Midday update for AUD USD 23/07/2015
The AUDUSD pair retested 0.7415 level as we suggested this morning, where the price keeps its stability below this level, which keeps the chances valid to resume the overall bearish trend, especially that stochastic loses its positivity clearly to reach the overbought levels.
Therefore, we will keep preferring the bearish bias in the upcoming period waiting for targeting 0.7100 level as a first main target.
Expected trading range for today is between 0.7200 support and 0.7500
Expected trend for today: Bearish
Midday update for Crude Oil 23/07/2015
Crude oil price fluctuates within tight track since morning near 49.00 level, while stochastic moves at the oversold levels now, which explains the reasons of stopping the bearish wave, the price might be forced to fluctuate in sideways range until getting enough negative momentum to push the price to resume the expected bearish bias.
In general, holding below 51.10 level keeps our bearish trend expectations valid and active, our main target located at 48.40, reminding you that monitoring the price behavior when reaching this level important, due to its importance to detect the next targets on the short term basis, which we explained in our morning report.
Expected trading range for today is between 47.50 support and 51.10 resistance.
Expected trend for today: Bearish
Midday update for Silver 23/07/2015
Silver price makes a new test to the EMA50, which meets the minor bearish channel’s resistance, stochastic reaches the overbought levels now, reinforcing the expectations for the continuation of the overall bearish trend, which its targets begin at 14.40, while its continuation for today requires holding below 15.05 level.
Expected trading range for today is between 14.00 support and 15.05 resistance.
Expected trend for today: Bearish
Midday update for Gold 23/07/2015
Gold price shows clear positive trading since morning to move above 1100.00 level, accompanied by stochastic reach to the overbought levels, to support our downside expectations in the upcoming period to target 1060.00 level mainly.
The EMA50 keeps providing support for the suggested bearish wave, and its continuation conditioned by holding below 1142.60 level.
Expected trading range for today is between 1070.00 support and 1110.00 resistance.
Expected trend for today: Bearish