Gold declined in its last intraday trading, after recovering some of its previous losses and offloading its oversold conditions on the relative strength indicators, due to the stability of the psychological barrier of $4,000, gaining bullish momentum that helped it to achieve this. The negative pressure remains valid by the trading below EMA50, which reinforces the stability and dominance of the main bearish trend on the short-term basis, especially with its trading alongside supportive trend line for this path, threatening these early profits by a downside rebound if it breaks the near support levels.

The EURUSD pair witnessed limited and cautious gains on its last intraday levels, taking advantage of the stability of 1.1390 support, gaining bullish momentum that helped it recover part of its previous losses, and it managed to offload some of its oversold conditions on the relative strength indicators, opening the way for recording new losses in the upcoming near period, amid the continuation of the negative pressure that comes from its trading below EMA50, affected by surpassing bullish corrective channel’s range on the short-term basis.

CADCHF benefited from its positive stability above the moving average 55, providing a chance for recording several gains, reaching the resistance of the main bearish channel at 0.5765.

The suggested scenario depends on the strength of the current resistance, so the stability below it will push the price to form strong bearish waves, to target 0.5715 level initially, reaching 0.5685, while breaching the resistance and holding above it will confirm its readiness to build bullish trend, to expect its rally gradually to 0.5805 and 0.5840.

The expected trading range for today is between 0.5715 and 0.5765

Trend forecast: Bearish

The EURJPY pair continued providing unstable sideways trading due to its confinement between 184.20 level, while 185.85 level keeps forming a strong barrier against the bullish attempts.

We will stay aside waiting for the price until surpassing one of these levels, to detect the expected trend in the near and medium trading, wile breaching the barrier and holding above it will provide a chance for recording new gains that might begin at 186.60, while breaking the support will force it to suffer several losses by reaching 183.70 and 183.25.

The expected trading range for today is between 184.20 and 185.50

Trend forecast: Neutral