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Gold completes positive pattern – Analysis - 22-01-2018
The above chart shows that Gold price managed to breach minor bearish channel that forms bullish flag pattern, which provides positive motive that we are waiting to assist to push the price to continue the main bullish trend, as our next main target is located at 1357.50.
Therefore, the bullish trend will remain valid and active in the upcoming sessions, supported by the EMA50 that keeps carrying the price from below, noting that breaking 1321.40 will stop the expected rise and push the price to test 1299.20 areas initially before any new attempt to rise.
Expected trading range for today is between 1320.00 support and 1345.00 resistance.
Expected trend for today: Bullish
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USDCAD within continuation pattern – Analysis - 22-01-2018
The USDCAD pair provided positive trading in the previous sessions to breach 1.2470 level and settles above it, but we notice that the recent trades are confined inside bearish pennant pattern that appears on the chart, and the price moves at this pattern’s resistance accompanied by stochastic entering the overbought areas, which forms negative factor that we expect to push the price to decline again.
MoreUSDJPY tests the resistance – Analysis - 22-01-2018
The USDJPY pair approaches to test the key resistance 111.00 now, which represents the meeting point of the bearish channel’s resistance with 50% Fibonacci correction level, noticing that the EMA50 meets this level to add more strength to it, while stochastic loses its positive momentum gradually.
MoreGBPUSD achieves some bearish correction – Analysis - 22-01-2018
The GBPUSD pair provided negative trades in the previous sessions to achieve some bearish correction for the last bullish wave, noticing that stochastic got rid of its negative momentum to reach the oversold areas, which forms positive motive that we are waiting to assist to push the price to continue the main bullish trend.
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