The price of gold declined in its last intraday trading, as we expected in our morning analysis, due to its trading below $5,000 psychological resistance, and there are negative pressure due to its trading below EMA50, affected by breaking minor bullish trend line on short-term basis, intensifying the negative pressures, noticing that the price managed to offload its oversold conditions on relative strength indicators, opening the way for recording more losses on near-term basis.

The price of EURUSD settles on a decline in its last intraday trading, leaning on EMA50 in attempt to gain bullish momentum that might help it to recover and rise again, amid its trading alongside main bullish trend line on short-term basis, reinforcing the bullish scenarios, especially with the relative strength indicators reaching oversold levels, exaggeratedly compared to the price, indicating the beginning of forming positive divergence.

The CHFJPY succeeded in surpassing the negative pressure after hitting 197.65 level, achieving all the previously suggested corrective targets, keeping its stability above the main bullish channel’s support at 197.30.

We expect begin recording positive momentum due to stochastic exit from the oversold level, which allows it to form bullish waves, to expect targeting 200.55 and 201.25 level.

The expected trading range for today is between 198.55 and 200.55

Trend forecast: Bullish

The EURJPY pair resumed the negative attack, taking advantage of stochastic negativity to break 181.05 level, reaching the second target at 180.80, forming a strong obstacle against the current negative trading.

Stochastic exit from the oversold level will provide intraday bullish momentum to allow it recover some losses to target 182.80 level, while the decline below 180.80 and providing negative attack to reach 180.15 reaching 179.45 in the medium period.

The expected trading range for today is between 180.80 and 182.00

Trend forecast: Fluctuated within bearish track