The USDCAD hits the first target – Analysis - 05-07-2022
The USDCAD pair succeeded to touch our first waited target at 1.2840 and finds solid support there, to show some slight bullish bias now, while the EMA50 forms continuous negative pressure against the price, to support the continuation of the negative scenario that its targets extend to 1.2770 after breaking the previous level.
Therefore, we will keep our bearish overview unless the price rallied to breach 1.2930 and hold above it.
The expected trading range for today is between 1.2790 support and 1.2920 resistance.
The expected trend for today: Bearish
The USDJPY returns to the channel – Analysis - 05-07-2022
The USDJPY pair opened today with clear positivity to return to the bullish channel again, which leads the price to resume the main bullish trend and stop the bearish correction that dominated the recent trades, waiting to breach 136.70 to confirm extending the bullish wave towards 137.50 as a next positive target.
The EMA50 supports the expected rise, which will remain valid unless breaking 135.50 and holding below it.
The expected trading range for today is between 135.60 support and 137.00 resistance
The expected trend for today: Bullish
The GBPUSD awaits more decline - Analysis - 05-07-2022
The GBPUSD pair shows sideways trades since yesterday, moving around 1.2100 now, while the EMA50 continues to press negatively on the price, which keeps the bearish trend scenario valid and active, which its targets begin by breaking 1.2077 to confirm rallying towards 1.1933 as a next station.
Holding below 1.2225 is important to continue the expected decline, as breaching it will lead the price to start correctional bullish wave on the intraday basis.
The expected trading range for today is between 1.2020 support and 1.2170 resistance.
The expected trend for today: Bearish
The EURUSD within bearish pattern – Analysis - 05-07-2022
The EURUSD pair’s recent trade are confined within bearish pennant pattern that appears on the chart, thus, breaking 1.0415 support will activate the negative effect of this pattern and push the price towards our next waited negative target at 1.0355 direct.
Therefore, the chances valid to continue the expected bearish trend on the intraday basis, reminding you that breaking the mentioned level will lead the price to visit 1.0250 as a next target, while holding below 1.0550 represents key condition to achieve the suggested targets.
The expected trading range for today is between 1.0340 support and 1.0500 resistance.
The expected trend for today: Bearish