TraderNovo Market Analysis Team
TraderNovo
GBP/USD
The GBPUSD pair traded with strong negativity in last Friday to approach from the minor bullish channel that appears in the above chart, according to the trading rules within the price channels, we wait for a bullish rebound to resume the move within this channel, especially that stochastic provides clear positive clear positive signals on the four hours time frame.
Therefore, the bullish bias will be preferred in the upcoming period unless breaking 1.4140 level and holding with a daily close below it, pointing that our main target represents by testing the main bearish resistance that located at 1.4485.
Expected trading range for today is between 1.4150 support and 1.4350 resistance.
Expected trend for today: Bullish
USD/JPY
The USDJPY pair managed to break 112.00 barrier and closed last week trading below it, which supports the continuation of the bearish trend in the upcoming period, opening the way towards our next targets that begin at 110.00 and extend to 106.63.
The EMA50 continues to support the suggested bearish wave, which its continuation conditioned by holding below 113.97, reminding you that breaching this level will push the price to test the most important resistance for the short and medium term trading at 116.14 before any attempt to decline.
Expected trading range for today is between 110.00 support and 112.20 resistance.
Expected trend for today: Bearish
USD/CAD
The USDCAD pair shows bearish bias after approaching from the bearish channel resistance that appears in the above chart, which provides signals for the temporary rise that mentioned in our last report, then pushing the price towards resuming the bearish trend within the mentioned channel.
Therefore, we prefer the bearish bias domination in the upcoming sessions, and the main target represented by testing 1.2825 level, pointing that breaking this level will extend the bearish wave to reach 1.2660 as a next main station, while the negative scenario will remain valid unless breaching 1.3264 then 1.3330 levels and holding above it.
Expected trading range for today is between 1.2900 support and 1.3100 resistance.
Expected trend for today: Bearish
OIL
Crude oil price traded with clear negativity to approach from 36.00$ per barrel barrier, as the negative effect of the head and shoulders’ pattern that its signs appear on the above chart continue to push on the inter-day and short term trading, besides that the EMA50 forms negative pressure that supports the continuation of the decline in the upcoming period.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that the full target of the mentioned pattern surpasses the previously breached resistance of the main bearish channel that turns into support now at 33.85, which hints that crude oil price is on the way to return to the main bearish track again, and that urges monitoring the price behavior carefully when reaching 33.85 level.
On the other hand, we should note that breaching 37.70 followed by 39.00 levels would stop the current negative scenario and lead the price for recovery attempts on the short term basis.
Expected trading range for today is between 34.00 support and 38.00 resistance.
Expected trend for today: Bearish
High Risk Investment Warning: Trading foreign currencies on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience, and appetite for risk. The possibility exists that you may sustain a loss of some or all of your initial deposit and therefore you should not deposit money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor, should you have any doubts. Please, read the full risk disclosure. TraderNovo does not offer its services to residents of certain jurisdictions such as USA, Pakistan, Sri Lanka.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.