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The USDJPY completes positive pattern – Analysis - 13-10-2023
The USDJPY pair traded with clear positivity yesterday, as it breached 149.45 level to approach 150.00 barrier, and by taking a deeper look at the chart, we find that the price completed forming falling wedge that supports the chances of continuing the positive trades in the upcoming sessions, waiting to test 150.15 followed by 151.00 levels as main positive targets.
Therefore, we expect to witness more bullish bias on the intraday and short-term basis, noting that breaking 149.00 will push the price to turn to decline followed by heading to test 147.30 areas on the near-term basis.
The expected trading range for today is between 149.10 support and 150.60 resistance
The expected trend for today: Bullish
The GBPUSD under the negative pressure - Analysis - 13-10-2023
The GBPUSD pair continued to decline to press on 1.2200 barrier, to suggest the continuation of the bearish bias and achieve negative targets that start by testing 1.2115 level, noting that stochastic current positivity might push the price to achieve some temporary gains.
The EMA50 supports the expected decline, noting that breaching 1.2297 will stop the negative scenario and push the price to return to the correctional bullish track again.
The expected trading range for today is between 1.2110 support and 1.2270 resistance.
The expected trend for today: Bearish
The EURUSD resumes the bearish track - 13-10-2023
The EURUSD pair continued to decline to settle around 1.0540 level, to resume the main bearish trend within the bearish channel that appears on the chart, waiting to visit 1.0500 followed by 1.0450 as next main targets.
Therefore, we expect to witness more decline in the upcoming sessions, supported by moving below the EMA50, noting that breaching 1.0570 followed by 1.0600 levels will stop the expected bearish trend and lead the price to achieve additional bullish correction on the intraday and short-term basis.
The expected trading range for today is between 1.0455 support and 1.0610 resistance.
The expected trend for today: Bearish
Update: The GBPUSD breaks the support
The GBPUSD pair couldn’t manage to hold above 1.2297 level, to face strong negative pressure and press on the EMA50 now, on its way to achieve more expected decline in the upcoming sessions unless breaching 1.2297 and holding above it again, noting that the next negative target is located at 1.2115.