Gold price settles above 1600.00$ barrier, and the EMA50 continues to provide the positive support to the price, to keep the bullish trend scenario valid and active for the upcoming period, organized inside the main bullish channel that appears on the chart, noting that our positive targets begin at 1644.20 and extend to 1703.25 after breaching the previous level.

We should note that holding above 1607.70 represents initial condition to continue the expected rise, as breaking it will press on the price to test the most important support line to the short term trades at 1578.20 before any new attempt to rise.

The expected trading range for today is between 1600.00 support and 1650.00 resistance.

The expected trend for today: Bullish

The USDCAD pair returns to test the key resistance 1.4264 by today’s open, but it begins to rebound bearishly and move away from this level, which keeps the bearish trend scenario valid on the intraday and short term basis, and the price needs to surpass the EMA50 to ease the mission of heading towards our first negative target at 1.4015.

Therefore, our bearish overview will remain valid in the upcoming sessions unless the price rallied to breach 1.4264 level and hold above it.

The expected trading range for today is between 1.4050 support and 1.4264 resistance.

The expected trend for today: Bearish

The USDJPY pair begins today with new rise to breach 108.50 and approaches testing the key resistance 109.20, affected by stochastic positivity, noting that consolidating below this resistance keeps the bearish trend scenario valid on the intraday basis, and the price needs to break 108.50 followed by 107.68 levels to confirm resuming the bearish wave that its next target located at 106.44.

Therefore, we will keep our overall bearish overview, taking into consideration that breaching 109.20 will lead the price to achieve additional gains that target visiting the main bearish channel’s resistance at 111.10 before any new attempt to decline.

The expected trading range for today is between 107.70 support and 109.20 resistance

The expected trend for today: Overall Bearish

The GBPUSD pair confirmed breaking 1.2304 level after closing the daily candlestick below it, which stops the positive overview and puts the price under the negative pressure again, on its way to achieve negative targets that start at 1.2093 and extend to 1.1832 after breaking the previous level.

Therefore, we expect witnessing negative trades today, taking into consideration that breaching 1.2304 and holding above it again will lead the price to rise and target 1.2515 level as a next correctional station.

The expected trading range for today is between 1.2100 support and 1.2350 resistance.

The expected trend for today: Bearish