Gold price negotiates the resistance – Analysis - 01-08-2022
Gold price settles at the main bearish channel’s resistance and finds difficulty to breach it, which makes us prefer to stay temporarily until we get clearer signal for the next trend, which we will get through breaching the mentioned resistance -located now at 1767.70- or breaking 1755.70 support.
The contradiction between the technical indicators provides another reason for neutrality, noting that breaching the mentioned resistance will push the price to achieve additional gains that start at 1779.25 and extend to 1800.00, while breaking the support represents the key to resume the main bearish wave and head to achieve negative targets that start at 1726.60.
The expected trading range for today is between 1740.00 support and 1780.00 resistance.
The expected trend for today: Neutral
The USDCAD awaits the break – Analysis - 01-08-2022
The USDCAD pair resumes its negative trading to start pressing on 1.2790 level, waiting to break this level to confirm rallying towards 1.2685 that represents our next negative station.
The EMA50 keeps supporting the expected bearish wave, organized inside the bearish channel that appears on the chart, reminding you that holding below 1.2870 is important to achieve the waited targets.
The expected trading range for today is between 1.2720 support and 1.2860 resistance.
The expected trend for today: Bearish
The USDJPY surpasses the first extended targets – Analysis - 01-08-2022
The USDJPY pair continued to decline to manage to achieve our first extended target at 133.00, opening today with additional decline to surpass this level and confirm the continuation of the correctional bearish trend domination, and the way is open to visit 131.55 that represents the next negative target.
Therefore, we will continue to suggest the bearish trend for the upcoming period, taking into consideration that breaching 133.00 followed by 134.55 levels will stop the suggested negative scenario and lead the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 131.70 support and 133.30 resistance
The expected trend for today: Bearish
The GBPUSD keeps its positive stability - Analysis - 01-08-2022
The GBPUSD pair tested the key support base 1.2077 and bounced upwards strongly from there, to keep the bullish trend scenario valid and active for the upcoming period, affected by the previously completed inverted head and shoulders’ pattern, organized inside the bullish channel that appears on the chart, noting that our next targets begin at 1.2285 and go further to 1.2490.
The EMA50 continues to support the suggested bullish wave, which will remain valid unless breaking 1.2077 and holding below it.
The expected trading range for today is between 1.2100 support and 1.2290 resistance.
The expected trend for today: Bullish