Gold price approaches the target – Analysis - 05-08-2022
Gold price shows additional positive trades to approach our waited target at 1802.80, organized inside the intraday bullish channel that appears on the chart, which supports the chances of breaching the mentioned level to achieve additional gains that reach 1831.95.
Therefore, we will continue to suggest the bullish trend for the upcoming period supported by the EMA50, noting that the continuation of the bullish wave requires holding above 1779.25 and the most important above 1755.70.
The expected trading range for today is between 1775.00 support and 1810.00 resistance.
The expected trend for today: Bullish
The USDCAD negotiates the resistance – Analysis - 05-08-2022
The USDCAD pair returns to test the key resistance 1.2870, accompanied by witnessing clear negative signals by stochastic, waiting to motivate the price to resume the bearish wave that targets 1.2790 initially.
On the other and, we should note that breaching 1.2870 and holding above it will stop the suggested negative scenario and lead the price to turn to rise and achieve gains that start by visiting 1.2950 areas.
The expected trading range for today is between 1.2790 support and 1.2930 resistance.
The expected trend for today: Bearish
The USDJPY awaits confirmation signal – Analysis - 05-08-2022
The USDJPY pair attempted to break 133.05 support line but it couldn’t manage to hold below it, to show positive attempts supported by stochastic positivity, and it might head to test 134.50 resistance in the upcoming sessions.
Until now, our neutrality still valid until the price manages to breach one of the above mentioned levels followed by detecting its next destination clearly, reminding you that breaking the support will press on the price to achieve additional bearish correction that targets 131.55 as a first station, while breaching the resistance represents the key to attempt to regain the main bullish trend and achieve gains that start at 136.40.
The expected trading range for today is between 132.40 support and 134.00 resistance
The expected trend for today: Neutral
The GBPUSD consolidates above the critical support - Analysis - 05-08-2022
The GBPUSD pair kept its stability above 1.2077, and attempts to return to the broker bullish channel, waiting to breach 1.2165 to support the return to this channel followed by resuming the bullish trend that targets 1.2360 as a next station.
Therefore, we will keep our bullish overview unless breaking 1.2077 and holding below it, as breaking this level will put the price under negative pressure that pushes trades to return to the main bearish trend again.
The expected trading range for today is between 1.2040 support and 1.2240 resistance.
The expected trend for today: Bullish