Gold price within a positive pattern – Analysis - 22-10-2018
Gold price’s recent trades are confined within bullish pennant pattern that appears on the chart, which means that breaching 1230.50 will activate the positive effect of this pattern and push the price to test 1238.31 level as a first positive station.
Therefore, the bullish bias will be suggested in the upcoming sessions supported by the EMA50, taking into consideration that breaking 1218.70 will stop the expected rise and put the price under negative pressure that its targets begin by breaking 1208.37 followed by rallying to resume the main bearish trend again.
Expected trading range for today is between 1218.00 support and 1245.00 resistance.
Expected trend for today: Bullish
USDCAD hits the first target – Analysis - 22-10-2018
The USDCAD pair succeeded to achieve our first waited target at 1.3128 and settles there now, waiting to breach this level to confirm extending the bullish wave on the short term basis, affected by the previously completed inverted head and shoulders’ pattern, which has positive targets that reach 1.3382 on the near term basis.
Therefore, our bullish overview will remain active in the upcoming period supported by the EMA50, unless breaking 1.3060 – 1.3020 levels and holding below them.
Expected trading range for today is between 1.3020 support and 1.3170 resistance.
Expected trend for today: Bullish
USDJPY surpasses the moving average – Analysis - 22-10-2018
The USDJPY pair shows positive trades to breach the EMA50 and settles above it, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, which depends on the organized trades inside the bullish channel that appears on the chart, waiting to target 112.95 followed by 113.56 levels that represent our next main stations.
Holding above 111.97 is important to continue the expected rise, as breaking it will press the price to start bearish correction on the short term basis.
Expected trading range for today is between 111.90 support and 113.30 resistance
Expected trend for today: Bullish
GBPUSD retests – Analysis - 22-10-2018
The GBPUSD pair retests the previously broken neckline of the double top at 1.3085 and keeps its stability below it, accompanied by stochastic losing the positive momentum gradually to approach the overbought areas, which forms negative factor that we are waiting to assist to push the price to resume the bearish trend again, which its next target located at 1.2962.
The EMA50 forms intraday resistance to support the expectations to decline, noting that the continuation of the bearish bias conditions holding below 1.3115.
Expected trading range for today is between 1.2962 support and 1.3150 resistance.
Expected trend for today: Bearish