The GBPUSD confirms the breach - Analysis - 13-03-2023
The GBPUSD pair rallied upwards to confirm breaching the correctional bearish channel’s resistance, which stops the correctional bearish trend and lead the price to attempt to regain the main bullish trend again, on its way to achieve positive targets that start at 1.2260 and extend to 1.2440.
Therefore, the bullish bias will be suggested for today, it might be preceded by some temporary sideways fluctuation affected by stochastic negativity, waiting to gather positive momentum that assists to push the price to achieve the expected targets.
Note that breaking 1.2050 will put the price under intraday negative pressure that targets testing the most important support at 1.1940 before any new attempt to rise.
The expected trading range for today is between 1.2040 support and 1.2200 resistance.
The expected trend for today: Bullish
The EURUSD breaches the resistance - 13-03-2023
The EURUSD pair begins today with additional positivity to surpass 1.0645 level and settles above it, which pushes the price to achieve more intraday gains, targeting testing 1.0745 as a next station, noting that breaching this level will push the price to continue rising and head towards 1.0800 followed by 1.0925 levels as next main targets.
Moving above the EMA50 supports the continuation of the expected bullish trend, while stochastic might cause some temporary sideways fluctuation before resuming the bullish bias.
On the other hand, we should note that breaking 1.0645 and holding below it will stop the suggested bullish wave and press on the price to decline again.
The expected trading range for today is between 1.0610 support and 1.0780 resistance.
The expected trend for today: Bullish
Update: Crude oil price attacks the resistance
Crude oil price traded with clear positivity to attack 75.64 and attempts to hold above it, but it returns to decline and move below the mentioned level, to keep the overall bearish trend scenario active, which depends on the price stability below the mentioned level, while its next main target located at 73.60.
Update: Gold price breaches the resistance
Gold price breached the correctional bearish channel’s resistance strongly to turn to rise on the intraday basis, waiting to test 1878.80 level as a first positive target, noting that breaching this level will push the price to achieve more gains on the longer term basis, while the rise will remain suggested unless breaking 1828.70 and holding below it.