Daily Price Outlook

The gold price is currently teetering just below the critical mark of $1929.00, but it's not sitting still! Amid timid yet intriguing positive trading, the precious metal managed to stage a bounce back. However, all eyes are on the Stochastic indicator, which seems to have lost its positive momentum, eagerly waiting for the price to unveil its next move. Will it resume its downward journey, targeting the intriguing level of $1913.15?

The stakes are high as the downward trend awaits continuation, with all eyes on the intriguing Double Top pattern that has been completed. To maintain this exciting bearish momentum, the price must strive to remain below $1945.20.

Today's trading is sure to keep traders on their toes, with an expected trading range of $1915.00 to $1945.00. The suspense builds as we eagerly watch the thrilling price action unfold!

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1936

Take Profit – 1925

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1100/ -$900

Profit & Loss Per Micro Lot = +$110/ -$90

Daily Price Outlook

EUR/USD continues its intriguing journey as it tests the crucial resistance level at 1.0955. Despite its efforts to breach this pivotal point, the pair has managed to hold on below it, keeping the downward trend intact. Traders eagerly await the next move, with potential targets at 1.0880 and 1.0835, making for an exciting market outlook.

Adding to the intrigue, the Stochastic indicator has lost its positive momentum and entered overbought territory, providing further support for the resumption of the downward trend. However, it's important to keep an eye on potential game-changers – a breakthrough of 1.0955, followed by 1.0990, could effectively thwart the negative scenario and redirect prices towards the main upward trend.

As we gear up for today's trading, the anticipated range stands between the support level of 1.0850 and the resistance level of 1.1000. The excitement builds as we navigate the potential twists and turns of the market!

EUR/USD - Trade Idea

Entry Price – Sell Below 1.09585

Take Profit – 1.08750

Stop Loss – 1.09999

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$835/ -$414

Profit & Loss Per Micro Lot = +$83/ -$41

Daily Price Outlook

The AUD/USD pair made a valiant attempt to break through the 0.6550 level but encountered robust support, leading to a momentary wavering just above it. Meanwhile, the Stochastic indicator has climbed to overbought levels, fueling speculation of a potential return to negative trading and a possible breach of the aforementioned support, which could then open the path towards 0.6400 as the next significant target.

As the battle between bulls and bears unfolds, the dominant outlook points towards a continued downward trend in the intraday and short-term levels. However, if the 0.6550 level manages to hold firm against negative pressure, it could effectively halt the bearish scenario and propel the price higher, introducing a twist to the narrative.

Market participants are bracing themselves for today's trading, anticipating a range between the support level of 0.6500 and the resistance level of 0.6600. The tension rises as we eagerly await the outcome of this exciting market dynamic!

AUD/USD - Trade Idea

Entry Price – Sell Limit 0.65990

Take Profit – 0.65148

Stop Loss – 0.66831

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$842/ -$841

Profit & Loss Per Micro Lot = +$84/ -$84

Daily Price Outlook

EUR/USD has successfully reached its first negative target at 1.0935, and there are indications of further downward movement in the upcoming sessions, potentially leading to the next significant target at 1.0835.

As we closely monitor the intraday levels, the 50 SMA is exerting negative pressure on the pair. However, there is a possibility of a potential reversal if EUR/USD manages to pierce through the resistance levels at 1.0955 and 1.0990, effectively halting the current downward trend and steering the pair back into the ascending channel.

For today's trading, we anticipate the EUR/USD to move within the trading range of support at 1.0840 and resistance at 1.1000. As per our analysis, the expected trend for today remains bearish.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.09495

Take Profit – 1.08757

Stop Loss – 1.10182

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$738/ -$687

Profit & Loss Per Micro Lot = +$73/ -$68

Daily Price Outlook

Gold prices made a significant move by breaking through the critical level at $1,945.20 during yesterday's trading session. This sharp reversal has set the stage for further correctional decline, and our analysis suggests that the price is likely to target $1,929.00 and then $1,913.15 as the next key levels.

In the short term, the downward trend appears to be dominant, with the price forming a Double Top pattern, adding more pressure on the downside and potentially pushing the price towards the $1,905.00 mark. However, it is essential to note that if the price manages to breach the resistance at $1,945.20, it could effectively thwart the negative pressure and pave the way for a potential recovery.

For today's trading, we anticipate the price to move within the range of support at $1,915.00 and resistance at $1,945.00. As per our analysis, the expected trend for today remains bearish.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1936

Take Profit – 1925

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1100/ -$900

Profit & Loss Per Micro Lot = +$110/ -$90

Daily Price Outlook

Yesterday, the GBP/USD pair experienced a bearish trend, successfully reaching the initial target at 1.2725, and even closing below it. This development strengthens the possibility of a continued downward correctional trend, with the next significant target at 1.2625.

The formation of a Double Top pattern signals further negativity, potentially leading the price to test 1.2500. As long as the price remains below 1.2835, the bearish trend is likely to persist.

For today's trading, we expect the GBP/USD to move within the range of support at 1.2620 and resistance at 1.2790. Our analysis indicates a bearish trend for today's session.

GBP/USD - Trade Idea

Entry Price – Sell Below 1.27278

Take Profit – 1.26003

Stop Loss – 1.28268

Risk to Reward – 1: 1.29

Profit & Loss Per Standard Lot = +$1275/ -$990

Profit & Loss Per Micro Lot = +$127/ -$99

Daily Price Outlook

The USD/JPY pair has shown a sustained upward trend in early trading today, supported by the short-term upward correctional trend and the presence of a trend line. Additionally, trading above the 50-day SMA and positive signals from the RSI, despite reaching overbought levels, have further bolstered the bullish sentiment.

Considering these factors, we anticipate that the USD/JPY pair will continue to gain momentum, with the next key target being the pivotal resistance level of 145.00.

Our price prediction for today suggests a trading range between the support level of 141.50 and the resistance level of 145.00, indicating potential opportunities for bullish moves.

Traders are advised to closely monitor the price action and consider the bullish trend in their trading strategies for the USD/JPY pair. However, it is essential to exercise caution and implement risk management practices, given the dynamic nature of the market.

USD/JPY - Trade Idea

Entry Price – Sell Below 143.149

Take Profit – 141.927

Stop Loss – 144.178

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$122/ -$102

Profit & Loss Per Micro Lot = +$12/ -$10

Daily Price Outlook

In a captivating turn of events, EUR/USD has made a remarkable rebound, finding sturdy support in the medium-term upward trend line and the 50-day SMA. This surge in positive momentum has lifted the pair to new heights in early trading today, following its recent pursuit to discover a bottom.

Adding to the thrill, the RSI's favorable signals, after a daring venture into oversold territory, are now doubling down on the positive pressures, setting the stage for an exhilarating ride in the upcoming trading sessions.

As we buckle up for this thrilling journey, all eyes are on the target - the initial resistance at 1.1130. But, hold on tight, as this thrilling ascent is contingent upon the pivotal support level of 1.0970 holding firm.

The adventure doesn't end there! The projected trading range for today promises heart-racing action between the support level of 1.0865 and the resistance level of 1.1130.

Today's price prediction reads like a thrilling plot twist - it leans bullish! Traders are in for an adrenaline-pumping experience as they closely observe the price action and devise their trading strategies for EUR/USD.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09487

Take Profit – 1.11015

Stop Loss – 1.08594

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1528/ -$893

Daily Price Outlook

USD/CAD advanced during intraday trading, subsequently testing the crucial resistance level at 1.3300. Additionally, it approached the resistance of the 50-day SMA and tested the short-term downward secondary trend line. The RSI displayed negative signals after entering the overbought zone.

Based on these factors, we anticipate the pair to retrace lower, with a target towards the initial support at 1.3200, under the condition that the resistance at 1.3300 remains intact.

The projected trading range for today lies between the support level of 1.3200 and the resistance level of 1.3300.

Our price prediction for today suggests a likely bullish trend. Traders are advised to closely monitor the price action and consider this bullish outlook when planning their trading strategies for USD/CAD. However, prudent risk management practices should be implemented due to the dynamic nature of the market. 

USD/CAD - Trade Idea

Entry Price – Buy Above 1.32618

Take Profit – 1.33822

Stop Loss – 1.31970

Risk to Reward – 1: 1.86

Profit & Loss Per Standard Lot = +$120/ -$64

Daily Price Outlook

The EUR/USD pair is currently at an intriguing juncture as it approaches the crucial resistance level at 1.1055. Interestingly, we observe a calm decline from this resistance point, and the pair is now hovering near the primary support line of a bullish channel.

Adding to the excitement, the chart reveals the price staying below the neckline of a double top pattern, while the EMA50 exerts its influence with negative pressure. Moreover, the stochastic indicator is signaling a negative overlap, adding further intrigue to the mix.

In light of these compelling factors, our forecast leans towards a bearish bias in the upcoming trading sessions. This prompts us to set our initial targets on breaking the support line of the bullish channel.

Should this support be breached, it may potentially pave the way for further declines, with potential targets at 1.0935, followed by 1.0835 once the previous level is surpassed.

However, we must remain alert to the possibility of a game-changer, as breaching the 1.1055 resistance level would invalidate the bearish scenario, leading the price to potentially resume its main bullish trajectory, and setting sights on the 1.1170 areas as the initial target.

Today's trading session promises excitement within the range of 1.0920 support and 1.1070 resistance, keeping traders on their toes and providing ample opportunities for strategic moves.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.10382

Take Profit – 1.09503

Stop Loss – 1.10958

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$879/ -$576

Profit & Loss Per Micro Lot = +$87/ -$57