Gold price managed to breach 1929.00 and ended yesterday above it, and by taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that has positive targets that surpass 1945.20 level to reach 1960.00 areas.

Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 that carries the price from below, noting that breaking 1929.00 will stop the expected rise and put the price under the negative pressure on the intraday basis.

The expected trading range for today is between 1920.00 support and 1950.00 resistance.

The expected trend for today: Bullish

The USDCAD pair bounced downwards suddenly to break 1.3500 level and close the daily candlestick below it, to turn to decline and resume trading inside the bearish channel that appears on the chart, waiting to visit 1.3420 followed by 1.3350 levels as next main stations.

Therefore, we expect to witness more bearish bias in the upcoming sessions, taking into consideration that breaching 1.3500 – 1.3510 levels will stop the negative scenario and lead the price to attempt to build bullish wave on the intraday basis.

The expected trading range for today is between 1.3400 support and 1.3530 resistance.

The expected trend for today: Bearish

The USDJPY pair continues to fluctuate around 147.86 level and finds difficulty to breach it, noticing that stochastic begins to overlap positively now, waiting to motivate the price to breach the mentioned level followed by rallying towards our next positive station at 149.00.

The bullish channel continues to support the suggested bullish wave, which will remain valid conditioned by the price stability above 147.30.

The expected trading range for today is between 147.00 support and 148.70 resistance

The expected trend for today: Bullish

The GBPUSD pair resumed its negative crawling to attempt to move away from 1.2400 level, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, and we believe that the way is open to achieve our next main target at 1.2310.

Therefore, the bearish trend scenario will remain valid and active, supported by the negative pressure formed by the EMA50, which carries trades inside the bearish channel that appears on the chart, reminding you that it is important to hold below 1.2435 as a first condition to continue the suggested bearish trend.

The expected trading range for today is between 1.2285 support and 1.2445 resistance.

The expected trend for today: Bearish