Daily Price Outlook

    * USD/JPY is trading around the 109.750 level, with a significant double top pattern forming near 109.700 on the two-hour timeframe.

    * An ascending trendline is providing crucial support, indicating a potential bullish dominance in the market. The 50-day exponential moving average, RSI, and MACD are also supportive of a bullish outlook.

    * Traders should consider buying opportunities near the 109.700 level, targeting resistance at 110.750. However, a break below the 109.300 support level could lead to a decline towards 108.700.

On Wednesday, the USD/JPY currency pair was seen trading around the 109.750 level. From a technical perspective, there is evidence of a double top pattern forming on the two-hour timeframe, posing a significant obstacle around the 109.700 level. If buyers can successfully push the price above this level, there is a strong possibility of a bullish continuation.

Furthermore, there is an ascending trendline providing crucial support to USD/JPY. This suggests that the bullish sentiment is likely to dominate the market. Additionally, the 50-day exponential moving average and other leading indicators such as RSI and MACD are holding steady, supporting the bullish outlook.

Given the current situation, today's strategy is to look for buying opportunities around the 109.700 level with a target resistance at 110.750. However, if the USD/JPY pair breaks below the support level of 109.300, it could potentially decline towards the next key support at 108.700.

It is crucial to keep a close eye on the 109.700 level as a break above it may attract buyers in the USD/JPY currency pair.

USD/JPY - Trade Idea

Entry Price – Buy Above 136.700

Stop Loss – 135.992

Take Profit – 137.731

Risk to Reward – 1 : 1.45

Profit & Loss Per Standard Lot = +$1030/ -$700

Profit & Loss Per Micro Lot = +$103/ -$70

Daily Price Outlook

    * Bitcoin is trading around the $27,000 level during the Asian session.

    * A descending channel and a double bottom pattern are providing potential support levels at $26,850 and $26,750, respectively.

    * Bitcoin's price above $26,750 suggests a possibility of a bullish trend continuation with targets at $27,250 and potentially $27,650. However, a break below $26,750 may lead to a decline towards $26,200.

During the Asian session, the price of Bitcoin is trading around the $27,000 level. On the two-hour timeframe, Bitcoin has formed a descending channel, providing support around the $26,850 level. Additionally, there is a double bottom pattern that may act as a support level around $26,750. This range can serve as a pivotal point for Bitcoin, as long as it remains above $26,750 and within the channel, suggesting the possibility of a bullish trend continuation.

Analyzing the RSI and MACD, both leading technical indicators, they are in neutral territory. Bitcoin's price is fluctuating above and below the 50-day exponential moving average, indicating mixed sentiment among investors. Thus, today's pivotal point is likely to be at the $26,750 level.

If Bitcoin manages to hold above this level, it is advisable to consider buying positions with targets set at $27,250 and potentially $27,650. On the downside, a break below $26,750 could lead to a decline towards $26,200.

BTC/USD - Trade Idea

Entry Price – Buy Above 26750

Stop Loss – 26400

Take Profit – 27750

Risk to Reward – 1 : 2.85

Profit & Loss Per Standard Lot = +$1000/ -$350

Profit & Loss Per Micro Lot = +$100/ -$35

Daily Price Outlook

    * GBP/USD is trading at 1.2470 during the Asian session.

    * Resistance is observed around 1.2496, causing selling pressure and pushing the pair lower.

    * The 50-day exponential moving average acts as resistance at 1.2485, while support is expected near 1.2440, reinforced by a double bottom pattern. A break below may lead to a decline towards 1.2400. Traders should monitor for a decisive break and consider closing positions near 1.2440.

During the Asian session, the GBP/USD currency pair is currently trading at the 1.2470 level. On the two-hour timeframe, there is a significant resistance around the 1.2496 level. After failing to break above this resistance, selling pressure has pushed the pair lower.

The 50-day exponential moving average is providing a notable resistance around the 1.2485 level. On the downside, the GBP/USD pair is likely to find support near the 1.2440 level.

This support level is reinforced by a double bottom pattern, and a break below it has the potential to expose the pair towards the 1.2400 level. It is important to note that a double bottom pattern often leads to an upward movement.

Therefore, the current strategy is to target the 1.2440 level until a decisive break below occurs. Traders may consider closing their positions near the 1.2440 level.

GBP/USD - Trade Idea

Entry Price – Sell Below 1.24942

Stop Loss – 1.25363

Take Profit – 1.24421

Risk to Reward – 1 : 1.24

Profit & Loss Per Standard Lot = +$520/ -$420

Profit & Loss Per Micro Lot = +$52/ -$42

Daily Price Outlook

    * The AUD/USD pair has surpassed the 0.6665 level, suggesting the possibility of an intraday bullish wave. However, resistance is observed at 0.6705, and the stochastic indicator shows negative signals.

    * There is a valid chance for the bearish wave to resume if the price breaks below 0.6665, with a target around 0.6550. A breach of the resistance at 0.6705 would invalidate the decline and potentially lead to additional gains.

    * Today's trading range is expected to have support at 0.6610 and resistance at 0.6725. Based on this, our forecast for today remains bearish.

The AUD/USD pair has successfully surpassed the 0.6665 level and established a position above it, indicating a potential formation of an intraday bullish wave. However, it is important to note that the EMA50 has acted as a significant resistance level at 0.6705. Additionally, the stochastic indicator is currently showing clear negative signals.

Considering these factors, we maintain the view that there is a valid possibility for the bearish wave to resume in the upcoming period. To provide further confirmation of the continuation of the bearish bias, it is necessary for the price to break below 0.6665.

This would pave the way for the pair to target the 0.6550 area as the next major objective. It is worth mentioning that a breach of the resistance at 0.6705 would invalidate the suggested decline and open the potential for additional gains, potentially reaching 0.6780.

For today's trading range, we anticipate support at 0.6610 and resistance at 0.6725. Therefore, our forecast for today is bearish.

AUD/USD Trade Idea

Entry Price – Sell Below 0.6710

Stop Loss – 0.6740

Take Profit – 0.6638

Risk to Reward – 1 : 1.50

Profit & Loss Per Standard Lot = +$736/ -$489

Profit & Loss Per Micro Lot = +$73/ -$48

Daily Price Outlook

    * EUR/USD currently trades at 1.0880, facing pressure from a strong US dollar. It declined from 1.100 to 1.0842 but found support at 1.0840, forming a double bottom pattern.

    * RSI and MACD indicators indicate a potential corrective move. MACD approaches zero from overbought, signaling bullish sentiment. RSI crosses above 20 and holds near 40, supporting the likelihood of a correction.

    * Resistance is expected around 1.0920 for EUR/USD, with a breakout potentially leading to upward movement towards 1.0944 or 1.10068. A break below 1.0840 may target the next support level at 1.00787.

Today, the EUR/USD currency pair is trading at the 1.0880 level. Recent strength in the US dollar exerted downward pressure on the euro, causing it to decline from the 1.100 level to the 1.0842 level.

However, the EUR/USD pair found support around the 1.0840 level, forming a double bottom pattern. The significance of this level is highlighted by the closing of candles, which has the potential to trigger a bullish move.

Analyzing the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators, we observe that the MACD is emerging from the overbought zone and is currently approaching the zero level, suggesting a dominant bullish sentiment.

Similarly, the RSI is also recovering from the oversold zone and is now holding around the 40 level after crossing above the 20 oversold level. These indicators collectively indicate the likelihood of an upcoming corrective move.

On the upside, the EUR/USD pair is likely to encounter resistance around the 1.0920 level. Further beyond this, a breakout above the 1.0920 level could potentially lead to an upward move towards the 1.0944 or 1.10068 levels.

Conversely, if the EUR/USD pair breaks below the 1.0840 level, it may target the next support level at 1.00787.

EUR/USD - Trade Idea

Entry Price – Buy 1.08424

Stop Loss – 1.08030

Take Profit – 1.09431

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$1007/ -$394

Profit & Loss Per Micro Lot = +$100/ -$39

Daily Price Outlook

    * Gold prices remained stable around $2016.95, maintaining the bearish trend with a target of $1977.25.

    * The Stochastic indicator signals a potential continuation of the decline, supported by the EMA50. However, a breakout above $2016.95 and $2027.20 could indicate a shift towards a bullish trend.

    * The expected trading range for today is between $1995.00 support and $2027.00 resistance.

Gold prices have held steady around the $2016.95 mark, displaying little change since yesterday. The current bearish trend remains intact, suggesting a potential correctional target of $1977.25.

Significantly, the Stochastic indicator is indicating clear negative signals, indicating a possible continuation of the anticipated decline. This negative pressure is reinforced by the presence of the EMA50 indicator.

However, it is worth noting that a breakthrough above the key levels of $2016.95 and $2027.20 could invalidate the bearish scenario and potentially trigger a renewed attempt to regain the main bullish trend.

For today's trading session, market participants should anticipate a trading range between the support level of $1995.00 and the resistance level of $2027.00. Based on current market conditions, the overall forecast suggests a bearish trend for the day.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Stop $2000

Stop Loss – $2025

Take Profit – $1975

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$2500/ -$2500

Profit & Loss Per Micro Lot = +$250/ -$250

Daily Price Outlook

    *

Gold prices dip below $2016.95, signaling ongoing bearish correction and potential decline towards $1977.25.

    *

Stochastic indicator loses positive momentum, further indicating a possible downturn.

    *

Outlook remains bearish unless there is a breakthrough above $2016.95 and $2024.00 levels with sustained hold.

Gold prices have dropped below the $2016.95 level, indicating a continued bearish correction and a potential decline towards the target level of $1977.25. The EMA50 is exerting downward pressure on the price, supporting the ongoing bearish trend.

It is important to note that the stochastic indicator has clearly lost its positive momentum, adding to the signals that suggest a further decline.

Consequently, our outlook remains bearish for the near future, unless there is a breakthrough above the $2016.95 level followed by $2024.00, and a sustained hold above these levels.

The projected trading range for today is expected to be between the support level of $1995.00 and the resistance level of $2025.00.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2005

Stop Loss – $1990

Take Profit – $2040

Risk to Reward – 1 : 2.33

Profit & Loss Per Standard Lot = +$3500/ -$1500

Profit & Loss Per Micro Lot = +$350/ -$150

Daily Price Outlook

    * The EUR/USD pair ended last Friday below the 1.0865 level, confirming the prevailing bearish correction and indicating a potential decline towards the 1.0795 target.

    * The 50-day Exponential Moving Average (EMA50) continues to exert downward pressure on the price, supporting the expected continuation of the bearish trend. However, some sideways movement influenced by positive stochastic indicators could occur while waiting for a negative catalyst to drive the price towards the target.

    * Our forecast remains bearish for the foreseeable future. It's worth noting that a break above the 1.0865 level, followed by the 1.0880 level, could disrupt the bearish wave and lead to an attempt to resume the primary bullish trend.

The EUR/USD pair concluded last Friday beneath the 1.0865 mark, further solidifying the ongoing dominance of bearish correction, and setting the stage for a potential decline towards the 1.0795 target.

The 50-day Exponential Moving Average (EMA50) exerts persistent downward pressure on the price, thereby supporting the anticipated continuation of the bearish trend. However, some sideways movement influenced by positive stochastic indicators could occur, awaiting a negative catalyst to push the price towards the anticipated target.

Consequently, our forecast remains bearish for the foreseeable future. It's important to note that a breach of the 1.0865 mark, followed by the 1.0880 level, could disrupt the bearish wave and prompt the price to attempt to resume the primary bullish trend.

The projected trading range for today lies between a support level of 1.0770 and a resistance level of 1.0920.

EUR/USD Price Chart - Source: Tradingview

EUR/USD - Trade Idea

Entry Price – Buy 1.08424

Stop Loss – 1.08030

Take Profit – 1.09431

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$1007/ -$394

Profit & Loss Per Micro Lot = +$100/ -$39

Daily Price Outlook

    * Bitcoin breaks above the $27,000 barrier, but needs to surpass $27,800 for a substantial upward move.

    * Price correction follows a low near $25,851, with a bullish trend line break near $27,000 on the BTC/USD hourly chart.

    * Resistance levels are seen at $27,400 and $27,800, while support lies at $27,000 and the 100 hourly Simple Moving Average.

The price of bitcoin is showing signs of life as it breaks beyond the $27,000 barrier. Bitcoin, however, has to break over the $27,800 resistance level before any substantial upward movement can occur. Before the bulls came in, the price had fallen below $27,000 and had gotten as low as $26,200.

The price has formed a low around $25,851 and is currently correcting higher. A key bearish trend line near $27,000 on the hourly chart of BTC/USD has been broken, and the currency pair is now trading above both $26,500 and that line.

Bitcoin's current price is above the 50% Fibonacci retracement level of the fall from the $28,334 swing high to the $25,851 low. Price is trading above the 100 hourly Simple Moving Average and $26,500.

The 61.8% Fibonacci retracement level of the recent decline ($27,400) is providing initial resistance. Close to $27,800 is the next major barrier to growth.

If the price is able to close above $27,800, it may begin a solid uptrend. The next significant resistance level is about $28,000, above which the price might rise to $28,500.

But if Bitcoin can't go through $27,400, we might see another drop. On the downside, $27,000 and the 100 hourly Simple Moving Average provide near-term support.

If prices drop below the $26,500 area, the market may experience further weakness. In that case, it's possible that the price will fall back to the $26,000 level. Bitcoin's next significant support is at $25,000, so if prices keep falling, that's where it might end up.

BTC/USD - Trade Idea

Entry Price – Buy Above $27300

Stop Loss – $26750

Take Profit – $28300

Risk to Reward – 1 : 1.8

Profit & Loss Per Standard Lot = +$1000/ -$550

Profit & Loss Per Micro Lot = +$100/ -$55

Daily Price Outlook

    * Gold is exhibiting a strong bearish bias, declining from $2017 to $2007.

    * The four-hour chart shows a significant bearish engulfing candle, indicating prevailing bearish sentiment.

    * Gold is likely to target the immediate support level at $2004, with potential further declines towards $1990 and $1982, influenced by the violation of an upward trend line.

Good morning, everyone. Today marks the final trading day of the week, and gold is currently displaying a strong bearish bias, having dropped from the $2017 level to $2007.

On the four-hour time frame, we can observe that gold has formed a significant bearish engulfing candle, completely engulfing the previous bullish candle. This indicates that the bearish sentiment is prevailing in the market.

Given the current bearish sentiment, it is highly likely that gold will target the immediate support level at $2004. A break below this level has the potential to drive gold prices towards $1990 and $1982. This bearish outlook is primarily influenced by the violation of an upward trend line visible on the four-hour time frame.

As long as gold prices continue to close below this trend line, the bearish sentiment is expected to dominate the market, unless we receive any supportive fundamental news from the US economy.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $2015

Stop Loss – $2025

Take Profit – $1990

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$2500/ -$1000

Profit & Loss Per Micro Lot = +$250/ -$100