Gold price turns to rise – Analysis - 11-03-2021
Gold price confirmed breaching 1721.00 level to turn to rise on the intraday basis, targeting testing the bearish channel’s resistance at 1765.00 mainly, supported by moving above the EMA50.
Therefore, we expect witnessing more rise in the upcoming sessions, affected by the completion of the bullish flag pattern, taking into consideration that breaking 1718.00 will stop the positive scenario and press on the price to decline again.
The expected trading range for today is between 1718.00 support and 1750.00 resistance.
The expected trend for today: Bullish
The USDCAD activates the negative scenario – Analysis - 11-03-2021
The USDCAD pair managed to break 1.2635 and hold below it, to activate the bearish trend scenario no the intraday and short-term basis, paving the way to head towards 1.2525 as a first negative target.
Therefore, we are waiting for more decline in the upcoming sessions supported by moving below the EMA50, noting that the continuation of the bearish wave requires holding below 1.2660.
The expected trading range for today is between 1.2525 support and 1.2660 resistance.
The expected trend for today: Bearish
The USDJPY tests the support – Analysis - 11-03-2021
The USDJPY pair returned to decline to test the bullish trend line that appears on the chart, as it keeps its stability above it until now, while the EMA50 continues to support the price from below, to continue suggesting the bullish trend for the upcoming period, which its targets begin by breaching 109.22 to open the way to visit 109.85 followed by 110.30.
Note that breaking 108.35 will stop the expected bullish trend and press on the price to turn to decline.
The expected trading range for today is between 108.00 support and 109.30 resistance
The expected trend for today: Bullish
The GBPUSD completes positive pattern - Analysis - 11-03-2021
The GBPUSD pair surpassed 1.3905 level and settled above it, to complete forming double bottom pattern that its signs appear on the chart, opening the way to test 1.4000 as a first station, noting that breaching this level will push the price back to the bullish channel and leads to achieve more gains on the intraday and short-term basis.
Therefore, we expect witnessing more rise in the upcoming sessions, taking into consideration that breaking 1.3905 will press on the price to decline again.
The expected trading range for today is between 1.3850 support and 1.4020 resistance.
The expected trend for today: Bullish