The GBPJPY pair confirmed the stability of the bullish scenario by forming a new bullish rally yesterday, achieving the initial target by hitting 203.50 level, to settle above $161.8 Fibonacci extension level at 202.50.
The continuation of providing positive momentum by the main indicators will increase the strength of the bullish track, to expect attacking the barrier at 203.95, and surpassing it will open the way for reaching new stations that might begin from 204.60 and 205.25, while changing the trend and begin the bearish corrective track requires forming sharp decline to settle below the extra support at 201.70.
The expected trading range for today is between 202.60 and 203.95
Trend forecast: Bullish
Platinum price activated with stochastic negativity, to renew the bearish corrective attempts by reaching below $1605.00 level, suffering clear losses by hitting $1490.00 level.
Note that the price attempt to settle below 61.8%Fibonacci extension level at $1525.00 will increase the chances of resuming the negative corrective attack, to expect targeting $1465.00 and $1440.00.
The expected trading range for today is between $1465.00 and $1570.00
Trend forecast: Bearish
No news for copper price, to keep providing sideways trading, due to the continuation of the contradiction between the main indicators and the stability below $5.0600 barrier, to increase the chances of forming corrective trading in the near-term period.
Stochastic attempt to provide negative momentum by its exit from the overbought level that might force the price to attack the extra support at $4.7500, while achieving this breach will open the way for achieving extra gains that might begin at $5.2000.
The expected trading range for today is between $4.7500 and $5.0600
Trend forecast: Fluctuated within the bullish track
The (ETHUSD) price declined in its last intraday trading, affected by the negative technical formation on the short-term basis (the rising wedge pattern), with the continuation of the negative pressure due to its trading below EMA50, which reduces the recovery chances on the near-term basis, amid the negative signals’ emergence on the relative strength indicators, after offloading its oversold conditions, opening the way for recording more of the downside moves in the upcoming period.
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