Gold price breaches the resistance – Analysis - 28-07-2022
Gold price managed to breach 1726.60 and hold above it, to reactivate the correctional bullish scenario again, paving the way to achieve new gains that start by testing 1755.70.
Therefore, the bullish bias will be suggested for today, supported by the EMA50, taking into consideration that breaking 1726.60 followed by 1715.65 levels will stop the suggested positive scenario and press on the price to resume the main bearish trend again.
The expected trading range for today is between 1725.00 support and 1760.00 resistance.
The expected trend for today: Bullish
The USDCAD resumes the decline – Analysis - 28-07-2022
The USDCAD pair traded with clear negativity yesterday to approach our waited target at 1.2790, falling under continuous negative pressure coming by the EMA50, to support the continuation of the bearish trend domination, noting that breaking the mentioned level will extend the bearish wave to reach 1.2685.
Therefore, our bearish overview will remain valid conditioned by the price stability below 1.2870.
The expected trading range for today is between 1.2740 support and 1.2880 resistance.
The expected trend for today: Bearish
The USDJPY hits the first target – Analysis - 28-07-2022
The USDJPY pair managed to breach 136.40 level strongly to achieve our first negative target at 135.25 and attempts to break it, reinforcing the expectations of continuing the bearish trend, which targets 134.55 as a next station.
The negative effect of the double top pattern still active, taking into consideration that the continuation of the bearish wave requires holding below 136.40.
The expected trading range for today is between 134.50 support and 136.00 resistance
The expected trend for today: Bearish
The GBPUSD achieves the extended target and heads for more - Analysis - 28-07-2022
The GBPUSD pair rallied upwards strongly yesterday to succeed achieving our waited target at 1.2160, and by taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that appears on the image, to head towards achieving more gains that reach 1.2300.
Therefore, the bullish trend scenario will remain valid and active for the upcoming period supported by the EMA50, noting that holding above 1.2077 is important to achieve the waited targets.
The expected trading range for today is between 1.2100 support and 1.2270 resistance.
The expected trend for today: Bullish