Gold price bounced bearishly after testing the bearish channel’s resistance that appears on the chart, to keep the bearish trend scenario valid and active on the intraday and short term basis, supported by the negative pressure formed by the EMA50, and we believe that the way is open to head towards our main waited target at 1780.25.
Holding below 1850.00 is important to continue the suggested bearish wave, noting that breaking 1780.25 will extend the bearish wave to reach 1765.00 as a next negative target.
The expected trading range for today is between 1785.00 support and 1825.00 resistance.
The expected trend for today: Bearish
The USDCAD pair ended yesterday below 1.2840 level, to confirm the continuation of the correctional bearish pressure, on its way to visit 1.2767 that represents the next negative target.
Therefore, our bearish overview will remain valid for the upcoming period, noting that breaching 1.2840 will stop the current negative pressure and lead the price to attempt to return to the main bullish track again.
The expected trading range for today is between 1.2750 support and 1.2890 resistance.
The expected trend for today: Bearish
The USDJPY pair continues to fluctuate within sideways track and find difficulty to break 129.10 level, and the bearish trend scenario still valid as long as 129.60 level remains intact, supported by the negative pressure formed by the EMA50, reminding you that our negative targets start at 128.60 and extend to 127.95.
We remind you that breaching 129.60 will lead the price to regain the main bullish trend again.
The expected trading range for today is between 128.50 support and 129.70 resistance
The expected trend for today: Bearish
The GBPUSD pair ended yesterday above 1.2423, to reinforce the expectations of continuing the rise in the upcoming sessions, targeting 1.2590 as a next correctional station.
The EMA50 continues to support the price from below, to keep the bullish trend scenario suggested on the intraday basis unless breaking 1.2420 and holding below it.
The expected trading range for today is between 1.2400 support and 1.2565 resistance.
The expected trend for today: Bullish