Gold price settles at the support – Analysis - 08-01-2021
Gold price settles at the intraday bullish channel’s support line, as the EMA50 meets this support to protect trading inside the mentioned channel, while stochastic continues to provide the positive signals.
Therefore, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 1905.00, reminding you that our next target is located at 1970.00.
The expected trading range for today is between 1900.00 support and 1940.00 resistance.
The expected trend for today: Bullish
The USDCAD keeps its negative stability – Analysis - 08-01-2021
The USDCAD pair attempted to beach 1.2688 level but it returned to settle below it, which keeps our bearish overview valid, supported by the negative pressure formed by the EMA50, besides the negative signals provided by stochastic, waiting to head towards 1.2585 as a next station.
Therefore, we will continue to suggest the bearish trend for the upcoming period unless breaching 1.2750 and holding above it.
The expected trading range for today is between 1.2600 support and 1.2720 resistance.
The expected trend for today: Bearish
The USDJPY breaches the resistance – Analysis - 08-01-2021
The USDJPY pair rallied upwards strongly yesterday to breach 103.65 level and settles above it, which leads the price to turn to rise on the intraday basis to head towards testing 104.20 level initially, which breaching it represents the key to head towards 105.20 as a next main station.
Therefore, the bullish bias will be suggested for the upcoming period unless breaking 103.65 and holding below it again.
The expected trading range for today is between 103.30 support and 104.50 resistance
The expected trend for today: Bullish
The GBPUSD under the negative pressure - Analysis - 08-01-2021
The GBPUSD pair faced clear negative pressure yesterday to test the key support 1.3550, noticing that the price still above this level until now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to resume the main bullish trend, which its next main target located at 1.3775.
On the other hand, we should note that breaking 1.3550 will complete forming negative pattern that its signs appear on the chart, which has negative targets that reach 1.3405 before any new attempt to rise.
The expected trading range for today is between 1.3500 support and 1.3650 resistance.
The expected trend for today: Bullish