Daily Price Outlook

The EUR/USD pair has maintained a sideways and narrow trajectory since yesterday. It's worth noting that the EMA50 indicator continues to exert downward pressure on the price, thus sustaining the bearish trend scenario. The confirmation of this scenario hinges on the breach of the 1.0955 level, which would validate the extension of the bearish movement toward the 1.0880 level.

The presence of a double top pattern's negative influence enhances the likelihood of further anticipated declines in the forthcoming sessions. It's crucial to emphasize that the continuity of the bearish trend necessitates staying below the 1.1030 level.

For today, the projected trading range spans from the support level of 1.0900 to the resistance level of 1.1030.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09770

Take Profit – 1.10380

Stop Loss – 1.09237

Risk to Reward – 1: 2.1

Profit & Loss Per Standard Lot = +$610/ -$533

Profit & Loss Per Micro Lot = +$61/ -$53

Daily Price Outlook

The EUR/USD pair made an effort to surpass the 1.0955 threshold but has commenced the day on a bullish note, influenced by the Stochastic indicator's positive outlook. Some interim gains are anticipated before the pair potentially resumes its downtrend.

The persistent downward pressure exerted by the EMA50 underscores the prevailing bearish correction trend, a sentiment further reinforced by the recently observed double top pattern on the chart.

In light of the current analysis, the bearish trajectory is projected to continue in the near term, with a key target pinpointed at 1.0880. It's imperative to note, however, that any breach above the 1.1030 level could negate this bearish forecast, redirecting the pair towards its primary bullish trajectory.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09445

Take Profit – 1.10403

Stop Loss – 1.08992

Risk to Reward – 1: 2.1

Profit & Loss Per Standard Lot = +$958/ -$453

Profit & Loss Per Micro Lot = +$95/ -$45

Daily Price Outlook

The AUD/USD pair closed beneath the 0.6550 benchmark yesterday, further solidifying the forecasted bearish trajectory for the imminent timeframe, with an eye on the 0.6400 mark as the subsequent pivotal target.

The prevailing bullish undertone, as indicated by the Stochastic's upbeat momentum, necessitates the pair to remain under the 0.6550 and 0.6600 thresholds to ensure the continuation of the anticipated bearish momentum. Surpassing these benchmarks could act as a catalyst for the pair's resurgence, initiating a potential rally towards the significant resistance set at 0.6665.

For today, the anticipated trading spectrum is projected to span from a support level of 0.6490 to a resistance of 0.6590. The day's overarching trend is expected to be bullish.

AUD/USD - Trade Idea

Entry Price – Buy Above 0.65281

Take Profit – 0.66089

Stop Loss – 0.64763

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$808/ -$518

Profit & Loss Per Micro Lot = +$80/ -$51

Daily Price Outlook

The closing of the gold price yesterday displayed a marked downtrend, decisively falling past the $1,929.00 threshold and underscoring the daily candlestick's settlement below it. This bolsters the anticipation of an enduring bearish trajectory, targeting a prominent level at $1,913.15.

The present optimistic inclination of the Stochastic indicator alludes to prospective affirmative trades at today's market commencement. On the flip side, the enduring bearish thrust imposed by the EMA50 emphasizes the probability of sustained bearish trends in the near future.

In summary, our evaluation tilts towards a dominant bearish outlook, driven by the conspicuous double top pattern depicted on the chart. This perspective will undergo reevaluation if the price successfully eclipses the $1,945.20 mark and retains its stature above that benchmark. The forecasted trading range for today is anticipated to hover between a floor of $1,915.00 and a ceiling of $1,945.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1928

Take Profit – 1940

Stop Loss – 1920

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1200/ -$800

Profit & Loss Per Micro Lot = +$120/ -$80

Daily Price Outlook

The EUR/USD pair exhibited marginal upward shifts during the preceding evening, scrutinizing the resistance posed by the EMA50. As we initiate the current trading day, a revitalized bearish sentiment has manifested, characterized by a trajectory aimed at revisiting the 1.0955 level.

This tactical move is congruent with the ongoing preservation of the bearish trend scenario, which persists as a consequence of the observed completion of a double top pattern. This specific pattern instigated a deviation from the previously observed bullish trajectory, subsequently initiating a bearish correction with its ensuing target positioned at 1.0880.

Consequently, we anticipate the continuation of negative market dynamics in the forthcoming trading sessions. However, it is prudent to acknowledge that a breach of the 1.1030 level would serve to mitigate the prevailing downward pressure, potentially redirecting the price towards the primary bullish trend.

The anticipated trading range for the present day is projected to fluctuate within the boundaries of support at 1.0900 and resistance at 1.1040.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09791

Take Profit – 1.10993

Stop Loss – 1.09063

Risk to Reward – 1: 1.65

Profit & Loss Per Standard Lot = +$1202/ -$728

Profit & Loss Per Micro Lot = +$120/ -$72

Daily Price Outlook

The gold price is displaying a more pronounced bearish inclination as it approaches the minor support level at $1929.00. The impending objective is to breach this level, thereby facilitating the achievement of our primary anticipated target positioned at $1913.15.

Consequently, our outlook maintains a bearish trajectory for the upcoming period, influenced by the previously formed double top pattern, in conjunction with the downward pressure exerted by the EMA50. It is important to note that surpassing $1945.20 would nullify the previously mentioned negative configuration, potentially prompting a price attempt to reestablish a bullish trend.

The projected trading range for today is anticipated to fluctuate between the support at $1915.00 and the resistance at $1945.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1940

Take Profit – 1925

Stop Loss – 1950

Risk to Reward – 1: 1.5

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

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

Daily Price Outlook

Examining the technical aspect of the S&P 500, its current trading stance centers around the 4475 support threshold. This support is further fortified by the 61.8% Fibonacci retracement level. However, it's important to acknowledge that both the relative strength index (RSI) and the moving average convergence and divergence (MACD) indicator are signaling bearish conditions, implying a significant likelihood of a downward correction.

At present, the immediate support is provided by the 61.8% retracement level and the 50-day exponential moving average, situated at 4475. Should the price undergo a bearish breach beneath this level, the next potential support lies around 4435.

Conversely, an optimistic scenario entails a breakout above the 4530 resistance level, which could pave the way for the S&P 500 index to target the resistance levels at 4560 or 4600.

For traders, vigilant monitoring of the 4500 level is imperative. This juncture presents a prospective selling opportunity in the event of a bearish breakdown, while a sustained support might indicate a favorable buying opportunity.

S&P500 (SPX) - Trade Idea

Entry Price – Buy Limit 4498

Take Profit – 4575

Stop Loss – 4457

Risk to Reward – 1: 1.88

Profit & Loss Per Standard Lot = +$770/ -$410

Profit & Loss Per Micro Lot = +$77/ -$41

Daily Price Outlook

Gold prices have recently engaged the crucial resistance level at $1945.20, yet have managed to maintain their stability below this level. This threshold acts as a significant obstacle to positive price fluctuations.

Notably, the Stochastic Oscillator indicates evident overbought conditions at present, which may potentially trigger a return to the anticipated intraday bearish wave, targeting the next level at $1913.15.

The 50-day Exponential Moving Average (EMA50) reinforces the likelihood of the projected bearish trend, a prediction that will stand as long as the price sustains below the $1945.20 level.

It should be noted that a breakthrough of the proposed target might instigate further losses for the price, potentially driving it towards $1893.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1940

Take Profit – 1925

Stop Loss – 1955

Risk to Reward – 1: 1

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

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

Daily Price Outlook

The EURUSD pair's upward march was halted at the 1.1030 level, which corresponds to the disrupted neckline of the double top pattern, as depicted on the chart. It's noteworthy that the price has begun to display a bearish rebound from this juncture, indicating a potential return to the correctional bearish wave and setting negative targets down to 1.0880.

Hence, we anticipate further bearish propensity in the forthcoming trading sessions, reinforced by the clear negativity exhibited by the Stochastic Oscillator. However, it should be noted that a breach of the 1.1030 level could interrupt the projected decline and steer the price back to the primary bullish trend.

Today's expected trading range lies between the 1.0900 support and 1.1050 resistance levels.

The predicted market trend for today is bearish.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.10147

Take Profit – 1.09257

Stop Loss – 1.10734

Risk to Reward – 1: 1.50

Profit & Loss Per Standard Lot = +$890/ -$587

Profit & Loss Per Micro Lot = +$89/ -$58

Daily Price Outlook

In the preceding sessions, the GBP/USD pair demonstrated new positive movements leading to a breach of the 1.2725 level. However, it's important to note that the 50-day Exponential Moving Average (EMA50) posed significant resistance to the price, thereby stalling the ascent and maintaining the double top pattern in play. The pair now appears poised to resume the bearish trend, with the next principal target situated at 1.2625.

The Stochastic Oscillator is exhibiting negative indications that support the continuation of the predicted bearish trend. However, it should be noted that a breach of the 1.2825 level could halt the bearish wave and prompt the price to reverse course and rise.

Today's anticipated trading range is between the 1.2650 support and 1.2800 resistance levels.

The market trend for today is expected to be bearish.

GBP/USD - Trade Idea

Entry Price – Sell Limit 1.27578

Take Profit – 1.26543

Stop Loss – 1.28457

Risk to Reward – 1: 1.50

Profit & Loss Per Standard Lot = +$1035/ -$879

Profit & Loss Per Micro Lot = +$103/ -$87