Gold price keeps declining – Analysis - 16-05-2022
Gold price continues to decline, and attempted to surpass 1800.00 barrier, reinforcing the expectations of continuing the bearish trend, organized inside the bearish channel that appears on the chart, supported by the EMA50 that continues to press negatively on the price, reminding you that our next target is located at 1780.25.
Holding below 1850.00 is important to continue the suggested bearish wave, as breaching it will lead the price to turn to rise and start correctional bullish wave on the intraday basis.
The expected trading range for today is between 1785.00 support and 1825.00 resistance.
The expected trend for today: Bearish
The USDCAD tests the channel’s support line – Analysis - 16-05-2022
The USDCAD pair faced strong negative pressure in the previous sessions to touch the bullish channel’s support line that appears on the chart, noticing that the price rebounds upwards clearly by today’s open, to head towards resuming the main bullish trend within the mentioned channel, motivated by stochastic positivity.
Therefore, we expect to witness more rise in the upcoming sessions, and the targets begin at 1.3050 followed by 1.3150, noting that the continuation of the bullish wave requires holding above 1.2895.
The expected trading range for today is between 1.2910 support and 1.3040 resistance.
The expected trend for today: Bullish
The USDJPY faces solid resistance – Analysis - 16-05-2022
The USDJPY pair found difficulty to surpass 129.60 level, to rebound bearishly by today’s open and head to achieve new bearish correction, targeting 128.60 followed by 127.95 levels as next main stations.
Therefore, the bearish bias will be suggested for today supported by the EMA50 and stochastic negativity, taking into consideration that breaching 129.60 will lead the price to resume the main bullish trend again.
The expected trading range for today is between 128.20 support and 129.50 resistance
The expected trend for today: Bearish
The GBPUSD tests the resistance - Analysis - 16-05-2022
The GBPUSD pair tested the bearish channel’s resistance that appears on the chart and begins to provide bearish rebound signals now, and the EMA50 meets this resistance to add more strength to it, while stochastic shows clear negative signals now.
Therefore, these factors encourage us to suggest the beginning of new bearish wave now, its targets begin at 1.2165 and extend to 1.2080, noting that holding below 1.2295 is important to achieve the suggested targets.
The expected trading range for today is between 1.2160 support and 1.2320 resistance.
The expected trend for today: Bearish