Gold price confirms the breach – Analysis - 03-05-2023

The USDCAD pair bounced upwards strongly yesterday to surpass 1.3585 level and settles above it, to hint the attempt to recover on the intraday basis, but we notice that stochastic shows clear negative signals on the four hours’ time frame, which pushes the price to provide expected negative trades in the upcoming sessions, on its way to test 1.3545 followed by 1.3500 levels as next negative stations.

The USDJPY pair traded with clear negativity yesterday to break 136.55 level and settles below it, starting today with more decline to move below the bullish channel’s resistance line that appears on the chart, which puts the price under more expected negative pressure for the upcoming period, on its way to achieve negative targets that start at 135.35 and extend to 133.30 after breaking the previous level.

The GBPUSD pair didn’t settle for long time below the bullish channel’s support line, to trade positively and attempts to return to this channel again, to head towards regaining the main bullish trend and achieve gains that start by testing the recently recorded high at 1.2580.