The USDCAD resumes the decline – Analysis - 12-08-2022
The USDCAD pair shows additional negative trades to move away from 1.2780, reinforcing the expectations of continuing the bearish trend, which targets 1.2685 as a next main station.
Stochastic loses the positive momentum clearly to support the expectations to decline, which will remain valid conditioned by the price stability below 1.2780.
The expected trading range for today is between 1.2680 support and 1.2820 resistance.
The expected trend for today: Bearish
The USDJPY attempts to recover – Analysis - 12-08-2022
The USDJPY pair provided clear negative trades yesterday to approach our waited target at 131.55, and bounced bullishly to close the daily candlestick below 133.00, starting today with bullish bias to attempt to surpass this level, which hints the attempt to regain the bullish trend, but the price faces negative factors coming by the EMA50 and stochastic.
Therefore, the contradiction between the technical factors makes us stay aside until the price confirms its situation according to the mentioned level, noting that confirming breaching it will lead the price to achieve new gains that start at 134.50 and extend to 136.40, while breaking it and trading below it again represents the key to reactivate the correctional bearish scenario that its next target located at 131.55.
The expected trading range for today is between 132.50 support and 134.10 resistance
The expected trend for today: Neutral
The GBPUSD is forced for some decline - Analysis - 12-08-2022
The GBPUSD pair shows bearish bias to draw minor double top pattern that its signs appear on the chart, which might push the price to achieve temporary decline to test the bullish channel’s support line around 1.2100 before turning back to rise again.
In general, the main bullish trend scenario still active unless breaking 1.2100 – 1.2077 levels and holding below them, noting that breaching 1.2245 will lead the price to resume the main bullish trend without the need to the suggested decline.
The expected trading range for today is between 1.2100 support and 1.2280 resistance.
The expected trend for today: Overall bullish
The EURUSD faces solid resistance – Analysis - 12-08-2022
The EURUSD pair tested 1.0355 resistance again and it couldn’t manage to breach it, to head towards starting expected bearish wave in the upcoming period, and the targets start by breaking 1.0278 and confirm opening the way to head towards 1.0200 followed by 1.0100 levels.
Therefore, the bearish bias will be suggested for today, taking into consideration that breaching 1.0355 will stop the negative scenario and lead the price to achieve new gains.
The expected trading range for today is between 1.0220 support and 1.0360 resistance.
The expected trend for today: Bearish