The GBPUSD breaks the support - Analysis - 13-09-2023
The GBPUSD pair confirmed breaking 1.2505 after closing the daily candlestick below it, to head towards resuming the bearish trend within the bearish channel that appears on the chat, on its way to achieve negative targets that start at 1.2400 and extend to 1.2310.
Therefore, the bearish trend will be expected for today, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1.2505 and holding above it will stop the suggested decline and lead the price to start new recovery attempts.
The expected trading range for today is between 1.2390 support and 1.2540 resistance.
The expected trend for today: Bearish
The EURUSD tests the resistance - 13-09-2023
The EURUSD pair ended yesterday with clear positivity, to test the bearish channel’s resistance that appears on the chart, noticing that the consolidated below this resistance to start today with bearish bias that hints heading to resume the main bearish trend, reminding you that the next main target reaches 1.0635.
The EMA50 meets the mentioned resistance to add more strength to it, while stochastic loses its positive momentum clearly to support the expectations to decline in the upcoming sessions.
Therefore, the bearish trend scenario will remain suggested on the intraday and short-term basis unless breaching 1.0785 and holding above it.
The expected trading range for today is between 1.0660 support and 1.0810 resistance.
The expected trend for today: Bearish
Update: Crude oil price surpasses the resistance
Crude oil price surpassed 88.18 level and attempts to hold above it, to stop the recently suggested negative scenario and head towards achieving expected gains in the upcoming period, noting that the next positive target is located at 90.00, while breaking 88.18 and holding below it again will reactivate the correctional bearish scenario again.
Update: Gold price under the negative pressure
Gold price strong negative pressure to break 1913.15 level and settles below it, as it completed forming head and shoulders’ pattern that its signs appear on the chart, to turn to decline for the rest of the day, paving the way to suffer new losses that start by testing 1890.00 as a first main station, noting that the bearish bias will remain dominant unless breaching 1916.65 and holding above it.