Gold price tests the resistance – Analysis - 13-02-2019
Gold price tests the intraday bearish channel’s resistance, and the price needs to hold below 1316.65 to keep the bearish trend scenario active for the upcoming period, which targets 1300.00 followed by 1286.70 levels mainly.
We should note that breaching the mentioned bearish channel might activate a bullish flag pattern that has the ability to turn the intraday track to rise, to start the positive targets at 1342.00 and extend to 1365.05.
The expected trading range for today is between 1286.00 support and 1320.00 resistance.
The expected trend for today: Bearish
USDCAD faces negative pressure – Analysis - 13-02-2019
The USDCAD pair traded with clear negativity to test the key support 1.3205, and the price needs to hold above this level to keep the bullish trend scenario active, as breaking it will push the price to test 1.3128 level before any new attempt to rise.
Therefore, we expect the price bullish rebound to head towards 1.3382 mainly, taking into consideration that the continuation of the negative pressure and breaking 1.3128 will turn the intraday and short term track to decline.
The expected trading range for today is between 1.3150 support and 1.3300 resistance.
The expected trend for today: Bullish
USDJPY crawls upwards – Analysis - 13-02-2019
The USDJPY pair continues to rise to gradually move away from 110.24, noticing that the price is organized inside the bullish channel that appears on the chart, carried by the EMA50.
Therefore, the way is open to head towards our next target at 111.56, reminding you that the continuation of the bullish wave depends on the price stability above 110.24.
The expected trading range for today is between 110.00 support and 111.56 resistance
The expected trend for today: Bullish
GBPUSD draws a negative formation – Analysis - 13-02-2019
The GBPUSD pair provided calm positive trading to test 1.2900 barrier, and by taking a deeper look at the chart, we find that the price draws bearish pattern represented by the head and shoulders that its neckline located at 1.2830, which means that breaking this level will provide strong negative motive that we expect to push the price to surpass 1.2636 barrier and reach 1.2440 areas.
Stochastic shows negative signals that we expect it will assist to push the price to break the above mentioned neckline, thus, we will continue to suggest the bearish trend in the upcoming period unless breaching 1.2962 level and holding with a daily close above it.
The expected trading range for today is between 1.2800 support and 1.2962 resistance.
The expected trend for today: Bearish