Gold price fluctuates around the bullish channel’s resistance line, starting today with new bullish bias to hint heading to continue the rise in the upcoming sessions and record new historical levels, noting that the next station reaches 2850.00$.

The EMA50 continues to support the suggested bullish wave, taking into consideration that breaking 2810.00$ will stop the expected rise and push the price to target the bullish channel’s support line around 2774.00$ before any new attempt to rise.

The expected trading range for today is between 2800.00$ support and 2850.00$ resistance.

Trend forecast: Bullish

The USDCAD price bounced downwards strongly to lose all the previous sessions’ gains, as it broke the bullish channel’s support line to head towards starting bearish correction for the rise measured from 1.3419$ to 1.4793$, noting that the price surpassed 23.6% Fibonacci correction level to open the way to head towards the next correctional level at 1.4268$.

Therefore, the bearish bias will be suggested for today, noting that breaching 1.4475$ will stop the negative scenario and lead the price to return to the bullish track again.

The expected trading range for today is between 1.4370$ support and 1.4520$ resistance

Trend forecast: Bearish

The USDJPY price faced new negative pressure yesterday, as it broke 154.96 and approached 153.75 level, but it returns to trade above the first level, and we expect to witness sideways trades between 153.75 support and 156.45 resistance in the upcoming sessions, and the price needs to surpass one of these levels to detect its next destination clearly.

Therefore, the sideways bias will be dominant on the intraday basis, noting that breaching the mentioned resistance will lead the price to resume the main bullish trend and achieve new gains that reach 158.00 followed by 158.87 levels, while breaking the support will push the price to achieve additional bearish correction that targets 152.55 as a next negative station.

The expected trading range for today is between 154.00 support and 156.10 resistance

Trend forecast: Sideways

The GBPUSD price rallied upwards strongly yesterday to breach the bearish channel’s resistance line followed by breaching 1.2415$ level and settle above it, to stop the negative scenario and return to the correctional bullish track again, and we suggest the continuation of the bullish bias to visit 1.2605$ as a next positive target.

Therefore, we expect to witness more rise in the upcoming sessions, supported by moving above the EMA50, noting that breaking 1.2350$ will stop the bullish wave and push the price to return to the main bearish channel again.

The expected trading range for today is between 1.2350$ support and 1.2510$ resistance

Trend forecast: Bullish