The USDJPY returns to test the resistance – Analysis - 07-12-2020
The USDJPY pair provided positive trades on last Friday to test the resistance line that appears on the chart, and the EMA50 meets this resistance to add more strength to it, while stochastic begins providing negative overlapping signal on the four hours’ time frame.
Therefore, we are waiting for negative trades in the upcoming sessions, and the targets begin by breaking 103.65 to confirm opening the way to head towards 103.00, reminding you that the continuation of the bearish wave conditions holding below 104.76.
The expected trading range for today is between 103.00 support and 104.50 resistance
The expected trend for today: Bearish
The GBPUSD gathers the positive momentum - Analysis - 07-12-2020
The GBPUSD pair could not manage to confirm breaching 1.3482 level, to provide negative trades and test the intraday bullish channel’s support line that appears on the chart, accompanied by stochastic reach to the oversold areas.
Therefore, we believe that the chances valid to resume the main bullish trend, reminding you that we are waiting to visit 1.3630 as a next main station, noting that the continuation of the expected rise requires holding above 1.3375.
The expected trading range for today is between 1.3350 support and 1.3530 resistance.
The expected trend for today: Bullish
The EURUSD faces solid resistance – Analysis - 07-12-2020
The EURUSD pair faced strong resistance at 1.2175, to show some temporary bearish bias, noticing that stochastic got rid of its negative momentum to reach the oversold areas, while the EMA50 continues to support the price from below.
Therefore, these factors encourage us to suggest resuming the bullish trend in the upcoming sessions, noting that our next target reaches 1.2300, while achieving it requires holding above 1.2040.
The expected trading range for today is between 1.2050 support and 1.2240 resistance.
The expected trend for today: Bullish
Midday update for Wheat price 04-12-2020
Wheat price shows weak trades since morning, keeping its stability below 587.00, to keep the negative scenario valid for today, which depends on the price stability below the mentioned level and below 597.30, reminding you that our targets begin at 573.00 and extend to 553.30 after surpassing the previous level.
The expected trading range for today is between 570.00 support and 590.00 resistance.
The expected trend for today: Bearish