Gold price tests the support base – Analysis - 03-08-2022
Gold price traded negatively on yesterday’s evening to test the key support 1755.70, and begins today with bullish bias to move away from the mentioned level, to keep the bullish trend scenario valid and active for the upcoming period, which its targets begin by breaching 1779.25 to open the way to head towards 1802.80.
The EMA50 and stochastic provide positive signals that support the suggested rise, which will remain valid conditioned by the price stability above 1755.70.
The expected trading range for today is between 1755.00 support and 1790.00 resistance.
The expected trend for today: Bullish
The USDCAD tests the key resistance – Analysis - 03-08-2022
The USDCAD pair traded positively yesterday to test 1.2870 again, and begins today negatively to settle below this level, to keep the chances valid to continue the correctional bearish trend, which targets testing 1.2790 initially.
Breaking 1.2850 will ease the mission of achieving the expected decline, reminding you that it is important to hold below 1.2870 to continue the negative scenario.
The expected trading range for today is between 1.2780 support and 1.2910 resistance.
The expected trend for today: Bearish
The USDJPY attempts to recover – Analysis - 03-08-2022
The USDJPY pair rallied upwards strongly yesterday to breach 131.55 and reach 133.05, noticing that the price begins today with clear negativity, affected by stochastic negativity, besides the negative pressure formed by the EMA50, which encourages us to suggest the bearish bias in the upcoming sessions, waiting to test 131.55 initially.
Consolidating below 133.05 is required to reinforce the expectations to decline, as failing to hold below it will lead the price to achieve new gains and head towards 134.50 as a next positive station.
The expected trading range for today is between 132.30 support and 133.70 resistance
The expected trend for today: Bearish
The GBPUSD achieves the temporary decline - Analysis - 03-08-2022
The GBPUSD pair approached the bullish channel’s support line that appears on the chart, and begins to curve upwards now, to resume the bullish wave within the mentioned channel and head to achieve gains that start at 1.2340 and extend to 1.2490 on the near term basis.
Therefore, we expect to witness positive trades in the upcoming sessions supported by the EMA50 and stochastic, noting that the continuation of the bullish wave requires holding above 1.2115 and the most important above 1.2077.
The expected trading range for today is between 1.2100 support and 1.2265 resistance.
The expected trend for today: Bullish