Gold price attempts to recover – Analysis - 17-05-2022
Gold price shows positive trades since yesterday to approach testing the bearish channel’s resistance that appears on the chart, accompanied by stochastic entering the overbought areas, while the EMA50 forms continuous negative pressure on the price.
Therefore, these factors encourage us to continue suggesting the overall bearish trend, which its next target located at 1780.25, noting that breaching 1838.00 followed by 1850.00 levels will stop the expected decline and lead the price to achieve more gains on the intraday basis.
The expected trading range for today is between 1800.00 support and 1838.00 resistance.
The expected trend for today: Overall bearish
The USDCAD under the negative pressure – Analysis - 17-05-2022
The USDCAD pair traded with strong negativity yesterday to break the bullish channel’s support line and start bearish correction for the rise measured from 1.2458 to 1.3076, as it presses on 38.2% Fibonacci correction level now, hinting heading towards the next correctional level at 1.2767.
Therefore, the bearish bias will be expected for today, taking into consideration that failing to consolidate below 1.2840 will lead the price to start recovery attempts and test 1.2930 initially.
The expected trading range for today is between 1.2760 support and 1.2890 resistance.
The expected trend for today: Bearish
The USDJPY tests the support – Analysis - 17-05-2022
The USDJPY pair finds solid support at 129.10, to hinder the mission to decline, while the EMA50 forms continuous negative pressure against the price, to keep our bearish overview that targets 128.60 followed by 127.95 levels mainly.
On the other hand, we should note that breaching 129.60 will stop the expected decline and push the price to return to the main bullish trend again.
The expected trading range for today is between 128.50 support and 129.70 resistance
The expected trend for today: Bearish
The GBPUSD begins bullish correction - Analysis - 17-05-2022
The GBPUSD pair breached the bearish channel’s resistance and settled above it, to start bullish correction for the decline that started from 1.3300 areas, targeting testing 1.2423 level initially.
Therefore, the bullish bias will be suggested for today, and breaching 1.2330 will ease the mission of achieving the mentioned target, while the expected rise will remain valid unless breaking 1.2250 and holding below it.
The expected trading range for today is between 1.2250 support and 1.2420 resistance.
The expected trend for today: Bullish