USDJPY keeps its positive stability – Analysis - 03-08-2018
The USDJPY pair tested 111.32 level yesterday and bounced bullishly from there, to keep the bullish trend scenario active for the upcoming period, supported by moving above the EMA50, and the price needs to surpass 111.90 level to ease the mission of heading towards our main waited target at 113.38.
Therefore, we will keep our positive overview conditioned by the price stability above 111.32.
Expected trading range for today is between 111.00 support and 112.50 resistance
Expected trend for today: Bullish
GBPUSD completes the negative pattern – Analysis - 03-08-2018
The GBPUSD pair traded with strong negativity yesterday after completing forming the head and shoulders’ pattern that appears on the chart, to settle at 1.3000 barrier now, waiting for more decline to visit our main expected target at 1.2962, noting that the full targets of the mentioned pattern surpass the targeted level, which hints a potential extension to the bearish wave on the longer term basis.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that breaching 1.3135 will push the price to test 1.3226 before any new attempt to decline.
Expected trading range for today is between 1.2900 support and 1.3100 resistance.
Expected trend for today: Bearish
EURUSD confirms the break – Analysis - 03-08-2018
The EURUSD pair settles below the symmetrical triangle’s support line that was broken yesterday, to keep the negative effect of this pattern active, as the price moves near the first main waited target at 1.1554, waiting to break this level to confirm extending the bearish wave towards 1.1443.
The EMA50 forms continuous negative pressure against the price to support the expectations of continuing the bearish trend in the upcoming period, which will remain valid unless breaching 1.1735 and holding above it.
Expected trading range for today is between 1.1470 support and 1.1660 resistance.
Expected trend for today: Bearish
End of day analysis for Crude oil 02-08-2018
Crude oil price managed to touch our first target at 67.10 but it bounced upwards strongly to breach 68.06 level and approaches the key resistance 69.44, which brings us back to neutrality until the price confirms breaching one of the mentioned key levels, waiting tomorrow’s opening to detect the next trend clearly.