Gold price breaches the resistance – Analysis - 02-08-2022
Gold price surpasses the bearish channel’s resistance and settled above it, to head towards achieving more bullish correction, as it tests 50% Fibonacci correction level now at 1779.25, waiting to breach it to open the way to visit 1802.80 as a next positive target.
Therefore, we expect the continuation of the bullish bias in the upcoming sessions supported by the EMA50 that carries the price from below, noting that the continuation of the bullish wave depends on the price stability above 1755.70.
The expected trading range for today is between 1760.00 support and 1795.00 resistance.
The expected trend for today: Bullish
The USDCAD attempts to recover – Analysis - 02-08-2022
The USDCAD pair found solid support at 1.2790 to rebound bullishly and test the key resistance 1.2870, noticing that the EMA50 forms continues negative pressure against the price, accompanied by stochastic loss to the positive momentum clearly.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which depends on the price stability below the mentioned resistance, while its targets begin at 1.2790 and extend to 1.2685 after breaking the previous level.
The expected trading range for today is between 1.2770 support and 1.2900 resistance.
The expected trend for today: Bearish
The USDJPY suffers more losses – Analysis - 02-08-2022
The USDJPY pair succeeded to achieve our extended negative target at 131.55 and broke it by today’s open to open the way to suffer more losses, targeting 129.70 level as a next negative station.
Therefore, we expect to witness more decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 131.55 represents initial condition to stop the current negative pressure and attempt to regain the main bullish trend again.
The expected trading range for today is between 129.90 support and 131.50 resistance
The expected trend for today: Bearish
The GBPUSD touches the target - Analysis - 02-08-2022
The GBPUSD pair managed to achieve our waited target at 1.2285 and finds solid resistance there, to show sideways trades now, affected by stochastic negativity, which urges caution from the upcoming trading, as breaking 1.2230 will press on the price to decline towards 1.2100 areas before any new attempt to rise.
Until now, we continue to suggest the bullish trend as long as 1.2230 level remains intact, noting that our next target extends to reach 1.2490.
The expected trading range for today is between 1.2180 support and 1.2350 resistance.
The expected trend for today: Bullish