Midday update for the GBPUSD 05-06-2023
The GBPUSD pair provides clear negative trades to break 1.2430 level and reinforce the expectations of continuing the bearish trend domination in the upcoming sessions, and the way is open to achieve our next waited target at 1.2345, noting that breaking it will push the price to the next correctional level at 1.2240.
Moving below the EMA50 supports the suggested bearish wave, which will remain valid conditioned by the price stability below 1.2470.
The expected trading range for today is between 1.2345 support and 1.2495 resistance.
The expected trend for today: Bearish
Midday update for the EURUSD 05-06-2023
The EURUSD pair shows slight bearish bias since morning, to move below 1.0700 barrier, reinforcing the expectations of continuing the bearish trend for the rest of the day, which targets testing 1.0650 initially, reminding you that breaking it will push the price to 1.0520 as a next negative station.
Therefore, we are waiting for more decline in the upcoming sessions, taking into consideration that the continuation of the bearish wave requires holding below 1.0730.
The expected trading range for today is between 1.0610 support and 1.0760 resistance.
The expected trend for today: Bearish
The CHFJPY builds minor bullish channel – Analysis – 5-6-2023
The CHFJPY pair formed minor bullish channel recently, to notice its stability above 153.00 support line and record some gains by touching 154.10.
Also, the consolidation of the MA55 near the major support confirms blocking trades within the bullish track, to keep waiting to gather the additional positive momentum to ease the mission of achieving additional gains that might start at 154.70 and 155.30.
The expected trading range for today is between 153.60 and 154.70
The expected trend for today: Bullish
No change for natural gas price – Analysis – 5-6-2023
Natural gas price didn’t move until this moment, to continue fluctuating within the sideways track represented by 1.950 support and 2.750 resistance.
We recommend to stay neutral until the price succeeds to surpass one of the mentioned levels to manage to detect the next targets, while you can review the expected targets after the breach in our previous report.
The expected trading range for today is between 2.100 and 2.500
The expected trend for today: Neutral