Midday update for the GBPUSD 29-02-2024
The GBPUSD pair fluctuates near 1.2650 level, waiting to get positive momentum that assist to push the price to resume the expected bullish trend for today, which its next targets located at 1.2760 followed by 1.2827, noting that breaking 1.2650 will stop the positive scenario and push the price to achieve new bearish correction on the intraday basis.
The expected trading range for today is between 1.2600 support and 1.2750 resistance.
The expected trend for today: Bullish
Midday update for the EURUSD 29-02-2024
The EURUSD pair shows positive trades to approach the first key resistance 1.0860, and as we mentioned this morning, the price needs to hold below this level and below 1.0890 to keep the bearish trend scenario active for today, as breaching them will push the price to build new bullish wave that targets 1.0960 initially.
Stochastic continues to provide the negative signals that support the chances of resuming the expected decline for today, reminding you that our first target is located at 1.0765.
The expected trading range for today is between 1.0750 support and 1.0900 resistance.
The expected trend for today: Bearish
The CADCHF declines towards the support – Analysis – 29-2-2024
The CADCHF pair surrendered to the major indicators’ negativity, forming new bearish wave to test the bullish channel’s support line, while its stability allows us to expect the beginning of gathering the positive momentum to manage to form strong bullish waves that might target 0.6490 and 0.5625 levels initially.
On the other hand, facing new negative pressures and crawling towards the current support will confirm moving to the bearish track, to start targeting new negative stations that might extend towards 0.6430 followed by 0.6390 that forms additional support against the bearish trades.
The expected trading range for today is between 0.6465 and 0.6490
The expected trend for today: Bullish
Natural gas price approaches the target – Analysis – 29-2-2024
Natural gas price took advantage of stochastic rally towards 80 level to form new bullish wave and approach the first positive target at 2.000, expecting to forming temporary sideways fluctuation until succeeding to surpass 2.000 level, to confirm its preparation to achieve additional gains that might extend towards 2.200 followed by reaching the next main target at 2.420.
The expected trading range for today is between 1.810 and 2.100
The expected trend for today: Bullish