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Coffee price builds bearish channel – Analysis – 7-7-2022
Coffee price formed bearish channel recently by forming major resistance at 236.00, to notice the beginning of forming negative trades by reaching 218.00, noting that the negative stability below the EMA50 and stochastic attempt to provide the negative momentum will increase the chances of breaking 217.00 level to manage to target new negative stations that might start at 211.40 and 204.25 levels.
The expected trading range for today is between 224.00 and 211.40
The expected trend for today: Bearish
The EURJPY provides negative close – Analysis – 7-7-2022
The EURJPY pair confirmed surrendering to the domination of the bearish bias by recording some negative targets by reaching 137.25, noticing that the trades are consolidated below the bullish channel’s support line at 139.80, in addition to stochastic negative momentum signals.
These factors will assist to activate more negative attempts in the near term period, to expect renewing the pressure at 137.25 level, while breaking it might extend trades towards 136.70 and 136.10 levels.
The expected trading range for today is between 139.40 and 136.70
The expected trend for today: Bearish
The GBPJPY surrenders to the negative pressures – Analysis – 7-7-2022
The GBPJPY pair touched 160.40 level yesterday to face the moving average 55 that formed the first additional negative target for the bearish track, while the current rebound won’t affect the correctional bearish overview depending on the strength of 164.60 barrier.
Therefore, we will keep waiting the effect of the negative pressures to increase the chances of crawling below the moving average 55 and reach the next correctional target at 159.55.
The expected trading range for today is between 162.80 and 160.00
The expected trend for today: Bearish
Platinum price prepares for new decline – Analysis – 7-7-2022
Platinum price provided some sideways trades recently to settle near 860.00, affected by the stability of 61.8% Fibonacci correction level that forms temporary obstacle at 850.00.
Now, stochastic attempt to crawl towards the oversold areas allows us to expect renewing the negative attempts, to keep waiting to break the mentioned obstacle and manage to resume the decline to reach the negative stations near 825.00 and 790.00.
The expected trading range for today is between 875.00 and 825.00
The expected trend for today: Bearish