The USDJPY forms negative pattern – Analysis - 28-10-2021
The USDJPY pair faced negative pressure to break the bullish channel’s support line and tests the key support 113.40, which represents 23.6% Fibonacci correction level for the rise measured from 109.12 to 114.70, and by taking a deeper look at the chart, we find that the price forms double top pattern that its confirmation line is located at the mentioned support, thus, breaking this level will push the price to achieve intraday bearish correction that targets testing 112.56 as a next main station.
Therefore, we expect to witness negative trades in the upcoming sessions, taking into consideration that breaching 114.20 will stop the suggested negative scenario and lead the price to regain the bullish trend again.
The expected trading range for today is between 113.00 support and 114.00 resistance
The expected trend for today: Bearish
The GBPUSD keeps its positive stability - Analysis - 28-10-2021
The GBPUSD pair tested the key support 1.3720 and kept its stability above it, to start today with bullish bias in attempt to move away from this level, which keeps the bullish trend scenario valid on the intraday basis, waiting to test 1.3795 initially, which breaching it represents the key to rally towards 1.3910 as a next station.
Breaching 1.3750 will ease the mission of achieving the expected rise, while breaking 1.3720 will push the price to achieve new decline that targets testing 1.3665 before any new attempt to rise.
The expected trading range for today is between 1.3680 support and 1.3840 resistance.
The expected trend for today: Bullish
The EURUSD within tight track – Analysis - 28-10-2021
The EURUSD pair continues to fluctuate within sideways and tight track, settling below 1.1615, thus, no change to the bearish trend scenario that targets 1.1525 level as a next main station, noting that the EMA50 forms negative pressure to support the expected decline.
Note that breaching 1.1615 will lead the price to start recovery attempts and head towards testing 1.1670 areas initially.
The expected trading range for today is between 1.1525 support and 1.1650 resistance.
The expected trend for today: Bearish
Evening update for Crude oil 27-10-2021
Crude oil price shows additional negative trades to attack 82.85, to hint heading towards achieving bearish correction in the upcoming period, noting that holding below this level will press on the price to achieve additional decline that reaches 81.30 as a next station, while consolidating above 82.85 will push the price to resume the bullish trend that its first target located at 85.40.