Midday update for the EURUSD 16-05-2022
The EURUSD pair surpassed 1.0405 level and settled above it, to head towards achieving more expected intraday bullish correction in the upcoming sessions, and we prefer to monitor the upcoming trading to confirm the next destination clearly, noting that breaching 1.0435 will push the price to 1.0490 as a next positive station, while breaking 1.0405 will reactivate the main negative scenario to head towards testing 1.0355 initially.
Therefore, we will stay aside temporarily until the price confirms surpassing one of the above mentioned levels.
The expected trading range for today is between 1.0350 support and 1.0480 resistance.
The expected trend for today: Neutral
Copper price loses the negative momentum – Analysis – 16-5-2022
Copper price lost its negative momentum by stochastic rally above 50 level, to force it to form a temporary rebound towards 4.1800, which forms the extra barrier against the negative trading.
Forming sideways fluctuation until gathering the negative momentum, to ease the mission of resuming the negative attack to repeat the attempts of reaching the negative stations near 3.9300 and 3.7000.
The expected trading range for today is between 4.2200 and 3.9300
The expected trend for today: Bearish
Platinum price tends towards the negativity – Analysis – 16-5-2022
Platinum price kept its negative stability below the resistance at 997.00, affected to the negativity of the main indicators, forming a bearish wave to settle below 950.00 level.
The continuation of facing negative pressures increases the chances for resuming the bearish attempts, to expect reaching the support at 915.00 and breaking this level will confirm its move to a new negative track, to expect targeting 875.00 and 855.00 level.
The expected trading range for today is between 965.00 and 915.00
The expected trend for today: Bearish
The GBPJPY is weak – Analysis – 16-5-2022
The GBPJPY pair remains affected by the bearish correctional bias domination by providing repeated negative closes below the extra barrier at 159.60, besides the attempt of providing negative momentum by the main indicators, which makes us keep preferring the negative suggestion in the current period, waiting for reaching 156.20 and 155.00.
The expected trading range for today is between 158.40 and 156.20
The expected trend for today: Bearish