Daily Price Outlook

The GBPUSD pair has successfully surpassed our initial target at 1.2935, with the daily candlestick closing above this level. Today's trading session starts with additional positive momentum, indicating a further move away from this level and reinforcing our expectations for a continued bullish trend in the intraday and short-term perspective. The next target for the pair is set at 1.3010.

As a result, our bullish outlook remains intact, supported by the EMA50 providing underlying support. It is worth noting that a break below 1.2935 would invalidate the bullish bias and potentially lead to a reversal in price direction.

For today's trading, the expected range lies between the support level at 1.2900 and the resistance level at 1.3050.

Overall, the anticipated trend for today is deemed bullish, considering the price action and the support from technical indicators. Traders and investors should closely monitor the market conditions and assess price movements in light of these factors while making informed trading decisions.

GBP/USD - Trade ideas

Entry Price – Buy Above 1.29064

Take Profit – 1.30508

Stop Loss – 1.27914

Risk to Reward – 1: 1.26

Profit & Loss Per Standard Lot = +$1444/ -$1150

Profit & Loss Per Micro Lot = +$144/ -$115

Daily Price Outlook

The EUR/USD pair is exhibiting a more pronounced bullish bias as it initiates attempts to breach the 1.1105 level. This indicates a potential resumption of the bullish trend, signaling an end to the recent bearish correction that has characterized recent trades. The pair aims for further gains, targeting the next positive station at 1.1170.

Consequently, a bullish trend is anticipated for today, with expectations of gaining positive momentum to facilitate a breakthrough of the current areas and achieve further gains reaching 1.1210, followed by 1.1275 in the near-term. It is important to note that a break below 1.1055 would halt the positive scenario and prompt a potential decline in price.

Furthermore, it is crucial to consider the potential impact of the Federal Reserve's rate hike, as it is also likely to exert slight bearish pressure on the EUR/USD pair.

For today's trading, the projected range lies between the support level at 1.1040 and the resistance level at 1.1190.

EUR/USD - Trade ideas

Entry Price – Sell Limit 1.11432

Take Profit – 1.10680

Stop Loss – 1.11880

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$752/ -$448

Profit & Loss Per Micro Lot = +$75/ -$44

Daily Price Outlook

The GBP/USD pair successfully breached the 1.2870 level and established a solid support base above it, reinforcing the belief in a continued bullish trend. The next target levels are anticipated at 1.2935, followed by 1.3010.

However, it's worth noting that some technical indicators are showing negative signals, which may temporarily slow down the expected bullish movement. Traders are awaiting positive momentum that could assist in pushing the price towards the projected targets.

In this context, breaking below the support levels at 1.2870 and 1.2805 could halt the anticipated rise and potentially lead to additional bearish correction over the longer-term.

The expected trading range for today is between the support level of 1.2820 and the resistance level of 1.2980.

GBP/USD - Trade ideas

Entry Price – Buy Above 1.28467

Take Profit – 1.30493

Stop Loss – 1.27461

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$202/ -$100

Profit & Loss Per Micro Lot = +$20/ -$10

Daily Price Outlook

The AUD/USD pair started the day with evident bearish sentiment, attempting to distance itself from the 0.6780 level. This reinforces the expectation of a continued bearish trend in the upcoming sessions, with the next main target anticipated at 0.6665.

The impact of the double top pattern remains in effect, further supporting the likelihood of reaching the awaited targets.

Additionally, the technical indicators are currently showing negative signals. It is important to note that a breach of the 0.6780 level would halt the expected decline and potentially lead to a price increase.

Traders will closely monitor the FOMC and Fed rate decision, which could significantly impact the AUD/USD pair's movement.

For today, the projected trading range is between the support level at 0.6700 and the resistance level at 0.6810.

AUD/USD - Trade ideas

Entry Price – Sell Below 0.67760

Take Profit – 0.67203

Stop Loss – 0.68185

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$557/ -$425

Profit & Loss Per Micro Lot = +$55/ -$42

Daily Price Outlook

Gold price remained relatively stable yesterday, maintaining its position around $1,960.00, thereby sustaining the bearish trend scenario without any significant changes. The focus remains on the potential target at $1,945.20.

It is important to note that a breakthrough of the mentioned target level could lead to further losses, potentially driving gold price down to $1,913.15 in the short term.

On the other hand, a breach of $1,977.25 would be crucial in resuming the primary bullish trend and aiming for gains towards $2,000.00, followed by $2,016.90.

Today's projected trading range lies between the support level at $1,945.00 and the resistance level at $1,977.00.

Gold (XAU/USD) Trade ideas

Entry Price – Buy Above 1962

Take Profit – 1982

Stop Loss – 1946

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$2000/ -$1600

Profit & Loss Per Micro Lot = +$200/ -$160

Daily Price Outlook

Analyzing the technical aspect of the S&P 500, its current trading position revolves around the 4535 support level. This support is further reinforced by the 23.6% replacement ratio.

However, it is crucial to note that both the relative strength index (RSI) and the moving average convergence and divergence (MACD) indicator indicate overbought conditions, suggesting a high probability of a bearish correction.

Presently, the 23.6% retracement level and the 50-day exponential moving average offer immediate support at 4535. If the price experiences a bearish break below this level, it may encounter the 38.2% or 50% retracement levels at 4506 and 4484, respectively.

On the other hand, a bullish scenario involves a breakthrough above the 4580 resistance level, which could pave the way for the S&P 500 index to target the 468 or 466 resistance levels.

As traders, it is essential to closely monitor the 4535 level as it presents a potential selling opportunity in case of a bearish break, while a sustained support could signal a buying opportunity.

 S&P500 (SPX) - Trade Idea

Entry Price – Buy Limit 4532

Take Profit – 4625

Stop Loss – 4497

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$930/ -$350

Profit & Loss Per Micro Lot = +$93/ -$35

Daily Price Outlook

The GBP/USD pair has found robust support at the level of 1.2805 and has initiated a bullish rebound from this key level. This development indicates a potential resumption of the main bullish trend, which is aligned with the existing bullish channel evident on the chart.

As a result, the upcoming sessions are expected to witness a bullish trajectory, with positive targets identified at 1.2870, followed by 1.2935 and 1.3010.

However, it is worth noting that achieving the suggested targets will require additional positive momentum in the market.

Investors should be watchful of potential price action, as a break below the levels of 1.2805 and 1.2780 could signal a shift away from the bullish channel and a short-term decline in the price.

For today's trading activities, the anticipated range for the GBP/USD pair is expected to be between the support level of 1.2775 and the resistance level of 1.2930.

Traders are advised to closely monitor market movements and price behavior to make informed trading decisions during this period.

 GBP/USD - Trade Idea

Entry Price – Buy Above 1.27975

Take Profit – 1.29527

Stop Loss – 1.26921

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1552/ -$1054

Profit & Loss Per Micro Lot = +$155/ -$105

Daily Price Outlook

Gold prices experienced a downtrend and attempted to surpass the EMA50, but eventually settled around it. The current stochastic positivity influenced the fluctuations, while investors await negative momentum to push the price back into the bearish bias, with the primary target at $1,945.20.

We maintain a bearish view for the short term unless the price manages to rally and breach the level of $1,977.25, sustaining a position above it. Such a breakthrough could lead the price back to the main bullish trajectory. However, if the price breaks the support at $1,945.20, it could lead to further losses, reaching $1,913.15.

The expected trading range for today is between the support level of $1,945.00 and the resistance level of $1,977.00.

Gold (XAU/USD) Trade ideas

 Entry Price – Sell Limit 1965

 Take Profit – 1950

Stop Loss – 1970

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$1500/ -$500

Profit & Loss Per Micro Lot = +$150/ -$50

Daily Price Outlook

Gold prices have confirmed a break below the support line of the intraday bullish channel, indicating an upcoming decline towards the $1945.20 level. This suggests a bearish bias for today, and further confirmation of the bearish trend will occur if the price breaks below $1960.00.

However, it's important to note that this expected decline is temporary, and the bullish track is expected to resume later on. If the price breaks below the targeted level, it may face additional negative pressure, with the next target at $1913.15.

On the other hand, breaching the $1977.25 level will be a positive factor that could halt the current negative pressure and lead to a rise in the price.

Expected trading range for today: $1945.00 (support) to $1977.00 (resistance).

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Stop 1956

Take Profit – 1934

Stop Loss – 1967

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2200/ -$1100

Profit & Loss Per Micro Lot= +$220/ -$110

Daily Price Outlook

Taking a look at the technical side of the S&P 500, it is currently trading around the 4535 support level. This particular support divergence is being extended by the 23.6% replacement ratio.

However, upon examining the relative strength index (RSI) and moving average convergence and divergence (MACD) indicator, both of them are showing overbought conditions, suggesting that the chances of a bearish correction remain strong.

At the moment, the 23.6% retracement level, as well as the 50-day exponential moving average, are providing immediate support around 4535. In the event of a bearish break below this level, the SPX price is likely to be exposed to the 38.2% or 50% retracement levels, which are at 4506 and 4484 respectively.

An alternative scenario is a bullish break above the 4580 resistance level, which would likely expose the S&P 500 index towards the 468 or 466 resistance levels.

Therefore, we should monitor the 4535 level closely, as a bearish break below this support could present a selling opportunity. On the other hand, if the support holds, we can also consider a buying opportunity.

 S&P500 (SPX) - Trade Idea

Entry Price – Sell Stop 4524

Take Profit – 4483

Stop Loss – 4563

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$410/ -$390

Profit & Loss Per Micro Lot= +$41/ -$39