Gold price hits the target – Analysis - 02-02-2023
Gold price succeeded to achieve our waited target at 1950.00 and breached it to settle above it by today’s open, which supports the continuation of the bullish trend on the intraday and short term basis, noting that the next positive station reaches 2000.00$ barrier.
The EMA50 continues to support the suggested bullish wave, noting that breaking 1950.00 will stop the current rise and press on the price to achieve some temporary bearish correction before resuming the bullish wave again.
The expected trading range for today is between 1940.00 support and 1975.00 resistance.
The expected trend for today: Bullish
The USDCAD awaits more decline – Analysis - 02-02-2023
The USDCAD pair tested 1.3350 level and bounced downwards strongly from there, reinforcing the expectations of continuing the bearish trend on the intraday basis, and we believe that the way is open to head towards our main waited target at 1.3205.
Therefore, the negative scenario will remain dominant, organized inside the bearish channel that appears on the chart, reminding you that it is important to hold below 1.3350 to continue the expected decline.
The expected trading range for today is between 1.3200 support and 1.3350 resistance.
The expected trend for today: Bearish
The USDJPY surpasses the first target – Analysis - 02-02-2023
The USDJPY pair managed to achieve our first waited target at 128.90 and ended yesterday below it, to reinforce the chances of continuing the bearish wave and open the way to achieve more decline that its next target reaches 127.15.
The EMA50 forms continuous negative pressure against the price to support the continuation of the suggested bearish wave, noting that holding below 128.90 represents the first condition to continue the expected decline.
The expected trading range for today is between 127.40 support and 129.20 resistance
The expected trend for today: Bearish
The GBPUSD resumes the rise - Analysis - 02-02-2023
The GBPUSD pair surpassed 1.2320 level and settled above it, to reactivate the bullish trend scenario again, targeting 1.2440 level initially, noting that breaching this level will push the price to 1.2595 areas as a next main station.
Therefore, we expect to witness more rise in the upcoming sessions conditioned by the price stability above 1.2320.
The expected trading range for today is between 1.2320 support and 1.2480 resistance.
The expected trend for today: Bullish