The GBPUSD pair broke 1.2420 level clearly and ended yesterday below it, to stop the bullish correction and head towards resuming the main bearish trend again, on its way to achieve negative targets that start at 1.2300 and extend to 1.2150.
Therefore, we are waiting for more expected decline on the intraday and short term basis, noting that breaching 1.2420 will lead the price to achieve new bullish correction that its next target located at 1.2590.
The expected trading range for today is between 1.2285 support and 1.2440 resistance.
The expected trend for today: Bearish
The EURUSD pair managed to touch 1.0480 level, and finds solid support there, to show some slight bullish bias, affected by stochastic positivity, waiting to get negative momentum that assist to push the price to break the mentioned level and rally towards our next target that reaches 1.0350.
In general, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1.0550 and hold above it.
The expected trading range for today is between 1.0420 support and 1.0560 resistance.
The expected trend for today: Bearish
Home Depot's stock (HD) rose 1.68% in the last session, settling at 300.95, with trading volumes surpassing 12.4 million shares, above the 10-day average of 5.1 million shares.
Gains came after reporting forecast-beating earnings and profits, while upgrading profits for the whole year after strong sales for the home refurbishments stores conglomerate.
CEO Ted Decker said the current financial year started strongly, with demand mounting on home improvement commodities, boding well for the rest of the year.
Technically, the gains came amid positive signals from the RSI, after reaching oversold levels previously, while venting off oversold saturation, facing the resistance of the downward short-term trend line, while touching the resistance of the 50-day SMA.
Therefore we expect the stock to return lower, targeting the support of 263.90, provided it settles below 298.40.
Expected trend for today: Bearish
Walmart's stock (WMT) skidded in the last session after reporting a 25% drop in quarterly profits, while downgrading profit forecasts for the whole year as labor and fuel costs rise, while shopping declines due to excessive inflation, with the stock marking a loss of 11.38% in the last session, or 16.86 points, settling at 131.35, with trading volumes surpassing 44.3 million shares, above 10-day averages of 12 million.
Walmart are on way for the heaviest daily loss since October 1987, when it tumbled 11.79% right before Black Monday collapse on Wall Street, with Dow Jones swooning 22% back then.
The stock is giving up to negative pressure after touching the resistance of the 50-day SMA, while piercing the main upward trend in the medium term, with positive signals from the RSI after reaching oversold levels.
Therefore we expect more losses for the stock, targeting the support of 126.28.
Expected trend for today: Bearish