Gold price broke the main bullish trend line clearly and settled below it, to stop yesterday’s suggested positive scenario and head towards suffering more losses in the upcoming period, targeting testing 2513.10$, which represents 23.6% Fibonacci correction level for the rise measured from 1616.60$ to 2790.07$.

Therefore, we expect to witness more decline on the intraday and short-term basis, taking into consideration that breaching 2604.00$ will stop the current negative pressure and lead the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 2540.00$ support and 2580.00$ resistance.

Trend forecast: Bearish

The USDCAD price breached 1.3960$ level clearly to reach 1.4000$ barrier, reinforcing the expectations of continuing the bullish trend on the intraday and short-term basis, and the way is open to achieve our new positive targets that start at 1.4040$ followed by 1.4100$.

The EMA50 supports the expected rise, which moves inside the bullish channel that appears on the chart, noting that the continuation of the bullish wave requires holding above 1.3960$ and the most important above 1.3900$.

The expected trading range for today is between 1.3950$ support and 1.4070$ resistance

Trend forecast: Bullish

The USDJPY price rallied upwards yesterday to surpass our first target at 155.00 and reach the second target at 156.00 by today’s open, expecting the continuation of the bullish wave within the bullish channel that appears on the chart to achieve new gains that reach 156.80.

Therefore, the bullish trend will remain valid and active for the upcoming period, noting that breaking 154.90 will stop the expected rise and push the price to turn to decline, to head towards testing the key support base at 153.65 before any new positive attempt.

The expected trading range for today is between 155.10 support and 156.80 resistance

Trend forecast: Bullish

The GBPUSD price broke 1.2735$ level clearly and closed the daily candlestick below it, confirming the expectations of continuing the bearish trend on the intraday and short-term basis, opening the way to head towards our next negative targets that start at 1.2665$ and extend to 76.4% Fibonacci correction level at 1.2566$.

The bearish channel continues to organize the expected bearish trend, noting that breaching 1.2735$ will lead the price to start recovery attempts and achieve gains that start by visiting 1.2866$ areas.

The expected trading range for today is between 1.2600$ support and 1.2750$ resistance

Trend forecast: Bearish