Midday update for Gold 24-05-2023
Gold prices continues to fluctuate around 1977.25 level, noticing that stochastic continues to provide the negative signals, to support the continuation of the expected bearish trend for today, which targets 1945.20 level as a next station.
The EMA50 keeps supporting the suggested bearish wave, which will remain valid unless breaching 1977.25 and holding with a daily close above it.
The expected trading range for today is between 1950.00 support and 1985.00 resistance.
The expected trend for today: Bearish
Midday update for the GBPUSD 24-05-2023
The GBPUSD pair rose quickly to test 1.2470 level, noticing that the price bounced bearishly to settle below the neckline of the head and shoulders’ pattern again, to keep the bearish trend scenario and active for today, motivated by the negative overlapping signal provided by stochastic now, waiting to test 1.2345 initially.
Holding below 1.2470 is important to continue the correctional bearish trend, as breaching it will lead the price to attempt to recover and regain the main bullish trend again.
The expected trading range for today is between 1.2320 support and 1.2490 resistance.
The expected trend for today: Bearish
Midday update for the EURUSD 24-05-2023
The EURUSD pair tested 1.0795 level and bounced bearishly from there, to keep the bearish trend scenario valid and active for today, supported by the negative pressure formed by the EMA50, waiting to test 1.0730 level as a next station, which breaking it represents the key to rally towards 1.0650 as a next main target.
In general, we will continue to suggest the bearish trend for today unless breaching 1.0795 and holding above it.
The expected trading range for today is between 1.0680 support and 1.0830 resistance.
The expected trend for today: Bearish
The GBPAUD fluctuates below the barrier – Analysis – 24-5-2023
The GBPAUD pair attempted to renew the positive action by rallying towards 1.8935 level, attempting to postpone the correctional bearish attack, reminding you that 1.9020 level continues to form additional barrier to increase the chances of gathering the negative momentum and activate the correctional bearish track, waiting to target 1.8640 followed by reaching the key support 1.8470 level.
Gathering the positive momentum and rallying above the mentioned barrier will cancel the bearish bias and open the way to record additional gains that might extend towards 1.9150 followed by reaching the next positive target at 1.9360.
The expected trading range for today is between 1.8910 and 1.8700
The expected trend for today: Bearish