Gold prices bounced downwards strongly after testing 1977.25 level in the previous sessions, to approach our first waited negative target at 1945.20, which represents 50% Fibonacci correction level for the rise measured from 1809.35 to 2081.05, which means that breaking it will push the price to achieve more bearish correction that its next target reaches 1913.15.

Therefore, our bearish overview will remain valid and active for the upcoming period, waiting to get negative motive that assists to push the price to achieve the suggested targets, reminding you that it is important to hold below 1977.25 to continue the expected decline.

The expected trading range for today is between 1940.00 support and 1970.00 resistance.

The expected trend for today: Bearish

The USDCAD pair rallied upwards strongly yesterday to move away from 1.3500 and turns to rise on the intraday basis, opening the way to achieve more gains that reach 1.3680 as a next main station.

Therefore, we expect to witness more bullish bias in the upcoming sessions, supported by the EMA50 that carries the price from below, noting that breaking 1.3500 will stop the positive scenario and push the price to decline again.

The expected trading range for today is between 1.3550 support and 1.3700 resistance.

The expected trend for today: Bullish

The USDJPY pair traded with clear positivity yesterday to resume the bullish wave, approached our main waited target at 140.00, and the way seems open to surpass this barrier and open the way to achieve more gains on the intraday and short term basis, as the next target reaches 141.00 areas.

Therefore, we are waiting for more rise in the upcoming sessions, supported by the EMA50, noting that breaking 139.15 will stop the bullish wave and push the price to achieve some intraday bearish correction before turning back to rise again.

The expected trading range for today is between 138.90 support and 140.50 resistance

The expected trend for today: Bullish

The GBPUSD pair succeeded to achieve our waited target at 1.2345, showing additional negative trades now, to hint heading to surpass this level and open the way to extend the correctional bearish wave to reach 1.2240 areas as a next main station.

The negative effect of the head and shoulders’ pattern still active, and supports the chances of breaking the current support areas to head towards the additional targets, to keep the bearish trend valid and active for the upcoming period, taking into consideration that the consolidation of 1.2345 level against the current negative pressure will push the price to achieve intraday gains and test 1.2435 followed by 1.2470 areas before any new attempt to decline.

The expected trading range for today is between 1.2260 support and 1.2400 resistance.

The expected trend for today: Bearish