EUR/USD
The EUR/USD pair ended last week below 1.1356 level, to confirm the turn of the intraday and short term trading to the downside, and as we mentioned in our last technical update, the price will head towards 1.1196 areas as a next main station.
Stochastic positivity might push the price to retest 1.1356 level that turns into resistance now after breaking it previously before resuming the bearish trend that gets support by the EMA50, noting that breaching 1.1356 followed by 1.1420 levels will stop the current negative pressure and pushes the price to achieve gains again.
Expected trading range for today is between 1.1196 support and 1.1400 resistance.
Expected trend for today: Bearish
The GBP/USD pair confirmed breaking the bearish flag support line mentioned in our previous reports, to activate the negative effect of this pattern, which reinforces the expected bearish trend scenario for the upcoming period, opening the way to head towards 1.4210 as a next main station.
The EMA50 supports the negative overview, which its continuation conditions holding below 1.4515 level, being aware that it is important to monitor the price behavior when reaching the above mentioned level, as breaking it represents the key to extend the pair’s losses to reach 1.4000 on the near term basis.
Expected trading range for today is between 1.4210 support and 1.4445 resistance.
Expected trend for today: Bearish
The AUD/USD pair keeps its stability below 0.7329 level, which keeps the negative pressure valid and active for today, noting that stochastic positivity pushes the price to show some temporary bullish bias and a potential retest to the mentioned level before turning back to resume the bearish bias.
Therefore, we will continue to suggest the bearish trend that its next target located at 0.7210, which breaking it represents the key to extend the bearish wave towards 0.7063, noting that the continuation of the bearish wave depends on the stability below 0.7448.
Expected trading range for today is between 0.7150 support and 0.7350
Expected trend for today: Bearish
The USD/CAD pair traded positively on last Friday to approach from the key resistance 1.2985, which represents 23.6% Fibonacci level for the decline measured from 1.4688 to 1.2459, as the price gets positive support by the EMA50.
On the other hand, and by taking a deeper look at the chart, we find that the above mentioned resistance represents a neckline of an inverted head and shoulders’ pattern that its signs appear through chart, which means that breaching this resistance will trigger the price to achieve more gains that extend to surpass 1.3310 and reach 1.3573.
Therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, noting that it is important to hold above 1.2770 level to achieve the suggested targets.
Expected trading range for today is between 1.2845 support and 1.3100 resistance.
Expected trend for today: Bullish
Gold price failed to break the bullish trend line that appears on the above chart, to trade positively and breach the minor bearish channel’s resistance, which forms continuation bullish flag pattern that we expect to lead the price to achieve more gains in the upcoming period, especially that the EMA50 supports the price from below.
Therefore, we expect to witness more bullish bias on the intraday and short term basis, to resume the main bullish track that its targets begin by breaching the previously recorded top at 1303.58 to head towards 1344.85 as a next main station, noting that breaking 1263.70 level will stop the positive overview and push the price to test 1243.17 level before any new attempt to rise.
Expected trading range for today is between 1260.00 support and 1300.00 resistance.
Expected trend for today: Bullish
