The GBPUSD price trades negatively to achieve initial break to 1.2830$ level and attempts to hold below it, reinforcing the expectations of continuing the bearish trend for the rest of the day, paving the way to head towards our next target at 1.2780$, which breaking it represents the key to extend the bearish wave towards 1.2735$.

Therefore, we will continue to suggest the bearish trend for today, noting that holding below 1.2830$ is required as a first condition to the continuation of the expected decline.

The expected trading range for today is between 1.2770$ support and 1.2910$ resistance.

Trend forecast: Bearish

The EURUSD price tested 1.0806$ level again, while stochastic loses its positive momentum clearly to approach the overbought areas, waiting to motivate the price to resume the expected bearish trend for today, which targets 1.0774$ followed by 1.0735$ levels as next main stations, reminding you that the continuation of the bearish wave requires holding below 1.0840$ and 1.0880$ levels.

The expected trading range for today is between 1.0740$ support and 1.0890$ resistance.

Trend forecast: Bearish

Nvidia Corporation’s stock price (NVDA) skidded in the intraday levels, while hurt by a negative pattern that formed in the short term, the Double Top pattern as shown in the attached daily chart. The stock also suffers from negative pressure due to trading below the 50-day SMA, in addition to negative signals from the RSI despite settling at oversold levels , amid the dominance of the main upward trend in the medium term. 

That’s the technical side, and from the news side, Nvidia was hammered by a selloff wave that engulfed the tech sector, engendering a weakening sentiment ahead of corporate earnings results and the Fed’s policy decision.

AMD has also announced plans to cooperate with Microsoft, Meta, and Alphabet (Google) to develop a new standard to link AI accelerators, which would represent a direct challenge to Nvidia’s dominance in the field. 

The AMD news of course weighed on Nvidia’s stock, but only in the short term, as the purported cooperation is still in its early stages, and the number of companies involved would likely lead to more handicaps down the line. Therefore, Nvidia is still in a good overall position, as investors now await the Federal Reserve’s important policy decisions today. 

We expect a correctional dip for the price, targeting the pivotal support of $97.40, before rebounding and carrying on the main upward trend. A breach of the $97.40 support would change the outlook to negative in the short term. 

Trend forecast: Bearish 

The CADJPY price ended the recent negative trades by facing solid support at 109.75, to notice the beginning of forming sideways trades and manage to gather the required positive momentum to activate the bullish trades again.

We notice stochastic exit from the oversold areas to decrease the negative pressures on the price and start suggesting targeting the positive stations near 111.55 followed by reaching 112.30.

The expected trading range for today is between 109.75 and 111.55

Trend forecast: Bullish