The GBPUSD resumes the decline - Analysis - 23-09-2022
The GBPUSD pair returns to decline after the temporary bullish correction that it showed yesterday, as it found solid resistance at 1.1335, which pushed it to return to the main bearish channel again, to reactivate the bearish wave that its next main target reaches 1.1100.
Therefore, we expect to witness more decline on the intraday and short term basis, noting that breaching 1.1335 will push the price to achieve additional bullish correction that targets 1.1410 followed by 1.1475 levels as next positive stations.
The expected trading range for today is between 1.1130 support and 1.1300 resistance.
The expected trend for today: Bearish
The EURUSD within continuation pattern – Analysis - 23-09-2022
The EURUSD pair’s recent trade are confined within bearish pennant pattern that appears on the chart, thus, breaking 0.9820 will activate the negative effect of this pattern followed by pushing the price to resume the bearish wave to achieve our negative targets that start at 0.9800 followed by 0.9700.
Therefore, our bearish overview will remain valid and active for the upcoming period supported by the EMA50, reminding you that it is important to hold below 0.9880 to achieve the suggested targets.
The expected trading range for today is between 0.9730 support and 0.9900 resistance.
The expected trend for today: Bearish
Update: The USDJPY collapses after the BOJ intervention
The USDJPY pair declined sharply after the BOJ intervention to support the Yen, which pushed the price to break the bullish channel’s support line and achieve bearish correction that reached 38.2% Fibonacci for the rise measured from 131.72 to 145.89, and we need to monitor the upcoming trades carefully, as breaking 140.50 will press on the price to achieve more bearish correction and head towards 138.80 as a next negative station, while breaching 142.55 followed by 143.65 will push the price back to the main bullish track again.
Midday update for the NZDUSD 22-09-2022
The NZDUSD pair trades with clear positivity now to test the key resistance 0.5890, and as we mentioned this morning, the price needs to hold below this level to keep the main bearish trend active, which its next main target located at 0.5750, reminding you that breaching the mentioned resistance will lead the price to achieve additional gains that reach 0.6035.
The expected trading range for today is between 0.5800 support and 0.5920 resistance
The expected trend for today: Bearish