The GBPUSD breaches the resistance - Analysis - 05-05-2022
The GBPUSD pair breached 1.2570 level strongly and settled above it, to turn to rise on the intraday basis, and we expect to achieve additional rises that start by testing 1.2670 and extend to 1.2750 after breaching the previous level.
Holding above 1.2570 is important to continue the expected positive scenario, as breaking it will stop the current bullish correction and press on the price to decline again.
The expected trading range for today is between 1.2540 support and 1.2690 resistance.
The expected trend for today: Bullish
The EURUSD starts bullish correction – Analysis - 05-05-2022
The EURUSD pair rallied upwards strongly yesterday affected by the FOMC rate decision, to breach 1.0580 level and starts bullish correction for the decline that started from 1.0936 areas, on its way to achieve additional gains that reach 1.0700 followed by 1.0760.
Therefore, the bullish bias will be suggested for today, and breaching 1.0650 will ease the mission of achieving the suggested targets, noting that breaking 1.0580 and holding below it will press on the price to return to the main bearish track again.
The expected trading range for today is between 1.0560 support and 1.0710 resistance.
The expected trend for today: Bullish
Midday update for Brent oil 04-05-2022
Brent oil price resumes its positive trading strongly to move away from 105.05, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, which targets testing 110.05 as a first station, noting that breaching this level will extend the bullish wave to reach 115.10 on the near term basis, while the expected rise will remain valid unless breaking 105.05 adnd holding below it.
The expected trading range for today is between 105.00 support and 109.00 resistance.
The expected trend for today: Bullish
Midday update for Crude oil 04-05-2022
Crude oil price trades with clear positivity to breach 104.60 and attempts to hold above it, which hints heading to activate the positive scenario and open the way to achieve additional gains that reach 109.15, but we need to get daily close above 104.60 to confirm the continuation of the bullish bias in the upcoming sessions.
Therefore, we will continue with our neutrality until we get clearer signal for the next trend.
The expected trading range for today is between 102.00 support and 107.00 resistance.
The expected trend for today: Neutral