Daily Price Outlook

Analyzing the technical landscape of the S&P 500 reveals an interesting scenario. Despite minor fluctuations reminiscent of a drizzle, my attention has been directed towards the 4400 level. A closer examination unveils the 50-day exponential moving average acting as a robust support pillar at 4385.

The noteworthy development is the confirmation triggered by candle closures above this threshold, signaling a bullish inclination. Delving into the technical indicators, both the relative strength index and the moving average convergence divergence indicators exhibit a steady stance, lending weight to the potential for a sustained upward trajectory.

Moreover, a compelling possibility emerges as the S&P 500 demonstrates the capacity to aim for the 4420 level. Should this objective be realized, the subsequent milestone at 4450 looms on the horizon. Conversely, a breach below 4385 could steer the index towards the 4360 or 4336 vicinity. As prudent strategy dictates, maintaining a vigilant stance to seize a buying opportunity around the 4385 level is recommended for the day.

S&P500 (SPX) - Trade Idea

Entry Price – Buy Above 4388.7

Take Profit – 4420.9

Stop Loss – 4362.6

Risk to Reward – 1: 1.23

Profit & Loss Per Standard Lot = +$322/ -$261

Profit & Loss Per Micro Lot = +$32/ -$26

Daily Price Outlook

The GBP/USD pair exhibited a downward rebound subsequent to reaching the 1.2800 barrier in the preceding sessions. This movement aimed to test the established support level just above 1.2725. It is worth noting that the price is currently consolidating above this level, complemented by distinct positive signals observed in the stochastic indicator.

Consequently, we maintain the view that there are viable opportunities for the anticipated bullish sentiment to resume in the intraday context. This projection targets the 1.2825 level as the subsequent key target. It is important to highlight that a breach of the 1.2725 level would invalidate the positive scenario, potentially prompting a resumption of downward movement.

The anticipated trading range for the day is expected to be confined between the support at 1.2680 and the resistance at 1.2830.

GBP/USD - Trade Idea

Entry Price – Buy Above 1.27399

Take Profit – 1.27831

Stop Loss – 1.27018

Risk to Reward – 1: 13

Profit & Loss Per Standard Lot = +$432/ -$381

Profit & Loss Per Micro Lot = +$43/ -$38

Daily Price Outlook

The USD/JPY currency pair experienced an upward surge in the previous trading session, following a breach of the bullish flag's resistance line highlighted in our previous analysis. This propelled the pair towards the awaited positive target at 146.55. It's worth noting that the price's positive momentum has waned as it embarks on the current trading day.

Notably, the stochastic indicator exhibits a negative overlap, thereby bolstering the likelihood of potential downturns in the forthcoming sessions. This outlook anticipates a decline towards the levels of 145.15 and subsequently 144.55, identified as the primary negative waypoints.

Given the prevailing circumstances, a bearish bias is to be anticipated for today's trading session. It's pertinent to acknowledge that a breakthrough above the 146.55 level could trigger a resumption of the primary bullish trend, facilitating further gains with a potential target of 147.00. The projected trading range for the day is foreseen to span between the support level at 145.00 and the resistance level at 146.55.

USD/JPY - Trade Idea

Entry Price – Sell Below 146.060

Take Profit – 145.664

Stop Loss – 146.461

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$396/ -$401

Profit & Loss Per Micro Lot = +$39/ -$40

Daily Price Outlook

The price of gold has successfully breached the resistance of the bearish channel, establishing itself above this level and setting the stage for a bullish trajectory in the intraday scope. The focus of this bullish movement is directed towards the initial primary target at $1913.15. It's noteworthy that surpassing this level would signify the continuation of the upward trend, leading to further gains and potentially reaching the levels of $1929.00 and subsequently $1945.20.

Consequently, the prevailing sentiment points towards a bullish trend for today's trading session. A breach of the support level at $1897.00 would facilitate the accomplishment of the aforementioned targets, while breaking below $1889.35 would introduce a negative aspect, prompting the price to revert to a bearish course once again. The projected trading range for today is anticipated to fall between the support level at $1885.00 and the resistance level at $1913.15.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1894

Take Profit – 1902

Stop Loss – 1889

Risk to Reward – 1: 6

Profit & Loss Per Standard Lot = +$800/ -$500

Profit & Loss Per Micro Lot = +$80/ -$50

Daily Price Outlook

The EUR/USD currency pair concluded the previous day's trading session above the 1.0880 level, and as the new day commences, it carries forward an additional bullish inclination. This momentum has prompted a test of the EMA50, which forms a minor resistance point at 1.0915. This development indicates a potential for achieving projected gains within the intraday scope, with an initial target set at 1.0955. It's worth noting that surpassing this level could serve as a catalyst for the price to progress toward the next positive station at 1.1030.

Given the current trajectory, a continued bullish bias is anticipated for the present trading session. It is essential to highlight that any breach of the 1.0880 level would potentially curtail the projected upward movement, causing the price to revert to a correctional bearish phase. The projected trading range for the day is expected to fall between the support level at 1.0850 and the resistance level at 1.1000.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09046

Take Profit – 1.09330

Stop Loss – 1.08884

Risk to Reward – 1: 1.75

Profit & Loss Per Standard Lot = +$284/ -$162

Profit & Loss Per Micro Lot = +$28/ -$16

Daily Price Outlook

The AUD/USD pair maintains its fluctuation around the 0.6400 level, encountering challenges in achieving a decisive breakthrough. It is worth noting that the stochastic indicator is once again indicating a loss of positive momentum.

This development is anticipated to contribute to propelling the price towards a successful breach of this level, subsequently extending the decline on both the intraday and short-term scales. It is important to highlight that our next identified target stands at 0.6310.

Consequently, our outlook continues to lean towards a bearish trajectory for the forthcoming period, provided the price remains stable below the 0.6440 threshold. The projected trading range for the day spans between the support at 0.6350 and the resistance at 0.6450.

In terms of the anticipated trend for today, a bearish sentiment prevails.

AUD/USD - Trade Idea

Entry Price – Sell Below 0.64343

Take Profit – 0.63331

Stop Loss – 0.65008

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1012/ -$665

Profit & Loss Per Micro Lot = +$101/ -$66

Daily Price Outlook

The EUR/USD pair is exhibiting fluctuations near the 1.0880 level, while also making attempts to consolidate below it. Notably, the stochastic indicator is experiencing a decline in its positive momentum, approaching the overbought zones. Meanwhile, the EMA50 is exerting downward pressure on the price.

As a result, we hold the view that the likelihood of a resumption in the anticipated bearish trend remains valid for the upcoming period. The subsequent significant target lies at 1.0785. It's worth considering that a breach of the 1.0880 level could initiate recovery efforts, aiming for testing the 1.0955 mark before a clear trend direction becomes evident.

The trading range expected for today spans between the support at 1.0790 and the resistance at 1.0950.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08811

Take Profit – 1.08460

Stop Loss – 1.08992

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$351/ -$181

Profit & Loss Per Micro Lot = +$35/ -$18

Daily Price Outlook

The gold price has exhibited initial positive movement from today's opening, positioning itself for an anticipated examination of the resistance within the bearish channel. This trajectory is influenced by the current positive momentum of the stochastic indicator, suggesting a potential resumption of the bearish trend, with its next focal point projected around the $1873.50 mark.

The prevailing negative influence originating from the EMA50 reinforces the projected bearish wave. It's worth noting that, should the price manage to surpass the $1895.00 threshold, this could trigger additional upward momentum, potentially leading to a test of the noteworthy resistance at $1913.15, prior to any subsequent attempts at decline. The anticipated trading range for the day spans between the support at $1873.50 and the resistance at $1900.00.

In terms of the expected trend for today, a bearish sentiment is anticipated to persist.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Below 1893

Take Profit – 1882

Stop Loss – 1898

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1100/ -$500

Profit & Loss Per Micro Lot = +$110/ -$50

Daily Price Outlook

The gold price continued its downward movement in the previous session, reaching the level of $1885.00. This reinforces the prevailing outlook of a persistent bearish trend, with the subsequent target positioned at $1873.50.

The ongoing bearish wave remains well-defined within a structured bearish channel, consistently upheld by the EMA50. It's noteworthy that a breach above the $1900.00 level would prompt a test of the significant resistance at $1913.15, preceding any potential renewed decline.

Anticipated trading activity for the present day is projected to fluctuate within the range of support at $1873.50 and resistance at $1905.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1894

Take Profit – 1877

Stop Loss – 1904

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1700/ -$1000

Profit & Loss Per Micro Lot = +$170/ -$100

Daily Price Outlook

The EUR/USD pair is currently hovering around the 1.0880 mark, and its recent closure beneath this level sustains the bearish outlook for the foreseeable future. The subsequent target is set at 1.0785.

The influence of the EMA50 remains bearish, exerting downward pressure on the price and reinforcing the projected downtrend. This assessment is further supported by the presence of a double top pattern on the chart. It's noteworthy that a solid consolidation above 1.0880 would negate the negative scenario and potentially initiate a recovery phase, with an initial target at the 1.0955 level.

For the current day, the expected trading range spans between the support at 1.0790 and the resistance at 1.0950.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08890

Take Profit – 1.08401

Stop Loss – 1.09247

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$489/ -$357

Profit & Loss Per Micro Lot = +$48/ -$35