The USDJPY surpasses the first target – Analysis - 02-02-2023
The USDJPY pair managed to achieve our first waited target at 128.90 and ended yesterday below it, to reinforce the chances of continuing the bearish wave and open the way to achieve more decline that its next target reaches 127.15.
The EMA50 forms continuous negative pressure against the price to support the continuation of the suggested bearish wave, noting that holding below 128.90 represents the first condition to continue the expected decline.
The expected trading range for today is between 127.40 support and 129.20 resistance
The expected trend for today: Bearish
The GBPUSD resumes the rise - Analysis - 02-02-2023
The GBPUSD pair surpassed 1.2320 level and settled above it, to reactivate the bullish trend scenario again, targeting 1.2440 level initially, noting that breaching this level will push the price to 1.2595 areas as a next main station.
Therefore, we expect to witness more rise in the upcoming sessions conditioned by the price stability above 1.2320.
The expected trading range for today is between 1.2320 support and 1.2480 resistance.
The expected trend for today: Bullish
The EURUSD hits the target - 02-02-2023
The EURUSD pair rallied upwards strongly to succeed achieving our waited target at 1.1030, moving within major bullish channel that supports the chances of achieving more rise in the upcoming period, noting that breaching the mentioned level will extend the bullish wave to reach 1.1185 areas.
Therefore, the bullish trend scenario will remain suggested on the intraday and short term basis, noting that failing to breach 1.1030 might force the price to rebound bearishly and achieve some intraday bearish correction before turning back to rise again.
The expected trading range for today is between 1.0950 support and 1.1110 resistance.
The expected trend for today: Bullish
Evening update for Brent oil price 01-02-2023
Brent oil price bounced downwards strongly to break 85.10 level and stop the positive scenario and head towards achieving more expected decline in the upcoming sessions, targeting 81.30 level as a next negative station, noting that the bearish bias will remain dominant unless the price rallied to breach 85.10 and hold above it.