Gold price begins bearish correction – Analysis - 03-02-2023
Gold price ended yesterday below the bullish channel’s support line that appears on the chart, to start bearish correction for the rise measured from 1616.65 to 1959.75, on its way to visit 1878.80 as a first correctional target.
Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that breaching 1928.60 will stop the current negative pressure and lead the price to regain the main bullish trend again.
The expected trading range for today is between 1890.00 support and 1930.00 resistance.
The expected trend for today: Bearish
The USDCAD loses momentum – Analysis - 03-02-2023
The USDCAD pair shows positive trades to approach the key resistance 1.3350, and the EMA50 meets this resistance to add more strength to it, while stochastic loses its positive momentum clearly.
Therefore, we believe that the chances valid to resume the expected bearish trend for the upcoming period, which depends on the price stability below the mentioned resistance, while its next target located at 1.3205.
The expected trading range for today is between 1.3250 support and 1.3390 resistance.
The expected trend for today: Bearish
The USDJPY consolidates below the resistance – Analysis - 03-02-2023
The USDJPY pair settles below the resistance line formed at 128.90, noticing that stochastic loses its positive momentum clearly, while the EMA50 forms negative pressure against the price.
Therefore, these factors encourage us to continue suggesting the bearish trend that its next target located at 127.15, reminding you that it is important to hold below 128.90 to achieve the waited targets.
The expected trading range for today is between 127.60 support and 129.20 resistance
The expected trend for today: Bearish
The GBPUSD breaks the support - Analysis - 03-02-2023
The GBPUSD pair broke 1.2320 level clearly and declined strongly to break the bullish channel’s support line that appears on the chart, to turn to decline on the intraday basis and head towards achieving expected bearish correction, targeting 1.2090 followed by 1.1940 levels as main negative stations.
Therefore, the bearish bias will be suggested for today, supported by moving below the EMA50, noting that breaching 1.2265 will stop the negative scenario and push the price back to the main bullish track again.
The expected trading range for today is between 1.2110 support and 1.2290 resistance.
The expected trend for today: Bearish