Gold price tests the resistance – Analysis - 16-06-2022
Gold price continued to rise to test the first key resistance 1838.10, keeping its stability below it until now, to keep the bearish trend scenario active for the upcoming period, supported by the EMA50 that meets the mentioned resistance to add more strength to it.
Our expected targets start at 1810.00 and extend to 1780.25, taking into consideration that breaching 1838.10 followed by 1850.00 levels will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 1805.00 support and 1850.00 resistance.
The expected trend for today: Bearish
The USDCAD under the negative pressure – Analysis - 16-06-2022
The USDCAD pair traded with strong negativity yesterday to break 1.2930 and settles below it, to head towards achieving more expected decline on the intraday basis, targeting testing 1.2840 initially, noting that breaking it will press on the price to head towards 1.2770 as a next negative target.
Therefore, the bearish bias will be suggested for today unless the price rallied to breach 1.2930 and hold above it.
The expected trading range for today is between 1.2800 support and 1.2940 resistance.
The expected trend for today: Bearish
The USDJPY achieves some bearish correction – Analysis - 16-06-2022
The USDJPY pair faced negative pressure yesterday to break the bullish channel’s support line and achieve some bearish correction, as it touched 23.6% Fibonacci correction level for the rise measured from 126.67 to 135.58 and bounced bullishly from there, to hint heading to regain the main bullish trend again, waiting to surpass 135.00 to confirm the continuation of the main bullish wave.
Therefore, we expect to witness positive trades in the upcoming sessions, and the next main target reaches 136.00, noting that breaking 133.50 will force the price to achieve more bearish correction that its next target located at 132.20.
The expected trading range for today is between 133.80 support and 135.30 resistance
The expected trend for today: Bullish
The GBPUSD draws positive pattern - Analysis - 16-06-2022
The GBPUSD pair provided strong positive trades yesterday to breach 1.2150 level and settles above it, to hint the attempt to recover and start correctional bullish wave, especially that the price forms positive pattern that its signs appear on the chart.
On the other hand, the price faces negative pressure provided by the technical indicators, which might force the price to resume the main bearish trend again.
Therefore, we prefer to stay aside until we get clearer signal for the next trend, noting that breaching 1.2205 will lead the price to achieve additional gains that start at 1.2325 and extend to 1.2400, while breaking 1.2075 support will press on the price to decline again and head towards 1.1900 mainly.
The expected trading range for today is between 1.2070 support and 1.2250 resistance.
The expected trend for today: Depends on the above mentioned levels