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Corn price within continuation pattern – Analysis - 02-05-2023
Corn price’s recent trades are confined within bearish pennant pattern that appears on the chart, thus, the price needs to break 575.00 to get negative motive that assists to rally towards our main waited target at 561.30.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, supported by the negativity of the technical indicators, noting that the continuation of the bearish wave depends on the price stability below 596.00.
The expected trading range for today is between 570.00 support and 590.00 resistance.
The expected trend for today: Bearish
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The USDCHF around the moving average – Analysis - 02-05-2023
The USDCHF pair fluctuates around the EMA50 since yesterday, waiting to get new positive momentum that assists to push the price to resume the positive trades, as we expect to achieve bullish correction for the decline from 0.9434 to 0.8860, reminding you that the expected targets begin at 0.8995 and extend to 0.9080 after surpassing the previous level.
MoreThe NZDUSD gets the positive momentum – Analysis - 02-05-2023
The NZDUSD pair attempted to breach 0.6190 level but it found solid resistance there, and begins today with new bullish bias supported by stochastic positivity that appears on the four hours’ time frame, waiting for more rise to surpass the mentioned level and head towards our positive targets that start at 0.6225 and extend to 0.6290.
MoreThe AUDUSD tests the resistance – Analysis - 02-05-2023
The AUDUSD pair traded positively yesterday to test the key resistance 0.6665, noticing that the price keeps its stability below it, waiting to rebound bearishly to resume the correctional bearish wave, which targets 0.6550 level as a next station.
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