EUR/USD

EU10

EURUSD shows bearish bias since yesterday after touching 1.1710 level, as the price is affected by stochastic negativity, which pushes the price to approach from retesting the previously breached horizontal resistance that turns into support now at 1.1460, and it needs to hold over this level to keep the overall positive scenario valid for the forthcoming period.

Consequently, we are waiting to resume the bullish wave that its next targets located at 1.2000 then 1.2100, noting that the EMA50 supports the suggested positive overview. Intraday trading range between 1.1460 support and 1.1710 resistance.

Supp: 1.1545 1.1460 1.1380

Res: 1.1630 1.1710 1.1800
Expected trend for today: Bullish

GBP/USD

GU9

GBPUSD trades positively since yesterday testing 1.5810 barrier, to move away from 1.5640 that represents the first protecting factor for the recently suggested positive scenario, which gets constant support from the EMA50.

Consequently, we will continue to suggest the bullish trend for the forthcoming period, and the first main target is located at 1.5935, noting that breaking 1.5640 level will stop the current rise and push trading for some intraday turn down before attempting to regain the bullish trend. Intraday trading range between 1.5640 support and 1.5935 resistance.

Supp: 1.5760 1.5640 1.5580
Res: 1.5785 1.5845 1.5935

Expected trend for today: Bullish

AUD/USD

AU9

AUDUSD traded with clear positivity after the sharp decline that appeared yesterday, as the price succeeded to touch our main waited target at 0.7110 and approached from 0.7000 barrier, but it bounces bullishly to approach from testing the bearish channel’s resistance at 0.7250.

Holding below the mentioned level represents key condition to continue the overall bearish trend, which gets continuous support from the EMA50, besides that stochastic is losing its positive momentum clearly approaching from the overbought areas, waiting to visit areas that start at 0.7000 and extend to 0.6820 on the near term basis. Intraday trading range between 0.7000 support and 0.7330

Supp: 0.7180 0.7110 0.7040
Res: 0.7240 0.7330 0.7410

Expected trend for today: Bearish

USD/JPY

UJ9

USDJPY bounced upwards strongly after the quick decline that appeared yesterday evening, which was mentioned in our last technical update, as the price approached from touching the main bullish channel’s support, and the current bullish rebound hints resuming the main bullish trend according to the trading rules inside the channels, but the price needs to breach 120.50 level to confirm the continuance of rising on the short term and medium term basis.

Consequently, we suggest witnessing more positive trading in the forthcoming period, supported by the positive signal offered by stochastic, reminding you that it is important to breach 120.50 to open the way to achieve positive targets that start at 125.80 and extend to 127.00. Intraday trading range between 118.60 support and 122.00 resistance.

Supp: 119.10 118.60 118.10
Res: 119.65 120.50 121.30

Expected trend for today: Bearish

GOLD

gold13

Gold price attempted to break 1148.00 level yesterday without managing to hold below it, which keeps trading confined between the next trend keys represented by the mentioned support and 1164.00 resistance, and that makes us continue with our impartiality until the price manages to breach one of the mentioned levels.

We remind you that 1148.00 support represents neckline for a minor double top pattern, therefore, breaking it will push the price to visit 1135.00 areas at first, as breaching 1163.00 resistance will allow the price to exit the bearish channel that dominates trading since the beginning of this year, followed by turning the short term trend to the upside, to start the positive targets at 1200.00 followed by 1225.00. Intraday trading range between 1135.00 support and 1185.00 resistance.

Supp: 1148.00 1135.00 1123.00
Res: 1155.00 1170.00 1185.00

Expected trend for today: Bullish

SILVER

silver13

Silver price sustained its negative trading yesterday to test the key support 14.75, as the price is falling under the negative pressure that comes by the EMA50, as stochastic attempts to protect the price from suffering more losses by offering positive signals on the four hours’ time frame.

Therefore, the contradiction between the current technical factors makes us stay aside temporarily in order to monitor the price behavior according to the key levels represented by 14.75 support and 15.60 resistance, as breaking this support will push the price to suffer more losses that its targets begin at 14.45 and extend to 12.80, as breaching the resistance will motivate the price to achieve positive targets that reach to 16.80 on the near term basis. Intraday trading range between 14.15 support and 15.55 resistance.

Supp: 14.75 14.45 14.15
Res: 14.86 15.20 15.55

Expected trend for today: Bullish

CRUDE OIL

oil12

Crude oil price finished yesterday’s trading below 39.00 level, which confirms breaking this level and turn to become key resistance now, as the price is retesting this level, and holding under it keeps the negative pressure valid on the intraday basis, waiting to resume the main bearish trend that its next target located at 35.20.

Consequently, the overall bearish trend still valid and organized inside the bearish channel that appears on chart, supported by the EMA50, noting that breaching 39.00 level might push the price to test 41.20 level before any new attempt to resume the bearish trend. Intraday trading range between 37.00 support and 40.70 resistance.

Supp: 38.70 37.90 37.00
Res: 39.00 39.90 40.70

Expected trend for today: Bearish

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