Daily Technical analysis for May 04, 2021

Midday update for the EURUSD

The EURUSD pair bounced downwards clearly after testing 1.2064 level, which support the continuation of our bearish overview efficiently for the upcoming sessions, and the way is open to achieve our waited target at 1.1975, noting that stochastic provides negative trades that we expect to motivate the price to break the mentioned level and open the way to head towards 1.1880 as a next negative station.

Therefore, we will continue to suggest the bearish trend unless breaching 1.2064 and holding above it.

The expected trading range for today is between 1.1970 support and 1.2120 resistance.

The expected trend for today: Bearish

Midday update for the GBPUSD

The GBPUSD pair shows negative trades now affected by stochastic negativity, waiting to lean on the key support 1.3820 and return to resume the rise again.

Until now, the bullish trend scenario still valid and active for the upcoming period conditioned by the price stability above the mentioned support, reminding you that our first main target is located at 1.3975.

The expected trading range for today is between 1.3820 support and 1.4000 resistance.

The expected trend for today: Bullish

The USDJPY under the negative pressure 

The USDJPY pair faced clear negative pressure yesterday to break 109.22 level and settle at the intraday bullish channel’s support line that appears on the chart, accompanied by stochastic reach to the oversold areas, while the EMA50 provides the positive support to the price.

Therefore, we believe that the chances valid to resume yesterday’s suggested bullish trend, which depends on the price stability above 108.80, while our next main target is located at 110.00.

The expected trading range for today is between 108.60 support and 109.80 resistance

The expected trend for today: Bullish

Midday update for Gold

Gold price tests the support base formed above 1785.00 after breaching it previously and keeps its stability above it until now, which keep the bullish trend scenario active for today, waiting to head towards 1838.00 as a next main target, reminding you that breaking the mentioned support will put the price under negative pressure that targets visiting 1765.00 areas before any new positive attempt.

The expected trading range for today is between 1780.00 support and 1810.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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