Looking at the charts

EUR/USD H4

The currency pair seems to be in a selling momentum that is noted with the downward trend line on our chart.  The most recent price action tested our (S1) 1.1285 support yet the level was not breached. If the selling persists then below the (S1) the (S2) 1.1225 support is the next possible stop for the bears while even lower the (S3) 1.1170 support is imminent. Please note the (S2) and the (S3) are levels previously seen in June and July thus they would represent new multi month low levels if they are engaged while this would also confirm a strong selling interest by traders. In the opposite direction if the bulls take control, in our opinion the most probable level to be tested first is the (R1) 1.1385 which became the target on the 16 of November but withheld its ground. Even higher the (R2) 1.1460 resistance was also tested in the previous days but also withstood pressure. At the top the (R3) 1.1515 resistance remains the highest level from our perspective and if engaged can change our current selling trend into a buying one. The RSI indicator below our chart confirms the oversold market for EURUSD remains as the indicator is now rebounding from beneath the 30 line.

In the following days traders should be aware of the Eurozone’s Preliminary Consumer Confidence for November to be released on the 22^a. of November while on the 23^rd a very busy day unfolds with Preliminary Markit PMI readings from the Eurozone and the US along with the also crucial Preliminary German GDP rates for Q4.

XAG/USD H4

Very evident is the metal’s recent price action between the (R1) 25.40 resistance and the (S1) 24.75 support which is highlighted with yellow on our chart. This range remains crucial for understanding further price movement for the metal. To the downside we note the very attractive (S2) 23.90 support which has been used many times in the past month as both a resistance and support. On the other hand, the (S3) 23.10 was tested last time at the beginning of November representing the metal’s monthly lowest point. Yet if the metal is undertaken by a strong bullish momentum above the (R1) is the (R2) 25.90 line which could be a multi month high if reached. Finally, the (R3) 26.75 resistance is the highest level noted for Silver and it was last seen during the past July. The RSI indicator below our chart displays the sideways motion the metal is currently running with.

Traders looking for economic events that can move Silver’s price in the short term can use the 23^rd of November when the US Existing Home Sales for October will be released along with the Preliminary US Markit PMI data for November.

GBP/USD H4

Cable continued its upward momentum that started since the 12^a. of November as positive economic data from the UK seem to support the pound. If the trend continues then the (R1) 1.3525 resistance level could be the next target while even higher the (R2) 1.3575 resistance is also an interesting level. The (R3) 1.3620 resistance was last seen in the start of November but remains a great challenge for traders supporting a more long-term buying strategy. From a seller’s perspective, we tend to highlight the (S1) 1.3450 support level as it was used as both a resistance and a support while even lower the (S2) 1.3385 support is the lowest level reached so far in November. The (S3) 1.3310 support is a level last seen in 2020 but since the currency pair remains in a selling momentum for the past several months it can be relevant if the trend is to continue. The RSI indicator remains nearby 70 confirming the pair’s buying momentum in the past 4 hours has been sustained. The action from the 200 Moving Average (MA) and the 100 MA could be signaling some stabilization of the upward trend for now.

In the following days traders can focus on the UK Retail sales for October coming up on the 19^a. of November while the Preliminary UK PMI readings for November will be coming up on the 23^rd of the month. The US data pre mentioned should also be considered in this case.

WTI H4

WTI has lost some ground in the past week and has formed a downward trend line which is indicated on our chart. Furthermore, the RSI indicator below our chart is currently running across the 30 level confirming the bears have dominated the scene in the recent sessions. If this trend continues then the (S1) 76.25 support can be engaged first while even lower the (S2) 74.80 support can also be tested as it was for the last time back in October. At the lowest part of our chart is the (S3) 73.40 support level which can be used in case the selling is to be extended in the following days. Yet interesting for the bulls is the 77.65 (R1) resistance which if breached can pave the way for the (R2) 79.05 resistance to be approached. As our final resistance we note the (R3) 80.85 level that was seen previously in November.

Traders can use Oil news headlines as guidance for making decisions while the Oil industry’s updates are very relevant especially focusing on supply and demand information. Finally, on the 23^rd of November the API weekly stock piles will be released and could move Oil prices. 

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Esta informação não é considerada como aconselhamento ou recomendação ao investimento, mas apenas como comunicação de marketing. O IronFX não é responsável por quaisquer dados ou pela informação fornecida por terceiros aqui mencionados, ou com links diretos, nesta comunicação.

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