Gold price breaks the support – Analysis - 26-10-2020
Gold price ended last friday below 1901.80 level, starting today with bearish bias in attempt to move away from the mentioned level, which activates the bearish trend scenario on the intraday basis, on its way to head towards 1860.90 as a next negative target.
Therefore, the bearish bias will be expected for today, supported by moving below the EMA50, noting that breaching 1901.80 – 1908.60 levels will stop the suggested decline and push the price to recover again.
The expected trading range for today is between 1875.00 support and 1915.00 resistance.
The expected trend for today: Bearish
The USDCAD tests the resistance again – Analysis - 26-10-2020
The USDCAD pair returns to fluctuate around the resistance line that appears on the chart, and the EMA50 meets this resistance to add more strength to it, which supports the chances of continuing the main bearish trend, which targets 1.3035 followed by 1.2960 levels as next stations.
Therefore, we will keep our bearish overview conditioned by the price stability below 1.3160.
The expected trading range for today is between 1.3070 support and 1.3200 resistance.
The expected trend for today: Bearish
The USDJPY attempts to recover – Analysis - 26-10-2020
The USDJPY pair shows some slight bullish bias to approach 105.00 barrier, accompanied by stochastic loss to the positive momentum again, while the EMA50 continues to press negatively on the price.
Therefore, these factors support the chances of continuing the expected bearish trend for the upcoming period, which its next main target located at 103.65, while holding below 105.20 represents key condition to continue the suggested decline.
The expected trading range for today is between 104.00 support and 105.20 resistance
The expected trend for today: Bearish
The GBPUSD reaches the target - Analysis - 26-10-2020
The GBPUSD pair resumed its negative trading clearly to reach the thresholds of the waited target at 1.3000, finding good support formed by the EMA50, and we expect the continuation of the decline until touching the intraday bullish channel’s support line at 1.2945 as a next negative target.
Therefore, the bearish trend will remain expected for the upcoming period, noting that breaching 1.3090 will stop the negative scenario and leads the price to resume the bullish track within the mentioned channel.
The expected trading range for today is between 1.2945 support and 1.3100 resistance.
The expected trend for today: Bearish temporarily