The NZDUSD breaks the support – Analysis - 31-01-2023
The NZDUSD pair broke the bullish channel’s support line clearly and turns to decline on the intraday basis, targeting visiting 0.6365 followed by 0.6275 levels as main negative targets.
Therefore, the bearish bias will be expected for today, and breaking 0.6430 will ease the mission of achieving the suggested targets, noting that breaching 0.6510 will stop the expected decline and lead the price to resume the main bullish track again.
The expected trading range for today is between 0.6370 support and 0.6500 resistance
The expected trend for today: Bearish
The AUDUSD under the negative pressure – Analysis - 31-01-2023
The AUDUSD pair traded with clear negativity to break 0.7060 level and settles below it, to head towards achieving expected decline and potential test to the bullish channel’s support line around 0.6945.
Therefore, we expect to witness more decline in the upcoming sessions, noting that breaching 0.7060 will stop the negative scenario and lead the price to resume the main bullish wave again.
The expected trading range for today is between 0.6970 support and 0.7075 resistance
The expected trend for today: Bearish
Brent oil price completes negative pattern – Analysis - 31-01-2023
Brent oil price traded with strong negativity to break 85.10 and settles below it, to complete forming double top pattern that appears on the chart, which puts the price under expected negative pressure in the upcoming sessions, on its way to visit 81.30 areas as a next main target.
Therefore, the bearish bias will be expected for today, taking into consideration that breaching 85.10 – 85.45 levels will cancel the negative effect of the mentioned pattern and lead the price to recover.
The expected trading range for today is between 82.30 support and 85.50 resistance.
The expected trend for today: Bearish
Crude oil price exits the sideways range – Analysis - 31-01-2023
Crude oil price broke 78.95 level strongly and declined clearly to approach 77.00 barrier now, to fall under expected negative pressure in the upcoming period, targeting testing 75.65 as a next negative target.
Therefore, we expect to witness more decline on the intraday basis, supported by the negative pressure formed by the EMA50, noting that the continuation of the bearish wave requires holding below 78.95.
The expected trading range for today is between 75.65 support and 79.00 resistance.
The expected trend for today: Bearish