The USDCAD declines strongly – Analysis - 11-08-2022
The USDCAD pair faced negative pressure yesterday to break 1.2870 and reach 1.2780, as it broke this level and closed the daily candlestick below it, to head towards achieving more expected decline in the upcoming sessions, as the next target is located at 1.2685.
Therefore, the decline will dominate in the upcoming sessions, taking into consideration that breaching 1.2780 and holding above it might push the price to start recovery attempts that target testing 1.2870 areas initially.
The expected trading range for today is between 1.2700 support and 1.2850 resistance.
The expected trend for today: Bearish
The USDJPY under the negative pressure – Analysis - 11-08-2022
The USDJPY pair broke 134.50 level strongly and declined to attack the next support at 133.00, to hint heading to achieve additional bearish correction in the upcoming sessions, targeting visiting 131.55 as a next negative station.
Therefore, we expect to witness more expected decline on the intraday basis unless the price rallied to breach 134.50 and hold above it again.
The expected trading range for today is between 132.50 support and 133.90 resistance
The expected trend for today: Bearish
The GBPUSD achieves strong gains - Analysis - 11-08-2022
The GBPUSD pair rallied upwards strongly yesterday to surpass our waited target at 1.2210 and reach 1.2275, but it faces negative pressure now, affected by stochastic negativity, and it might test the bullish channel’s support line that appears on the chart before turning back to rise again.
The EMA50 continues to support the price from below, to continue suggesting the main bullish trend unless breaking 1.2077 and holding below it, noting that our next target reaches 1.2425.
The expected trading range for today is between 1.2100 support and 1.2300 resistance.
The expected trend for today: Bullish
The EURUSD hits the target – Analysis - 11-08-2022
The EURUSD pair found solid resistance at 1.0355 level, as this level met the main bearish channel’s resistance that appears on the chart, which pushed the price to rebound bearishly, hinting the attempt to resume the trading inside the mentioned channel, but it faces solid support at 1.0278 now, getting positive support by the EMA50.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that the continuation of the negative pressure and breaking 1.0278 support will push the price to continue the decline and achieve negative targets that start at 1.0200 followed by 1.0100, while breaching 1.0355 resistance represents the key to rally towards 1.0450 direct.
The expected trading range for today is between 1.0190 support and 1.0360 resistance.
The expected trend for today: Depends on the above mentioned levels