Daily Price Outlook

Yesterday, the GBP/USD pair exhibited a pronounced bearish behavior, reaching our extended target of 1.2255. Subsequently, it attempted a retest of the resistance at 1.2310, which it had previously breached. Notably, the stochastic indicator has displayed a diminishing bullish momentum, suggesting a potential push for the price to continue its primary bearish course with an upcoming target set at 1.2200.

Given this context, we anticipate a continuation of the bearish trajectory for the foreseeable future, contingent on the price remaining below 1.2310. It's essential to highlight that the EMA50 continues to bolster the current bearish trend within the discernible bearish channel on the chart. Today's anticipated trading range spans from a support level at 1.2190 to a resistance level at 1.2350.

GBP/USD - Trade Idea 

Entry Price – Sell Limit 1.23304

Take Profit – 1.22366

Stop Loss – 1.23854

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$938/ -$550

Profit & Loss Per Micro Lot = +$93/ -$55

Daily Price Outlook

The GBP/USD pair has successfully met our primary anticipated target at 1.2310 and is exhibiting a negative bias around this level. This enhances the probability of persisting bearish momentum, potentially descending further to targets of 1.2255 and subsequently 1.2200.

The prevalent bearish channel orchestrates the anticipated downtrend, receiving consistent reinforcement from the EMA50. It's crucial to note that any inability to breach the 1.2310 level may instigate a price rebound, giving rise to a short-term bullish trend aiming to test the 1.2435 regions. For today's trading, we anticipate boundaries ranging from a support at 1.2210 to a resistance at 1.2370.

GBP/USD - Trade Idea 

Entry Price – Sell Limit 1.23489

Take Profit – 1.22529

Stop Loss – 1.24310

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$960/ -$821

Profit & Loss Per Micro Lot = +$96/ -$82

Daily Price Outlook

Despite attempts, gold failed to surpass the $1945.20 mark, resulting in a notable downward reversal. This move decisively breached the $1929.00 support level, settling beneath it. Such a shift negates the anticipated positive trajectory from the inverted head and shoulders pattern, steering the commodity towards potential bearishness in upcoming trading sessions, with an initial target set at the $1913.15 region.

The Stochastic oscillator currently radiates bearish signals, reinforcing the outlook for continued decline. As such, the prevailing sentiment leans bearish unless the price can reclaim and sustain above the $1929.00 level. For today's trading, we anticipate a range between a support at $1910.00 and a resistance at $1940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Limit 1925

Take Profit – 1934

Stop Loss – 1920

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$900/ -$500

Profit & Loss Per Micro Lot = +$90/ -$50

Daily Price Outlook

The USD/JPY pair has successfully breached the 147.86 mark and established a daily close above it, enhancing the prospects for sustained bullish momentum in forthcoming sessions. We anticipate a continued upward trajectory, targeting the 149.00 level as our subsequent milestone.

The bullish outlook is further corroborated by the EMA50, which underpins the price, coupled with the favorable convergence signal currently exhibited by the stochastic indicator. It is imperative to maintain a position above the 147.50 level to realize the projected targets.

For today's trading dynamics, we forecast a range defined by a support at 147.60 and a resistance at 149.10, with the prevailing sentiment tilting bullish.

USD/JPY - Trade Idea 

Entry Price – Buy Limit 148

Take Profit – 149.040

Stop Loss – 147.350

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1040/ -$650

Profit & Loss Per Micro Lot = +$104/ -$65

Daily Price Outlook

The EUR/USD currency pair has engaged with the upper boundary of its bearish channel and now exhibits consolidation beneath it. Notably, the EMA50 reinforces the integrity of this resistance, hinting at a continuation of the projected bearish trajectory in the foreseeable future. This movement sets its sights on the 1.0635 level, with further descent to 1.0515 should the former be breached.

The current upbeat momentum of the Stochastic oscillator may induce transient lateral movements before a reversion to a downward trend. It's imperative to acknowledge that a surpass of the 1.0705 mark would negate the anticipated decline, potentially propelling the price towards intraday highs around 1.0785 prior to any subsequent bearish endeavors. For today, the trading bracket is estimated to stretch from a foundational support at 1.0590 to a resistance cap at 1.0740.

EUR/USD - Trade Idea 

Entry Price – Buy Limit 1.06766

Take Profit – 1.07349

Stop Loss – 1.06511

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$583/ -$255

Profit & Loss Per Micro Lot = +$58/ -$25

Daily Price Outlook

The GBP/USD currency pair remains anchored around the 1.2400 mark, consistently positioning below it. The EMA50 exerts ongoing downward pressure on the price, suggesting a potential resumption of the prevailing bearish momentum, targeting the significant 1.2310 level next.

The established bearish channel affirms the longer-term bearish trajectory, aiming for objectives below the aforementioned level. It's pivotal to note that a breach of the 1.2435 threshold would pivot the pair's direction upwards intraday, potentially reaching 1.2505 before encountering further bearish challenges.

Today's trading parameters are projected to span from a support at 1.2300 to a resistance boundary at 1.2445.

GBP/USD - Trade Idea 

Entry Price – Sell Limit 1.23727

Take Profit – 1.23079

Stop Loss – 1.24257

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$648/ -$530

Profit & Loss Per Micro Lot = +$64/ -$53

Daily Price Outlook

Daily Price Outlook

The USD/JPY pair has successfully breached the 147.86 mark and established a daily close above it, enhancing the prospects for sustained bullish momentum in forthcoming sessions. We anticipate a continued upward trajectory, targeting the 149.00 level as our subsequent milestone.

Gold's value is experiencing a downward trend as it aims to revisit the previously surpassed neckline of the inverted head and shoulders pattern evident on the chart. This movement is further underscored by the stochastic nearing the oversold domain, suggesting a potential positive shift. Such an alignment could drive the anticipated bullish trajectory in the near future, primarily aiming for the $1,945.20 mark. For intraday forecasts, we retain a bullish perspective, bolstered by the price's position above the EMA50.

The bullish outlook is further corroborated by the EMA50, which underpins the price, coupled with the favorable convergence signal currently exhibited by the stochastic indicator. It is imperative to maintain a position above the 147.50 level to realize the projected targets.

However, it's crucial to note that a decline below $1,929.00 might disrupt this bullish outlook, reintroducing bearish pressures. The projected trading spectrum for today spans from a support at $1,920.00 to a resistance at $1,950.00

For today's trading dynamics, we forecast a range defined by a support at 147.60 and a resistance at 149.10, with the prevailing sentiment tilting bullish.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Limit 1930

Take Profit – 1945

Stop Loss – 1920

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

Gold's value successfully surpassed the $1,929.00 threshold, concluding yesterday above this benchmark. A meticulous analysis of the chart indicates the completion of an 'inverted head and shoulders' pattern. This pattern hints at potential upward targets exceeding the $1,945.20 level, aiming for the vicinity of $1,960.00.

Given these dynamics, we anticipate a continuation of the bullish trend in the forthcoming phase, bolstered by the EMA50 underpinning the price trajectory. However, it's worth noting that a breach below the $1,929.00 mark could curtail this anticipated ascent, casting a bearish shadow on the intraday perspective.

For today, we forecast a trading range between the support at $1,920.00 and resistance at $1,950.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Limit 1935

Take Profit – 1925

Stop Loss – 1942

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1000/ -$700

Profit & Loss Per Micro Lot = +$100/ -$70

Daily Price Outlook

The USD/JPY pair demonstrates consistent movement around the 147.86 mark, encountering challenges in surpassing it. Notably, the stochastic oscillator is now exhibiting a positive convergence, potentially propelling the pair to breach the aforementioned level and aim for our subsequent target at 149.00.

The prevailing bullish channel underpins the anticipated upward trajectory, contingent upon the price's ability to remain stable above the 147.30 threshold. For today, we project a trading range between the support level of 147.00 and a resistance at 148.70.

USD/JPY - Trade Idea 

Entry Price – Buy Stop 148.000

Take Profit – 149.040

Stop Loss – 147.286

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1040/ -$714

Profit & Loss Per Micro Lot = +$104/ -$71

Daily Price Outlook

The AUD/USD pair is currently evaluating the support of its intraday bullish channel and maintaining its position above this line, indicating potential upward movement towards our anticipated target of 0.6345. This outlook is bolstered by the positive indicators from the stochastic oscillator.

The EMA50 underpins the price, adding further weight to the anticipated uptrend. This bullish perspective will hold unless the price breaks the 0.6400 level and sustains below it at the daily close. Today, we anticipate the trading range to span between a support level of 0.6390 and a resistance point of 0.6490.

AUD/USD - Trade Idea 

Entry Price – Sell Limit 0.64393

Take Profit – 0.64001

Stop Loss – 0.64671

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$392/ -$278

Profit & Loss Per Micro Lot = +$392/ -$27