Gold price draws negative pattern – Analysis - 21-07-2021
Gold price settles below the EMA50, noticing that the price forms double top pattern that its signs appear on the chart, its confirmation level located at 1797.00, which means that breaking this level will motivate the price to decline towards 1770.00 direct.
Therefore, we will continue to suggest the bearish trend unless the price rallied to breach 1825.15 and hold above it.
The expected trading range for today is between 1785.00 support and 1825.00 resistance.
The expected trend for today: Bearish
The USDCAD is forced for some decline – Analysis - 21-07-2021
The USDCAD pair provided negative trades after testing the bullish channel’s resistance that appears on the chart, to approach the key support 1.2650, noticing that stochastic gains clear positive momentum now, waiting to motivate the price to resume the bullish trend.
Therefore, the positive overview will remain valid and active for the upcoming period conditioned by the price stability above 1.2650, reminding you that our next main target extends to 1.2880.
The expected trading range for today is between 1.2650 support and 1.2780 resistance.
The expected trend for today: Bullish
The USDJPY achieves some gains – Analysis - 21-07-2021
The USDJPY pair shows additional positive trades to test the resistance line that appears on the chart, and the EMA50 meets this resistance to add more strength to it, while stochastic loses its positive momentum to enter the overbought areas.
Therefore, these factors encourage us to continue suggesting the bearish trend on the intraday and short term basis, and the price needs to break 109.22 to confirm extending the bearish wave towards 107.70, noting that breaching 110.05 will push the price to achieve additional gains and test 110.75 areas initially.
The expected trading range for today is between 109.10 support and 110.30 resistance
The expected trend for today: Bearish
The GBPUSD under more negative pressure - Analysis - 21-07-2021
The GBPUSD pair found solid support at 1.3570, and by taking a deeper look at the chart, we find that the price completed drawing double top pattern that we expect to press on the price to achieve more decline on the short term and medium term basis, noting that breaking the mentioned support will push the price to 1.3450 areas as a next main station.
Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 1.3680.
The expected trading range for today is between 1.3520 support and 1.3700 resistance.
The expected trend for today: Bearish