Daily Price Outlook

The USD/JPY pair exhibited pronounced bearish activity yesterday, breaking through the 146.55 mark to touch 145.90. However, it has since oscillated around the initial level, influenced by the fading positive momentum of the stochastic indicator. Additionally, the EMA50 exerts downward pressure on the price.

Given these dynamics, we are inclined to forecast continued bearish tendencies in forthcoming sessions. It's imperative to note that our subsequent primary target stands at 145.55. Any breach beyond 146.90 would negate the anticipated decline, potentially realigning the pair with its primary bullish trajectory. Today, we project a trading range between a support level of 145.80 and resistance at 147.40.

USD/JPY - Trade Idea 

Entry Price – Buy Limit 146.454

Take Profit – 147.955

Stop Loss – 145.709

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$150/ -$74

Profit & Loss Per Micro Lot = +$15/ -$7

Daily Price Outlook

The AUD/USD pair remains steadfast, maintaining its position above the 0.6400 mark, thus reinforcing the prevailing bullish outlook. The next primary target in sight stands at 0.6545. The current negative trajectory of the Stochastic indicator may temporarily impede upward momentum.

However, we anticipate a shift towards a positive momentum that could bolster the pair towards the aforementioned targets. It's crucial to note that sustaining a position above 0.6400 is pivotal for the continuation of this bullish trajectory. For today, we forecast the pair to trade within a range, with support at 0.6390 and resistance capped at 0.6490.

AUD/USD - Trade Idea 

Entry Price – Buy Limit 0.64095

Take Profit – 0.64499

Stop Loss – 0.63835

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$404/ -$260

Profit & Loss Per Micro Lot = +$40/ -$26

Daily Price Outlook

The GBP/USD pair is revisiting the 1.2505 mark. Recent higher lows observed indicate a potential ascent in the upcoming trading sessions. If the pair exceeds the aforementioned level, it is poised to approach 1.2625.

Today's outlook is inclined towards a bullish trend, bolstered by favorable indications from the stochastic oscillator. It's important to note, however, that if the pair cannot surpass the 1.2505 threshold, it might revert to its predominant bearish trajectory with an aim towards 1.2395.

We project the GBP/USD's trading spectrum for the day to span between a 1.2430 support and a 1.2590 resistance. The day's anticipated trend is bullish.

GBP/USD - Trade Idea 

Entry Price – Buy Above 1.25117

Take Profit – 1.25735

Stop Loss – 1.24606

Risk to Reward – 1: 1.21

Profit & Loss Per Standard Lot = +$618/ -$511

Profit & Loss Per Micro Lot = +$61/ -$51

Daily Price Outlook

The price of gold experienced a notable decline upon encountering a robust resistance at $1,929.00. However, today's market opening indicates an upward trajectory, as the commodity seeks to resume its optimistic inclinations. A successful breach of the aforementioned resistance would pave the way for an ascent towards a primary target of $1,945.20.

Given these dynamics, our projection maintains a bullish orientation for the foreseeable future. The stochastic oscillator is poised for a favorable convergence, which further accentuates the optimistic outlook. It's essential to highlight that a breach below $1,913.15 would negate this bullish sentiment, potentially initiating a downward reversal in price. For today's trading, we anticipate gold to fluctuate within a range bounded by a support at $1,913.00 and resistance at $1,940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1924

Take Profit – 1934

Stop Loss – 1915

Risk to Reward – 1: 1.1

Profit & Loss Per Standard Lot = +$1000/ -$900

Profit & Loss Per Micro Lot = +$100/ -$90

Daily Price Outlook

The EUR/USD pair has initiated today with an upward trajectory, distancing itself from the 1.0700 threshold. Current indications from the stochastic oscillator suggest a positive convergence, leading us to anticipate potential gains in the forthcoming sessions. The immediate target is set at 1.0785; a breach of this level could further propel the pair towards the 1.0880 region in the short term.

It's pivotal to mention that if the pair struggles to surpass 1.0785, it may revert to its primary bearish course. Conversely, a descent below the 1.0700 mark would nullify our projected bullish outlook, inducing a decline. For today's trading, we forecast the EUR/USD to oscillate between a support level of 1.0650 and a resistance at 1.0810.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.07225

Take Profit – 1.07666

Stop Loss – 1.06871

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$441/ -$354

Profit & Loss Per Micro Lot = +$44/ -$35

Daily Price Outlook

The EUR/USD currency pair has firmly established support at the 1.0700 threshold, currently exhibiting a mild upward tendency, influenced by positive stochastic readings. There's potential for the pair to approach and test the pivotal 1.0785 resistance level before anticipated retracement.

The descending channel remains a dominant force in dictating the primary bearish trajectory, with the EMA50 consistently reinforcing this movement. The overarching bearish outlook remains intact for the foreseeable future unless the currency manages to breach and sustain above the 1.0785 mark. It's worth noting that our subsequent significant objective is pegged at 1.0635.

Today's trading range is projected between the support at 1.0635 and resistance at 1.0785.

EUR/USD - Trade Idea 

Entry Price – Sell Below 1.07314

Take Profit – 1.06872

Stop Loss – 1.07716

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$442/ -$402

Profit & Loss Per Micro Lot = +$44/ -$40

Daily Price Outlook

The gold price began today's trading on a notably positive note, breaking free from the recent intraday bearish constraints. It is now on course to achieve anticipated gains in the forthcoming sessions. Key milestones include surpassing the $1,929 mark, which would signify a trajectory towards $1,945.20 as the next primary target.

Thus, a bullish outlook is forecasted for today, bolstered by optimistic stochastic indicators. It's crucial to note that maintaining above the $1,929 level is pivotal for this bullish wave. Failure to do so could counteract this positive trend and result in a price pullback.

Today's anticipated trading range lies between a support of $1,915 and a resistance of $1,945.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1930

Take Profit – 1938

Stop Loss – 1922

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$800/ -$800

Profit & Loss Per Micro Lot = +$80/ -$80

Daily Price Outlook

The technical outlook for the S&P 500 presents a captivating picture. While there have been slight variations akin to light rain, the $4400 level captures my focus. A detailed look indicates the 50-day exponential moving average providing solid resistance around $4475.

What stands out is the affirmation from candle closures below this mark, indicating a potential downward trend. Examining the technical metrics, both the relative strength index and the moving average convergence divergence indicators remain stable in the sell zone, hinting chances of a bearish movement.

Furthermore, the S&P 500 showcases the potential to target the $4390 mark. Achieving this could set the stage for the next target at $4350. On the flip side, bullish cross above $4475 might push the index towards the $4500 or $4545 areas. Given these insights, it's wise to stay alert and consider a selling around the $4475 mark for the day.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Below 4465

Take Profit – 4395

Stop Loss – 4500

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$700/ -$350

Profit & Loss Per Micro Lot = +$70/ -$35

Daily Price Outlook

The USD/JPY pair encountered a brief downtrend, touching the 147.00 barrier, before regaining momentum in an attempt to continue its anticipated bullish trajectory in both the intraday and short-term scopes.

The positive forecast remains grounded, bolstered by the EMA50 which underpins the price. It's essential to note that a breach of the 146.55 level might instigate a temporary bearish correction before the price ascends once more.

For today, the projected trading spectrum is demarcated between the support at 147.00 and the resistance at 148.40

USD/JPY - Trade Idea

Entry Price – Buy Above 147.030

Take Profit – 149.144

Stop Loss – 145.713

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$211/ -$131

Profit & Loss Per Micro Lot = +$21/ -$13

Daily Price Outlook

The EUR/USD pair continues its bearish trajectory, approaching our primary forecasted level at 1.0700. As the market opened, the currency exhibited a lateral movement, signaling an anticipation of further bearish momentum to guide the price towards its subsequent target at 1.0635.

The descending channel remains a dominant factor in steering the anticipated bearish movement, further bolstered by the consistent influence of the EMA50. It's crucial to underscore that sustaining this bearish course hinges on the price maintaining below the thresholds of 1.0785 and 1.0815.

Today's trading parameters are projected to span from a support level at 1.0635 to a resistance level at 1.0785.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.07362

Take Profit – 1.06704

Stop Loss – 1.07762

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$658/ -$400

Profit & Loss Per Micro Lot = +$65/ -$40