Crude oil price suffers sharp losses – Analysis - 06-07-2022
Crude oil price lost more than 10% yesterday, and declines again after the bullish gap that it witnessed by today’s open, to settle below 98.95 level, which pushes the price to continue the decline in the upcoming sessions, on its way to visit 95.00 followed by 92.80 areas as next main targets.
Therefore, the bearish trend scenario will remain valid and active, organized inside the bearish channel that appears on the chart, noting that breaching 98.95 will stop the current negative pressure and lead the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 92.80 support and 100.00 resistance.
The expected trend for today: Bearish
Silver price approaches the target - Analysis - 06-07-2022
Silver price provided strong negative trades yesterday to approach our main waited target at 19.00, and we suggest the continuation of the bearish bias within the bearish channel that appears on the chart, to achieve additional negative targets that reach 18.60.
Therefore, the negative scenario will remain valid and active for the upcoming period, noting that breaching 19.60 might push the price to achieve temporary rise and visit 20.45 followed by 20.70 areas before any new attempt to decline.
The expected trading range for today is between 18.70 support and 19.40 resistance.
The expected trend for today: Bearish
Gold price resumes the decline – Analysis - 06-07-2022
Gold price found solid support at 1765.00 level, to show some slight bullish bias now, affected by stochastic positivity, and it might test the resistance line formed at 1780.25 before turning back to decline again.
Until now, the main bearish trend scenario still active for the upcoming period, supported by the negative pressure formed by the EMA50, reminding you that our next target is located at 1750.00, while breaching 1780.25 will stop the current negative pressure and push the price to achieve some intraday gains.
The expected trading range for today is between 1750.00 support and 1785.00 resistance.
The expected trend for today: Bearish
The USDCAD achieves strong gains – Analysis - 06-07-2022
The USDCAD pair rallied upwards sharply yesterday to breach 1.2930 and reach the recently recorded high at 1.3076, to stop the bearish correction and head to regain the main bullish trend, on its way to achieve additional gains that reach 1.3200.
Therefore, the bullish bias will be expected in the upcoming sessions, noting that failing to breach 1.3076 will press on the price to rebound bearishly and visit 1.2930 areas before any new attempt to rise.
The expected trading range for today is between 1.2970 support and 1.3110 resistance.
The expected trend for today: Bullish