The GBPUSD price completes new negative pattern - Forecast today - 02-04-2024
Market Analysis for GBPUSD Price
- The GBPUSD price ended yesterday below the 1.2580$ level, indicating completion of forming a head and shoulders pattern with negative targets.
- The Exponential Moving Average (EMA) 50 continues to exert downward pressure on the price, supporting the expected decline. However, breaching 1.2580$ will invalidate the negative pattern mentioned.
The expected trading range for today is between 1.2460$ support and 1.2600$ resistance.
Trend forecast: Bearish
The EURUSD price confirms the break – Forecast today - 02-04-2024
Market Analysis for EURUSD Price
- The EURUSD price confirmed breaking the 1.0765$ level after closing the daily candlestick below it, supporting the continuation of the expected bearish trend on the intraday basis, affected by the previously completed double top pattern.
- The Exponential Moving Average (EMA) 50 continues to support the suggested bearish wave. However, breaching 1.0765$ will halt the expected decline and lead the price to start recovery attempts.
The expected trading range for today is between 1.0650$ support and 1.0800$ resistance.
Trend forecast: Bearish
End of day crude oil price forecast update - 01-04-2024
Crude oil price resumes its positive trading to approach our waited target at 85.00$, reinforcing the expectations of continuing the main bullish trend, noting that surpassing this level will push the price towards 86.75$ as a next main station, reminding you that the continuation of the bullish wave requires holding above 83.56$.
End of day gold price forecast update - 01-04-2024
Gold price faces negative pressure to approach testing the key support 2222.86$, affected by stochastic negativity, and the price needs to consolidate above this level to guarantee the continuation of the main bullish trend, as breaking it might force the price to achieve some intraday bearish correction before turning back to rise again, while breaching 2260.00$ will ease the mission to rally towards our next positive target that reaches 2300.00$.