The USDCAD rebounds bearishly after the retest – Analysis - 10-02-2021
The USDCAD pair provided positive trades yesterday and approached retesting 1.2780 level, but it bounced downwards strongly to settle below 1.2700 barrier, which keeps the bearish trend scenario valid and active for the upcoming period, supported by the negative pressure formed by the EMA50, reminding you that our waited targets located at 1.2635 followed by 1.2590.
Holding below 1.2780 is important to continue the expected decline, as breaching it will lead the price to achieve new gains that reach 1.2895 initially.
The expected trading range for today is between 1.2620 support and 1.2760 resistance.
The expected trend for today: Bearish
The USDJPY approaches the first target – Analysis - 10-02-2021
The USDJPY pair continued to decline yesterday to approach our first waited target at 104.40, and we need to monitor the price at this level, as breaking it will extend the bearish wave to reach 103.65 as a next target.
Moving below the EMA50 supports the chances of continuing the decline, to continue suggesting the bearish trend on the intraday basis unless the price rallied to breach 105.20 and settles above it.
The expected trading range for today is between 103.80 support and 105.00 resistance
The expected trend for today: Bearish
The GBPUSD surpasses the first target - Analysis - 10-02-2021
The GBPUSD pair succeeded to achieve our waited target at 1.3815 and breached it to confirm extending the bullish wave on the short term and medium term basis, as our next target is located at 1.3965, organized inside the bullish channel that appears on the chart, which gets continuous support by the EMA50.
Therefore, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 1.3720.
The expected trading range for today is between 1.3750 support and 1.3920 resistance.
The expected trend for today: Bullish
The EURUSD confirms the breach – Analysis - 10-02-2021
The EURUSD pair confirmed breaching the correctional bearish channel’s resistance and rallied upwards to approach our first waited positive target at 1.2140, reinforcing the expectations of continuing the bullish trend, which its next target located at 1.2171, noting that breaching this level will lead the price to achieve more gains that reach 1.2300.
The EMA50 supports the suggested bullish wave, which will remain valid unless breaking 1.2064 level and holding below it.
The expected trading range for today is between 1.2065 support and 1.2220 resistance.
The expected trend for today: Bullish