Crude oil breaches the resistance – Analysis - 13-02-2019
Crude oil price confirmed breaching the intraday bearish channel’s resistance and settles above the EMA50 now, which hints the price head to rise again, to start the positive targets by testing 54.50 level that represents the neckline of the inverted head and shoulders’ pattern that appears on the chart, noting that breaching this level will push the price to achieve strong gains that surpass 57.46 to reach 65.00.
Therefore, we suggest the domination of the bullish bias in the upcoming sessions unless breaking 52.35 level and holding below it.
The expected trading range for today is between 52.35 support and 55.50 resistance.
The expected trend for today: Bullish
Silver price is stable – Analysis - 13-02-2019
Silver price continues to fluctuate near 15.62, and we still waiting to break this level to confirm extending the bearish wave towards 15.22.
The EMA50 presses negatively on the price to support the continuation of the expected bearish trend on the intraday basis, which will remain active unless breaching 16.00 level and holding above it.
The expected trading range for today is between 15.40 support and 15.90 resistance.
The expected trend for today: Bearish
Gold price tests the resistance – Analysis - 13-02-2019
Gold price tests the intraday bearish channel’s resistance, and the price needs to hold below 1316.65 to keep the bearish trend scenario active for the upcoming period, which targets 1300.00 followed by 1286.70 levels mainly.
We should note that breaching the mentioned bearish channel might activate a bullish flag pattern that has the ability to turn the intraday track to rise, to start the positive targets at 1342.00 and extend to 1365.05.
The expected trading range for today is between 1286.00 support and 1320.00 resistance.
The expected trend for today: Bearish
USDCAD faces negative pressure – Analysis - 13-02-2019
The USDCAD pair traded with clear negativity to test the key support 1.3205, and the price needs to hold above this level to keep the bullish trend scenario active, as breaking it will push the price to test 1.3128 level before any new attempt to rise.
Therefore, we expect the price bullish rebound to head towards 1.3382 mainly, taking into consideration that the continuation of the negative pressure and breaking 1.3128 will turn the intraday and short term track to decline.
The expected trading range for today is between 1.3150 support and 1.3300 resistance.
The expected trend for today: Bullish