Midday update for Gold 23-05-2023
Gold prices shows more bearish bias to gradually approach our waited target at 1945.20, and we expect the continuation of the decline to surpass this level and target the next correctional level at 1913.15 on the near term basis.
Therefore, the bearish trend will remain suggested for today, it might be preceded by some temporary sideways fluctuation affected by stochastic positivity, reminding you that it is important to hold below 1977.25 to achieve the expected targets.
The expected trading range for today is between 1945.00 support and 1977.00 resistance.
The expected trend for today: Bearish
Midday update for the GBPUSD 23-05-2023
The GBPUSD pair trades with clear negativity to reactivate the negative effect of the head and shoulders’ pattern that appears on the chart, which supports the continuation of the bearish trend scenario efficiently for the upcoming sessions, and the way is open to achieve our first target at 1.2345, reminding you that breaking it will push the price to 1.2240 as a next main station.
Therefore, we are waiting for more decline on the intraday and short term basis conditioned by the price stability below 1.2470 and 1.2525 levels.
The expected trading range for today is between 1.2350 support and 1.2500 resistance.
The expected trend for today: Bearish
Midday update for the EURUSD 23-05-2023
The EURUSD pair begins the attempts to break 1.0795 level, reinforcing the expectations of continuing the bearish trend for the rest of the day, paving the way to head towards 1.0730 that represents our next target, to keep our bearish overview for the rest of the day.
The EMA50 continues to support the suggested bearish wave, which will remain valid unless breaching 1.0815 followed by 1.0865 levels and holding above them.
The expected trading range for today is between 1.0720 support and 1.0870 resistance.
The expected trend for today: Bearish
The GBPCHF keeps the negativity – Analysis – 23-5-2023
No change for the GBPCHF pair until this moment, to notice its frequent consolidation below the major resistance at 1.1285, which confirms the continuation of the previously suggested negativity, while the price reach to 1.1160 level now and fluctuating below the MA55 is considered as an initial key to resume the negative attack, which allows us to suggest moving towards 1.1085 followed by attempting to press on 1.1010 obstacle in order to find a way to resume the negative trades for the upcoming period.
The expected trading range for today is between 1.1200 and 1.1085
The expected trend for today: Bearish