Midday update for the EURUSD 01-08-2022
The EURUSD pair shows more bullish bias to reach 1.0278 level, waiting to breach this level to confirm rallying towards our next positive stations that extend to 1.0355 followed by 1.0450.
Therefore, we will continue to suggest the bullish trend for the upcoming period unless breaking 1.0200 and the most important 1.0100 and holding below them.
The expected trading range for today is between 1.0170 support and 1.0320 resistance.
The expected trend for today: Bullish
The GBPAUD remains bearish – Analysis – 1-8-2022
In spite of forming a bullish correctional rally by the GBPAUD and its stability near 1.07430, but that will not affect the main bearish track, depending on the main stability below the main resistance at 1.7860 besides forming an extra barrier by 61.8% Fibonacci correction level by its stability at 1.7510.
Stochastic reach to the overbought level confirms surpassing the positive pressures, to keep waiting for gathering the negative momentum, which allows it to form bearish waves and reaching the negative stations at 1.7310 and 1.7190.
The expected trading range for today is between 1.7500 and 1.7360
The expected trend for today: Bearish
Natural gas price delays the bullish attack – Analysis – 1-8-2022
Natural gas price suffered strong bearish pressures by stochastic decline to the oversold level, which forces it to delay the bullish attack and holding below the initial support at 8.100, to suffer some of the losses by hitting 7.810 level.
The contradiction of the main indicators that might force the price to provide sideways trading in the current period, besides the negative stability below the broken extra support, so that will assist to activate the bearish correctional track temporarily, to expect targeting 7.610 level reaching the moving average 55 at 7.020.
The expected trading range for today is between 8.150 and 7.610
The expected trend for today: Bearish
The Brazilian index exits the bearish track – Analysis – 1-8-2022
The Brazilian index got advantage from the repeated positive pressures, to form a strong bullish wave, to settle above the minor bearish channel’s resistance at 102715 level, to notice achieving some of the positive gains by reaching 104625.
While the continuation of providing positive momentum by stochastic and the price success to settle above 38.2% Fibonacci correction level at 104800, so that will confirm its readiness to build strong bullish trading, to wait for reaching 106510 initially, which extends the trading to 108600, to form the initial main target for the bullish track.
The expected trading range for today is between 103100 and 106510
The expected trend for today: Bullish