Market Update 09/11/2021

November 9, 2021

EUR/USD

EUR/USD has been trading within the range of 1.1662 and 1.1525 over the past few trading weeks, attempting 3 times to break out of the lower support. A breakeout to the upside may see the pair move to test the short term resistance at 1.1880, the main level of resistance can still be seen at the 1.1900 handle. Our strong support still stands the 1.1530-1.1525 range, a break of this level and the pair may continue to gently slide lower.

 

 

5 Hour Currency Heatmap

The Currency Heatmap shows how the Australian Dollar continues to outperform all of the other major currencies. The Japanese Yen has weakend against all other pairs except for the Swiss Franc which is currently showing the most weakness across the board.

 

 

Gold

The precious metal has finally gathered enough strength to break through our strong psycological level of resitance at $1,800, and is now trading a the next level of resistance at $1,824. After such a fast breakout we may see a small correction in the price before it continues higher, to test the next level of resistance at $1,832. The level of support currently stands within the $1,800 - $1,795, a break of the support may see the price of Gold drifting back down towards the $1,750 level.

 

 

 

*Source Investing.com Calculator

 

Volatility has started to increase since the low seen on the 24/10/2021. Its current level is aroung the 2190 points marker. Will we continue to see this momentum continue?

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