The USDJPY is recovering – Analysis - 16-11-2023
The USDJPY pair traded positively yesterday to breach 150.95 and settles above it, to stop the negative pressure that dominated the recent trades and head towards achieving expected gains on the intraday and short-term basis, and the price needs to surpass 151.70 to confirm opening the way to visit 152.50 as a next main target.
Holding above 150.95 is important to continue the expected rise, as breaking it represents negative factor that will push the price to achieve some bearish correction before turning back to rise again.
The expected trading range for today is between 150.60 support and 152.00 resistance
The expected trend for today: Bullish
The GBPUSD breaks the support - Analysis - 16-11-2023
The GBPUSD pair faced additional negative pressure yesterday to break 1.2430 level and settles below it, starting today with more decline to confirm stopping the bullish correction and head towards resuming the main bearish wave again, noting that the next negative station is located at 1.2297.
Therefore, the bearish bias will be expected for today unless breaching 1.2460 and holding above it again, as breaching this level represents positive factor that will lead the price to return to the correctional bullish track and achieve new gains that reach 1.2590.
The expected trading range for today is between 1.2300 support and 1.2450 resistance.
The expected trend for today: Bearish
The EURUSD fails to consolidate positively - 16-11-2023
The EURUSD pair couldn’t manage to hold above the support base that it attempted to form above 1.0860 level, to trade negatively and head towards expected visit to 1.0760 areas, making the bearish bias suggested for today, being aware that we need to monitor the price when reaching the mentioned level, as breaking it represents the key to return to the main bearish track and achieve additional decline that its next target reaches 1.0640.
On the other hand, we should note that breaching 1.0860 will stop the negative scenario and push the price to achieve new bullish correction that targets 1.0960 areas on the near term basis.
The expected trading range for today is between 1.0750 support and 1.0890 resistance.
The expected trend for today: Bearish
Evening update for Crude oil price 15-11-2023
Crude oil price continues to press on 77.86 level, taking into consideration that confirming the break will put the price under additional negative pressure that targets 73.73 areas on the near-term basis, while the price needs to step above 77.86 to resume the bullish trend that its next main target located at 81.20.