Gold Turns Bearish; USD Correction Eats Profits

Gold

Gold price confirmed to break 1268.70 level after it closed the daily candlestick below this level, to activate the negative effect of the double top pattern that appears in the image. As we mentioned in our last technical update, the price will be waiting for negative trading in the upcoming sessions, and the main target is visiting 1227.40 level.

The EMA50 forms negative pressure now to support the expectations for the downside track, being aware that stochastic current positivity might push the price to retest the broken neckline of the negative pattern before resuming the suggested bearish bias, which will remain valid until breaching 1283.17 level and holding with a daily close above it.

Expected trading range for today is between 1240.00 support and 1280.00 resistance.

Expected trend for today: Bearish

Gold H4 Chart

Oil

Crude oil price closed yesterday’s trading exactly at the critical support at 43.20, which represents the sideways range’s support level that appears in the chart, accompanied with clear positive signals that come from stochastic on the 4-hour time frame. This is a sign price is on its way to provide potential positive trading in the upcoming sessions, and the target is testing the mentioned range’s resistance located at 46.05.

In general, the sideways range will be dominant in the intraday trading, until breaching one of the critical levels represented by 43.20 support and 46.05 resistance. Breaching the mentioned resistance will push the price to resume the main bullish trend that’s next target is located at 48.40, while breaking the support represents negative factor that will push the price to test levels around 41.40 before any new attempt to rise.

Expected trading range for today is between 41.40 support and 46.05 resistance.

Expected trend for today: Sideways

Crude Oil H4 Chart

USD/CHF

The USD/CHF pair retested the previously breached resistance at 0.9676 that turns into key support base and kept its stability above it, which keeps the bullish trend scenario valid for the upcoming period, supported by stochastic and the EMA50 positivity.

Therefore, we are awaiting positive trading on the intraday and short-term basis, and the next target is located at 0.9800, while holding above 0.9676 – 0.9650 levels represent key condition to the continuation of the suggested rise.

Expected trading range for today is between 0.9650 support and 0.9800 resistance.

Expected trend for today: Bullish

USD/CHF H4 Chart

NZD/USD

The NZD/USD pair showed strong break to the bullish channel’s support that appears on chart, which opens the way to extend the bearish wave on the intraday and short-term basis, as a bearish correction sign appears for the bullish wave measured from 0.6343 to 0.7052, and the way is open to target 0.6698 followed by 0.6614 levels that represents 50% and 61.8% Fibonacci levels consecutively.

Therefore, the bearish bias will be suggested for the upcoming sessions unless the price manages to breach 0.6785 level and hold with a daily close above it.Expected trading range for today is between 0.6614 support and 0.6825

Expected trend for today: Bearish

NZD/USD H4 Chart

AUD/USD

The AUD/USD pair confirmed breaking 0.7330 level after ending yesterday’s trading below it, noticing that the price is retesting this level that turns into resistance now, affected by stochastic positivity, while the EMA50 continues to provide the negative pressure on the intraday and short-term trading.

Therefore, our bearish overview will remain valid and active for the upcoming sessions as long as the price is below 0.7448 level, reminding you that our next main target is located at 0.7210.Expected trading range for today is between 0.7210 support and 0.7400

Expected trend for today: Bearish

AUD/USD H4 Chart

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