The GBPUSD price achieves clear gains - Forecast today - 04-06-2024
Price Analysis: GBPUSD
Expected Scenario
- The GBPUSD price rallied upwards strongly yesterday to breach 1.2800$ barrier and settle above it, reinforcing the expectations of continuing the bullish trend on the intraday and short-term basis, and the way is open to visit 1.2893$ as a next main target.
- The positive effect of the double bottom pattern supports the continuation of the suggested bullish trend, which gets continuous support by the EMA50, reminding you that the continuation of the bullish wave depends on the price stability above 1.2700$.
Expected Trading Range
Between 1.2750$ support and 1.2900$ resistance.
Trend Forecast: Bullish
The EURUSD price breaches the resistance – Forecast today - 04-06-2024
Price Analysis: EURUSD
Expected Scenario
- The EURUSD price continued to rise to breach 1.0895$ level and close the daily candlestick above it, to stop the correctional bearish scenario and head towards resuming the main bullish trend within the bullish channel that appears on the chart, on its way to achieve additional gains that reach 1.1015$ as a next main station.
- Therefore, we expect to witness more rise in the upcoming sessions, supported by the EMA50, noting that breaking 1.0865$ will stop the suggested bullish trend and push the price to achieve new bearish correction on the intraday basis.
Expected Trading Range
Between 1.0850$ support and 1.1000$ resistance.
Trend Forecast: Bullish
Update: Crude oil price suffers strong losses
Crude oil price declined strongly to surpass our suggested negative targets in our recent reports, and breaks 75.25$ level to confirm opening the way to suffer more losses in the upcoming period, expecting to target 73.15$ followed by 71.35$ areas as next negative stations, taking into consideration that failing to hold below 75.25$ might push the price to attempt to recover and build bullish wave on the intraday basis.
Update: Gold price tests the first resistance
Gold price trades positively to attempt to breach the first key resistance 2340.10$, and as we mentioned in our recent reports, the price needs to hold below this level and below 2360.0$ to keep the correctional bearish scenario active, as breaching these levels will lead the price to attempt to regain the main bullish trend again, which urges caution and monitoring the upcoming trades especially according to the mentioned levels.