Gold price bounced bullishly yesterday after testing 1227.40 level, which supports the continuation of the positive scenario in the upcoming period. The price is facing solid resistance formed by the EMA50 at 1240.85 that blocks the continuation of the bullish bias, especially since stochastic shows negative signals on the 4-hour time frame, which might cause some sideways fluctuation and temporary decline before resuming the expected rise.
In general, we will continue to suggest the bullish trend on the intraday and short-term basis as long as the price is above 1227.40. The main targets to reach are 1282.92 then 1300.00. Breaking 1227.40 level will push the price to return to the correctional bearish track at its next target, located at 1193.00.
Expected trading range for today is between 1220.00 support and 1260.00 resistance.
Expected trend for today: Bullish
The USD/CHF pair trades with slight negativity after reaching 0.9800 resistance, heading towards the key support 0.9676, and as we mentioned yesterday, the price needs to breach one of these levels to detect its next destination clearly, which makes us continue with our neutrality until we get a clearer confirmation signal.
We remind you that breaching the mentioned resistance will push the price to achieve more bullish bias, with the next target located at 0.9900, while breaking the support represents negative factor that will push the price to head towards 0.9474 as a next main target.
Expected trading range for today is between 0.9676 support and 0.9850 resistance.
Expected trend for today: Depends on the above mentioned levels
The NZD/USD pair opens today’s trading with bullish bias to move above 0.6860 level, but as long as the daily candlestick close is below the mentioned level, we will continue to suggest the bearish bias on the intraday basis. The target is visiting the bullish channel’s support at 0.6750.
Note that the EMA50 meets the targeted level, which supports the chances of bouncing bullishly to resume the bullish trend after achieving the waited target, taking into consideration that getting a daily close above 0.6860 will stop the suggested negative scenario and lead the price to return to the bullish track.
Expected trading range for today is between 0.6745 support and 0.6940.
Expected trend for today: Bearish
The AUD/USD pair fluctuates around the EMA50, keeping its stability below it. Note that stochastic offers positive overlapping signal on the 4-hour time frame, which supports the continuation of our bullish overview in the upcoming period, targeting testing the bullish channel’s support at 0.7550 mainly.
Note that breaching 0.7720 followed by 0.7805 levels will stop the suggested bearish bias and lead the price to resume the main bullish trend on the short-term basis.
Expected trading range for today is between 0.7600 support and 0.7800.
Expected trend for today: Bearish