Gold price attempts positively – Analysis - 02-06-2020
Gold price shows calm positive trades to move away from the EMA50, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, waiting to test 1764.00 that represents our first main target, reminding you that breaching this level will push the price to 1810.00 as a next station.
Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 1719.00 will press on the price to test the most important support at 1691.00 before any new positive attempt.
The expected trading range for today is between 1720.00 support and 1764.00 resistance.
The expected trend for today: Bullish
The USDCAD surpasses the target – Analysis - 02-06-2020
The USDCAD pair rallied downwards strongly yesterday to succeed hitting our waited target at 1.3612 and broke it to close the daily candlestick below it, which opens the way to extend the bearish wave on the short term and medium term basis, noting that the next negative stations begin at 1.3450 and extend to 1.3362.
Therefore, the bearish trend will remain suggested in the upcoming sessions unless breaching 1.3612 level and holding above it.
The expected trading range for today is between 1.3470 support and 1.3612 resistance.
The expected trend for today: Bearish
The USDJPY within sideways track – Analysis - 02-06-2020
The sideways range dominates the USDJPY pair’s trading as appears on the chart, and as long as the price is above 107.35, our bullish overview will remain valid for the upcoming period, supported by the EMA50, waiting to get positive motive that assists to push the price to breach 108.00 level to ease the mission of heading towards our next main waited target at 109.22.
The expected trading range for today is between 107.00 support and 108.50 resistance
The expected trend for today: Bullish
The GBPUSD achieves the second target – Analysis - 02-06-2020
The GBPUSD pair succeeded to achieve our second waited target at 1.2515 and shows some slight bearish bias from there, which hints the strength and importance of this level that represents 61.8% Fibonacci correction for the entire decline measured from 1.3200 to 1.1410, which might force the price to provide temporary negative trades in the upcoming sessions.
We prefer staying aside now until getting clearer signal for the next trend, noting that breaching 1.2515 will lead the price to achieve additional gains that extend to 1.2777 on the short term basis, while consolidating below it will press on the price to decline and head towards areas that reach 1.2304 initially.
The expected trading range for today is between 1.2380 support and 1.2590 resistance.
The expected trend for today: Neutral