The USDJPY consolidates below the resistance – Analysis - 03-02-2023
The USDJPY pair settles below the resistance line formed at 128.90, noticing that stochastic loses its positive momentum clearly, while the EMA50 forms negative pressure against the price.
Therefore, these factors encourage us to continue suggesting the bearish trend that its next target located at 127.15, reminding you that it is important to hold below 128.90 to achieve the waited targets.
The expected trading range for today is between 127.60 support and 129.20 resistance
The expected trend for today: Bearish
The GBPUSD breaks the support - Analysis - 03-02-2023
The GBPUSD pair broke 1.2320 level clearly and declined strongly to break the bullish channel’s support line that appears on the chart, to turn to decline on the intraday basis and head towards achieving expected bearish correction, targeting 1.2090 followed by 1.1940 levels as main negative stations.
Therefore, the bearish bias will be suggested for today, supported by moving below the EMA50, noting that breaching 1.2265 will stop the negative scenario and push the price back to the main bullish track again.
The expected trading range for today is between 1.2110 support and 1.2290 resistance.
The expected trend for today: Bearish
The EURUSD under the negative pressure - 03-02-2023
The EURUSD pair settles around the EMA50, and we suggest the continuation of the bearish bias to visit the bullish channel’s support line at 1.0830, making the bearish bias suggested for today, noting that breaking this level will extend the bearish wave to reach 1.0745 areas.
Therefore, we are waiting for more decline in the upcoming sessions, noting that breaching 1.0940 will push the price to regain the main bullish trend again, and it is important to be cautious during today’s trading, especially at the time of releasing the US economic data, which might cause high volatility for the major currencies’ pairs and commodities.
The expected trading range for today is between 1.0800 support and 1.0980 resistance.
The expected trend for today: Bearish
Evening update for Gold 02-02-2023
Gold price suffered strong losses after failing to surpass 1950.00 level, to attack the bullish channel’s support line and attempt to break it, to head towards achieving potential bearish correction in the upcoming period, noting that closing the daily candlestick below 1920.00 will confirm the continuation of the bearish bias, while consolidating above it will lead the price to regain the main bullish trend again.