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Daily Technical analysis for May 06, 2021

EUR/USD

The EURUSD approaches the target

The EURUSD pair shows some slight bullish bias after approaching our waited target at 1.1975, affected by stochastic positivity, while the EMA50 keeps forming negative pressure against the price.

Therefore, we believe that the chances valid to resume the bearish trend that its targets extend to 1.1880 after surpassing the above mentioned level, reminding you that the continuation of the bearish wave requires holding below 1.2064.

The expected trading range for today is between 1.1920 support and 1.2064 resistance.

The expected trend for today: Bearish

GBP/USD

The GBPUSD attempts positively

The GBPUSD pair settles above the EMA50, providing some positive attempts that hint heading to resume the expected bullish trend for the upcoming period, which target testing 1.3975 level initially.

Therefore, we are waiting for positive trades today conditioned by the price stability above 1.3820.

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

The expected trend for today: Bullish

USD/JPY

The USDJPY within a positive pattern

The USDJPY pair’s recent trades are confined within bullish pennant pattern that its signs appear on the chart, thus, the price needs to breach 109.40 to activate the positive effect of the mentioned pattern followed by rallying towards our first waited target at 110.00.

Therefore, the bullish trend scenario will remain valid and active for the upcoming period conditioned by the price stability above 109.22 – 109.10 levels.

The expected trading range for today is between 108.60 support and 110.00 resistance

The expected trend for today: Bullish

Gold price breaches the resistance

Gold price had enough by touching 1770.00 level, to rebound bullishly and breach the intraday bearish channel’s resistance, which stop the temporary negative scenario and lead the price to resume the main bullish trend again, paving the way to head towards 1800.00 followed by 1838.00 levels as next main stations.

The EMA50 supports the expected rise, noting that breaking 1784.00 will put the price under the negative pressure again to head towards testing 1765.00 mainly.

The expected trading range for today is between 1775.00 support and 1810.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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