The USDCAD attempts to recover – Analysis - 02-08-2022
The USDCAD pair found solid support at 1.2790 to rebound bullishly and test the key resistance 1.2870, noticing that the EMA50 forms continues negative pressure against the price, accompanied by stochastic loss to the positive momentum clearly.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which depends on the price stability below the mentioned resistance, while its targets begin at 1.2790 and extend to 1.2685 after breaking the previous level.
The expected trading range for today is between 1.2770 support and 1.2900 resistance.
The expected trend for today: Bearish
The USDJPY suffers more losses – Analysis - 02-08-2022
The USDJPY pair succeeded to achieve our extended negative target at 131.55 and broke it by today’s open to open the way to suffer more losses, targeting 129.70 level as a next negative station.
Therefore, we expect to witness more decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 131.55 represents initial condition to stop the current negative pressure and attempt to regain the main bullish trend again.
The expected trading range for today is between 129.90 support and 131.50 resistance
The expected trend for today: Bearish
The GBPUSD touches the target - Analysis - 02-08-2022
The GBPUSD pair managed to achieve our waited target at 1.2285 and finds solid resistance there, to show sideways trades now, affected by stochastic negativity, which urges caution from the upcoming trading, as breaking 1.2230 will press on the price to decline towards 1.2100 areas before any new attempt to rise.
Until now, we continue to suggest the bullish trend as long as 1.2230 level remains intact, noting that our next target extends to reach 1.2490.
The expected trading range for today is between 1.2180 support and 1.2350 resistance.
The expected trend for today: Bullish
The EURUSD achieves the first target – Analysis - 02-08-2022
The EURUSD pair touched our first target at 1.0278 and attempts to breach it, reminding you that breaching this level will complete forming the double bottom pattern that supports our expectations to achieve additional gains that start at 1.0355 and extend to 1.0450.
Therefore, our bullish overview will remain valid and active supported by the EMA50, noting that holding above 1.0200 represents the first condition to continue the suggested bullish wave.
The expected trading range for today is between 1.0200 support and 1.0360 resistance.
The expected trend for today: Bullish