DAILY TECHNICAL ANALYSIS 15/11/2022

EURUSD

Daily volatility: 82 points. Modest according to the volatility of the last 2 weeks. But it is understandable because yesterday there was no relevant news apart from the report of industrial production in the European Union, a little better than the forecast of the experts, to which, however, the market did not react. The uptrend was not bothered by a correction attempt which turned out to be a soap bubble. Towards the weekend the situation could become different with a probable correction of a completely different magnitude.

The pair continues to rise for now. Since last week's US inflation report, the euro has risen and therefore there could be a point where the euro will stabilize. Today the European Union will publish the Q3 GDP report and everything could already be resolved with this news even if it should not cause such a strong reaction on prices.

Today the levels to keep an eye on are:

0.9922, 1.0092, 1.0136, 1.0295, 1.0440, 1.0386, 1.0521, 1.0608, 1.0701.

GBPUSD

Daily volatility: 100 points. Although it remains above the trend line, the attempted correction was sharper than the EURUSD. After the US inflation report last week, this week will be the reaction to the UK inflation report, which is expected to increase. If this is confirmed, it is very likely that the Bank of England will decide to raise the rate by another 0.75%. This will trigger further demand for the pound.

The pound continues to gain against the dollar. Today, however, could be the beginning of a strong correction triggered by a delayed reaction also by the unemployment and wage reports from the United Kingdom.

Today the levels to keep an eye on are:

1.1371, 1.1492, 1.1632, 1.1749, 1.1894, 1.1936-1.2000, 1.2056.

XAUUSD

Daily volatility: + 0.35%. The price of gold continues to hold close to the three-month high. Important levels are found at 1,766 and 1,775. Therefore we must remain attentive to their intra-level. Monday was an accumulation week start around 1,770.20. New fears about US inflation and bad Chinese data created a stalemate in which precious metals juggled all day bears waiting to intervene on the US producer price index and retail sales.

Today the levels to keep an eye on are:

1766.20, 1775.55, 1780.77, 1787.21, 1794.11