Gold price heads towards the support – Analysis - 13-05-2021
Gold price confirmed breaking 1825.00 level after closing yesterday below it, which pushes the price to achieve more decline and head towards visiting the bullish channel’s support line at 1792.00 before attempting to resume the main bullish trend again.
Breaking 1813.00 will ease the mission of achieving the expected decline, while breaching 1828.00 represents the first positive key to resume the main positive scenario followed by achieving new gains that start at 1860.00 areas.
The expected trading range for today is between 1792.00 support and 1825.00 resistance.
The expected trend for today: Bearish
The USDCAD tests the initial resistance – Analysis - 13-05-2021
The USDCAD pair bounced upwards clearly yesterday to test the bearish channel’s resistance that appears on the chart, and the price needs to consolidate below 1.2130 as a first condition to continue the main bearish trend, which its next target located at 1.2000.
Therefore, the bearish trend will remain suggested for the upcoming period unless breaching 1.2130 followed by 1.2185 levels and holding above them.
The expected trading range for today is between 1.2050 support and 1.2185 resistance.
The expected trend for today: Bearish
The USDJPY achieves strong gains – Analysis - 13-05-2021
The USDJPY pair rallied upwards strongly to breach 109.22 level and settles above it, which pushes the price to turn to rise and head towards achieving additional gains that start at 110.00 and extend to 111.00.
Therefore, the bullish bias will be expected for today, noting that breaking 109.22 will stop the positive scenario and press on the price to decline again.
The expected trading range for today is between 109.00 support and 110.40 resistance
The expected trend for today: Bullish
The GBPUSD breaks the support - Analysis - 13-05-2021
The GBPUSD pair broke the main bullish channel’s support line clearly and settled below it, which stops the recently suggested positive scenario and press on the price to achieve some expected bearish correction in the upcoming sessions, targeting visiting 1.3970 followed by 1.3915 areas initially.
Therefore, the bearish bias will be suggested for today unless the price managed to breach 1.4120 level and hold above it.
The expected trading range for today is between 1.3970 support and 1.4120 resistance.
The expected trend for today: Bearish