray [3/8]), 1445 (Fibo retracement 50.0%, the middle line of the Bollinger Bands), 1500 (Murray [4/8]), but the priority is a downward movement, which is confirmed by the downward reversal of the Bollinger Bands and an increase in the MACD histogram in the negative zone. In turn, the upward reversal of the Stochastic does not exclude the development of corrective growth, but its potential is seen to be limited. Thus, a repeated breakdown of the level of 1125 (Murray [1/8]) and a subsequent decline in the trading instrument to the area of 1000 (Murray [0/8]) and 875 (Murray [-1/8]) is likely.

Resistance levels: 1375, 1445, 1500 | Support levels: 1125, 1000, 875​

 

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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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USDJPY Faced Strong Negative Pressure

The USDJPY pair faced strong negative pressures yesterday, as it broke 139.45 and reached 137.65 areas, but it bounced upwards quickly to settle above the first level, which keeps the bullish trend scenario active, waiting to head towards 141.80 as a main target. Therefore, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 139.45.
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The expected trading range for today is between 139.50 support and 141.40 resistance, and the expected trend for today is Bullish.​

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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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Euro gives up four-month high on profit-taking

Euro fell in European trade off four-month highs on track for the first loss in three days on active profit-taking, while two-year German yields fell. Dollar rebounded from multi-month highs after strong data on US retail sales in October following remarks by Fed officials which asserted the continued efforts to bring inflation down. EURUSD fell over 0.3% to 1.0359, with a session-high at 1.0398, after rising 0.45% on Wednesday, the second profit in a row, marking four-month highs at 1.0481.

Such gains came as concerns about a wider conflict in eastern Europe subsided as the NATO stated the recent missile that hit Poland was probably a mistaken shot from the Ukrainian air defence force.


German Yields

Two-year German treasury yields fell over 0.6% today away from recent 14-year highs, in turn pressuring euro. A recent spike in yields to 14-year highs at 2.252% played a major role in recent extensive gains by the euro as the ECB prepares more aggressive policy tightening to come.


The Dollar

The dollar index rose 0.3% on Thursday away from three-month lows at 105.34, on track for first profit in three sessions against a basket of major rivals. The gains came after data showed US retail sales rose past estimates in October.

 

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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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Dow Jones - Index headed for August highs

Quotes of US stock indicators slowed their growth against the background of ambiguous rhetoric of officials of regional Federal Reserve Banks (FRB) regarding further prospects for raising interest rates. Thus, the head of the St. Louis Fed, James Bullard, noted that the regulator needs to continue the "hawkish" course, since the current interest rate level does not limit economic activity sufficiently. In his opinion, the target level of the value may range from 5% to 7%, however, if inflation in the USA slows down in the coming months and quarters, the US Fed will not have to tighten monetary policy as sharply as expected at the moment.

On the daily chart, the index quotes continue their corrective dynamics and increase, reaching a local maximum in early August at around 34000.

Support levels: 33180, 31750 | Resistance levels: 34000, 35350​

 

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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.​