USDCAD Price Analysis

The USDCAD price tested the support line formed by the EMA50 and bounced bullishly from there, to keep the bullish trend scenario valid for the upcoming period, supported by stochastic positivity, waiting to breach 1.3606$ to confirm opening the way to visit 1.3700$ as a next target.

• We expect to witness more rise in the upcoming sessions, noting that breaking 1.3555 will force the price to achieve additional decline and test the key support 1.3505$ before any new attempt to rise.

The expected trading range for today is between 1.3540$ support and 1.3660$ resistance.

Trend forecast: Bullish

USDJPY Price Analysis

The USDJPY price managed to breach the bullish pennant pattern and settles above it now, to activate the positive effect of this pattern and get positive motive that supports the expectations to rise in the upcoming sessions, waiting to breach 151.81 to confirm heading towards 153.00 that represent sour next target.

• The bullish trend scenario will remain valid on the intraday and short-term basis, reminding you that breaking 151.10 will put the price under negative pressure that its targets start by testing 150.55 areas.

The expected trading range for today is between 150.80 support and 152.30 resistance.

Trend forecast: Bullish

GBPUSD Price Analysis

The GBPUSD price retested the broken neckline of the double top pattern and bounced bearishly from there, to keep the negative effect of this pattern active, waiting for more decline in the upcoming sessions, noting that our targets begin by breaking 1.2580$ to open the way to head towards 1.2480$.

• The EMA50 supports the suggested bearish wave, while breaching 1.2700$ will stop the expected decline and lead the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 1.2540$ support and 1.2690$ resistance.

Trend forecast: Bearish

EURUSD Price Analysis

The EURUSD price shows calm bearish bias to move away gradually from 1.0860$ level, reinforcing the expectations of continuing the bearish trend, which targets 1.0765$ level initially.

• The negative pressure formed by the EMA50 supports achieving more decline and surpass the mentioned level to achieve additional negative targets that reach 1.0645$.

Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 1.0860$ will stop the expected decline and lead the price to start recovery attempts that start by visiting 1.0960$ areas.

The expected trading range for today is between 1.0740$ support and 1.0890$ resistance.

Trend forecast: bearish