Copper price provides positive signal – Forecast today – 17-4-2025
Copper price provided a positive signal this morning by hitting the $4,7200 level, but its neediness to the positive momentum pushed it to return to provide new sideways fluctuated moves below 50%Fibonacci correction level at $4.6600.
Breaching the current barrier is important for reinforcing the chances for resuming the bullish attack, which might target $4.7500 level, reaching 61.8%Fibonacci correction level at $4.8200.
The expected trading range for today is between $4.5800 and $4.7500
Trend forecast: Bullish
EURUSD Price is waiting and anticipating – Analysis – 17-04-2025
The price of the EURUSD saw quiet movements within a narrow sideways trading range on the intraday levels, amid its attempts to gain positive momentum that may push it into a new bullish wave. And, it is trying to relieve some of its clear overbought conditions indicated by the Relative Strength Index (RSI), especially as some negative signals begin to appear.
This comes amid the dominance of the main bullish trend on the short-term and trading alongside a trendline. The price also suggests the formation of a technical pattern (the flag pattern).
GBPUSD forms a bearish pattern eases the way for correctional decline –Analysis- 17-04-2025
The price of the GBPUSD declined during its recent intraday trading, after the pair had recently consumed much of its bullish momentum. affected by the break of a short-term ascending trendline, pushing the price below EMA50. besides (RSI)'s negative signals.
This decline was accompanied by the formation of a Head and Shoulders pattern on the one-hour timeframe, which reflects the price’s intention to temporarily correct its trend to find a bottom that could serve as a base to regain positive momentum and resume the main upward trend.
USDJPY price surges – Analysis – 17-04-2025
The USDJPY saw a notable increase in its recent intraday trading, as the key support level of 142.25 continues to settle for the second consecutive day. This reflects technical resilience that could be a prelude to a corrective upward movement.
This rise comes amid signs of a positive divergence forming on the Relative Strength Index (RSI), indicating weakening selling pressure and the pair’s readiness to climb, especially with the formation of a short-term bullish pattern (the falling wedge). Noticing testing the top of this pattern.