Gold price’s recent trades are confined inside bearish pennant pattern that appears on the chart, which means that breaking 1667.00 will provide strong negative motive that supports the expectations of continuing the bearish trend, to break the key support 1660.00 and open the way to head towards our waited targets at 1645.00 followed by 1630.00.

Stochastic provides negative signals that we are waiting to assist to push the price to achieve the required break, to continue suggesting the bearish trend for the upcoming period conditioned by the price stability below 1686.40.

The expected trading range for today is between 1640.00 support and 1680.00 resistance.

The expected trend for today: Bearish

The USDCAD pair’s recent trades are confined within bullish pennant pattern, thus, breaching 1.3830 will activate the positive effect of this pattern and push the price to resume the main bullish wave, to open the way to rally towards our next main target at 1.3900.

Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50, taking into consideration that the continuation of the bullish wave requires holding above 1.3700.

The expected trading range for today is between 1.3760 support and 1.3900 resistance.

The expected trend for today: Bullish

The USDJPY pair rallied upwards yesterday to succeed reaching our new target at 147.00, showing tight trades now, waiting to get positive momentum that assists to push the price to continue the rise in the upcoming period, as we expect the continuation of the bullish wave on the short term and medium term basis, to head towards achieving additional gains that reach 148.20 followed by 149.00.

Therefore, the bullish trend scenario will remain dominant in the upcoming period, noting that breaking 146.60 might push the price to test the support base formed at 145.90 before any new attempt to rise.

The expected trading range for today is between 146.20 support and 147.60 resistance

The expected trend for today: Bullish

The GBPUSD pair continued to rise yesterday, but it found solid resistance barrier formed by the EMA50, to start today with bearish bias that hints heading to resume the main bearish trend, affected by the previously completed head and shoulders’ pattern, and the price needs to break 1.1015 to confirm the continuation of the decline towards our next negative target at 1.0845.

Stochastic provides negative signals that support the expectations to decline today, taking into consideration that holding below 1.1186 represents the most important condition to continue the bearish trend.

The expected trading range for today is between 1.0980 support and 1.1150 resistance.

The expected trend for today: Overall Bearish