Gold price resumes the rise – Analysis - 09-08-2022
Gold price managed to breach 1779.25 level and hold above it, which supports the continuation of the expected bullish trend for the upcoming period, paving the way to head towards 1802.80 that represents our next target, noting that breaching this level will extend the bullish wave to reach 1831.95 as a next main station.
Therefore, the bullish trend scenario will remain valid and active, supported by the EMA50, noting that the continuation of the bullish wave requires holding above 1779.25 and the most important above 1755.70.
The expected trading range for today is between 1770.00 support and 1805.00 resistance.
The expected trend for today: Bullish
The USDCAD under the negative pressure – Analysis - 09-08-2022
The USDCAD pair traded with strong negativity yesterday to break 1.2870 and settles below it, to hint the return to the correctional bearish track, but we notice that the price stops at key intraday support, accompanied by witnessing clear positive signals through stochastic.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 1.2840 will put the price under additional negative pressure that targets visiting 1.2790 as a next negative station, while breaching 1.2870 represents the key to resume the bullish wave that its next target located at 1.2950.
The expected trading range for today is between 1.2870 support and 1.2930 resistance.
The expected trend for today: Neutral
The USDJPY tests the support base – Analysis - 09-08-2022
The USDJPY pair tests 134.50 level and keeps its stability above it, noticing that stochastic overlaps positively now, waiting to motivate the price to resume the expected bullish wave for the upcoming period, which its next target located at 136.40.
The EMA50 continues to support the suggested bullish wave, which will remain valid unless breaking 134.50 and holding below it.
The expected trading range for today is between 134.30 support and 135.75 resistance
The expected trend for today: Bullish
The GBPUSD faces solid resistance - Analysis - 09-08-2022
The GBPUSD pair finds difficulty to surpass the EMA50, to fluctuate around 1.2077 now, noticing that stochastic gathers the positive momentum clearly, waiting to motivate the price to resume the positive trades to surpass the EMA50 and ease the mission of rallying towards our first positive target at 1.2210.
Therefore, we will keep our bullish overview unless breaking 1.2045 and holding below it.
The expected trading range for today is between 1.2020 support and 1.2170 resistance.
The expected trend for today: Bullish