The GBPUSD gathers the positive momentum - Analysis - 06-12-2022
The GBPUSD pair continued to decline to approach the key support 1.2130, noticing that the price attempts to recover now, motivated by the positive signals provided by stochastic, waiting to resume the bullish wave that targets 1.2465 as a next main station.
Therefore, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 1.2130.
The expected trading range for today is between 1.2130 support and 1.2300 resistance.
The expected trend for today: Bullish
The EURUSD breaks the support – Analysis - 06-12-2022
The EURUSD pair ended yesterday below 1.0515 level, to hint heading to achieve more decline on the intraday basis, and might head to test the bullish channel’s support line around 1.0395, but notice that the EMA50 continues to support the price from below, while stochastic shows clear oversold signals.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms its situation according to 1.0515 level, noting that consolidating below it will press on the price to continue the decline towards the above mentioned target, while breaching it again will reactivate the positive scenario that its next main targets located at 1.0600 and extend to 1.0750.
The expected trading range for today is between 1.0400 support and 1.0600 resistance.
The expected trend for today: Neutral
Evening update for Crude oil price 05-12-2022
Crude oil price bounced downwards strongly after approaching our waited target at 83.27, to break 81.00 followed by 79.50 levels and heads towards potential return to the main bearish trend, on its way to achieve negative targets that start by surpassing 78.20 to open the way to rally towards 76.30 areas, taking into consideration that breaching 81.00 will stop the current negative pressure and lead the price to resume the correctional bearish track again.
Evening update for Gold 05-12-2022
Gold price traded with strong negativity to break 1786.50 level and starts pressing on the bullish channel’s support line, to hint heading to start correctional bearish wave on the intraday basis, to start the negative targets at 1764.40 and extend to 1736.15 after surpassing the previous level, taking into consideration that the bearish correctional will be confirmed after closing the daily candlestick below 1770.00.