Gold price declines calmly – Analysis - 18-10-2018
Gold price shows slight negative trades to start testing 1220.00 level, to continue suggesting the bearish trend on the intraday basis, which targets testing 1208.40 level mainly, being aware that it is important to monitor the price behavior when reaching this level, as breaking it will push the price to resume the main bearish trend, to target 1188.00 as a next station.
On the other hand, breaching 1230.00 followed by 1238.31 levels will lead the price to resume the correctional bullish trend that its next target located at 1262.51.
Expected trading range for today is between 1208.00 support and 1230.00 resistance.
Expected trend for today: Bearish
USDCAD breaches the resistance – Analysis - 18-10-2018
The USDCAD pair traded with strong positivity to succeed breaching 1.3000 level and holding above it, which supports the continuation of our bullish overview efficiently in the upcoming period, which its next target located at 1.3128.
On the other hand, we notice that the price draws an inverted head and shoulders’ pattern that appears on the chart, which means that completing the pattern will open the way to achieve extended gains that reach 1.3382 on the near term basis, taking into consideration that the continuation of the bullish trend depends on the price stability above 1.3000 and the most important above 1.2923.
Expected trading range for today is between 1.2970 support and 1.3128 resistance.
Expected trend for today: Bullish
USDJPY builds support base – Analysis - 18-10-2018
The USDJPY pair managed to breach 112.46 level and hold above it, to build support base that reinforces the chance of continuing the bullish trend in the upcoming sessions, and the way is open to target 112.95 followed by 113.56 levels that represent our next main stations.
Moving above the EMA50 supports the expected rise, which will remain valid conditioned by the price stability above 111.75 level.
Expected trading range for today is between 111.75 support and 113.30 resistance
Expected trend for today: Bullish
GBPUSD attempts to breach – Analysis - 18-10-2018
The GBPUSD pair continued to decline yesterday to start testing the bullish channel’s support line that appears on the chart, moving below the EMA50 to fall under negative pressure now, noticing that the price draws double top pattern after failing to breach 1.3226 level in the second attempt.
Therefore, these factors make us suggest witnessing more decline in the upcoming sessions, and breaking 1.3083 will activate the negative effect of the mentioned pattern and push the price to head towards 1.2962 direct, taking into consideration that breaching 1.3140 will stop the negative scenario and push the price to test 1.3226 level again.
Expected trading range for today is between 1.3000 support and 1.3170 resistance.
Expected trend for today: Bearish