Gold price keeps its positive stability – Analysis - 04-08-2022
Gold price tested 1755.70 level again and kept its stability above it, to rebound bullishly and resume the correctional bullish wave, waiting to breach 1779.25 to confirm opening the way to head towards 1802.80.
The EMA50 continues to support the expected rise, which moves organized inside the bullish channel that appears on the chart, noting that the continuation of the bullish wave requires holding above 1755.70.
The expected trading range for today is between 1755.00 support and 1790.00 resistance.
The expected trend for today: Bullish
The USDCAD crawls downwards – Analysis - 04-08-2022
The USDCAD pair shows negative trades to move away gradually from 1.2870 level, reinforcing the expectations of continuing the bearish trend, supported by the negative pressure formed by the EMA50, waiting to visit 1.2790 as a next target.
Therefore, the bearish trend scenario will remain valid and active unless breaching 1.2870 and holding above it.
The expected trading range for today is between 1.2760 support and 1.2900 resistance.
The expected trend for today: Bearish
The USDJPY achieves additional gains – Analysis - 04-08-2022
The USDJPY pair provided new positive trades yesterday, to breach 133.05 level and reach 134.50 direct, to attempt to regain the main bullish trend, but it faces negative factors provided the technical indicators now, which makes us prefer to stay aside until we get clearer signal for the next trend.
Note that breaching 134.50 will push the price to achieve more rise and head towards 136.40 as a next main target, while breaking the support represents the key to resume the correctional bearish wave and visit 131.55 initially.
The expected trading range for today is between 133.00 support and 134.60 resistance
The expected trend for today: Neutral
The GBPUSD tests the support again - Analysis - 04-08-2022
The GBPUSD pair faced new negative pressure to test the bullish channel’s support line, and the EMA50 meets this support to protect the continuation of the bullish wave, while stochastic continues to provide the positive signals.
Therefore, we believe that the chances valid to resume the expected bullish trend for the upcoming period, which targets 1.2360 areas as a next main station, noting that the continuation of the bullish wave requires holding above 1.2130 and 1.2077 levels.
The expected trading range for today is between 1.2090 support and 1.2260 resistance.
The expected trend for today: Bullish