Daily Price Outlook

In a captivating turn of events, EUR/USD has made a remarkable rebound, finding sturdy support in the medium-term upward trend line and the 50-day SMA. This surge in positive momentum has lifted the pair to new heights in early trading today, following its recent pursuit to discover a bottom.

Adding to the thrill, the RSI's favorable signals, after a daring venture into oversold territory, are now doubling down on the positive pressures, setting the stage for an exhilarating ride in the upcoming trading sessions.

As we buckle up for this thrilling journey, all eyes are on the target - the initial resistance at 1.1130. But, hold on tight, as this thrilling ascent is contingent upon the pivotal support level of 1.0970 holding firm.

The adventure doesn't end there! The projected trading range for today promises heart-racing action between the support level of 1.0865 and the resistance level of 1.1130.

Today's price prediction reads like a thrilling plot twist - it leans bullish! Traders are in for an adrenaline-pumping experience as they closely observe the price action and devise their trading strategies for EUR/USD.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.09487

Take Profit – 1.11015

Stop Loss – 1.08594

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1528/ -$893

Daily Price Outlook

The USD/JPY pair has shown a sustained upward trend in early trading today, supported by the short-term upward correctional trend and the presence of a trend line. Additionally, trading above the 50-day SMA and positive signals from the RSI, despite reaching overbought levels, have further bolstered the bullish sentiment.

Considering these factors, we anticipate that the USD/JPY pair will continue to gain momentum, with the next key target being the pivotal resistance level of 145.00.

Our price prediction for today suggests a trading range between the support level of 141.50 and the resistance level of 145.00, indicating potential opportunities for bullish moves.

Traders are advised to closely monitor the price action and consider the bullish trend in their trading strategies for the USD/JPY pair. However, it is essential to exercise caution and implement risk management practices, given the dynamic nature of the market.

USD/JPY - Trade Idea

Entry Price – Sell Below 143.149

Take Profit – 141.927

Stop Loss – 144.178

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$122/ -$102

Profit & Loss Per Micro Lot = +$12/ -$10

Daily Price Outlook

The USD/JPY currency pair has prolonged its upward rally and remains strong above the 143.00 level. The pair has experienced a robust rally for three days in a row, reaching a three-week high. However, the Japanese Yen has been weighed down by the Bank of Japan's (BoJ) dovish outlook, as Governor Kazuo Ueda emphasizes the need for continued monetary support and potential further easing.

Besides this, an unscheduled bond-buying operation by the Japanese central bank added to the JPY's weakness. These factors, combined with a risk-on sentiment in the markets, are providing support for the USD/JPY currency pair.

Positive Market Sentiment and Fed Rate Hike Expectations Boost USD/JPY

Investors are feeling very positive about China's potential stimulus measures, which are outweighing concerns about weaker data and contributing to the rise in global equity markets. Moreover, the US Dollar is gaining strength, pushing the USD/JPY pair higher. The USD Index is currently at its highest level since July 10, driven by expectations of further policy tightening by the Federal Reserve (Fed). The recent upbeat US GDP report and comments from Fed Chair Jerome Powell have increased expectations of a rate hike. Higher US Treasury bond yields are also providing support to the USD.

US Economic Data and Risk Sentiment Influence USD/JPY

Investors are keeping a close eye on the upcoming ISM Manufacturing PMI and JOLTS Job Openings data in the US. These indicators could impact the USD price and, along with global risk sentiment, further boost the USD/JPY pair. The fundamental outlook suggests that the pair is likely to continue moving higher, with ongoing support for the USD and downward pressure on the JPY. As the week unfolds, investors will closely monitor economic developments and statements from central banks that could influence the direction of the USD/JPY pair.

USD/JPY - Technical Analysis

The USD/JPY pair exhibits a stronger bullish bias as it approaches our initial target at 143.05. A detailed analysis of the chart reveals the completion of a double bottom pattern, indicating positive targets beyond the mentioned level, with potential objectives at 144.00, followed by 145.05.

Consequently, we maintain our outlook for a bullish trend in the upcoming period, anticipating favorable momentum to drive the price towards the expected targets. It is essential to emphasize that sustaining above 141.40 is crucial to ensure the continuity of the bullish wave.

For today's trading, we anticipate the price to trade within the range of 142.00 support and 143.50 resistance.

Daily Price Outlook

Gold price displayed a notable upswing in the preceding session, edging closer to our anticipated target at $1,977.25. Subsequently, a mild retracement occurred, testing the EMA50, influenced by a negative stochastic momentum.

Nevertheless, we maintain a positive outlook and expect a resumption of bullish trades to retest the aforementioned level. Vigilance is essential as the price approaches $1,977.25, as surpassing this level is pivotal in achieving further gains, with the subsequent target set at $2,000.00.

Conversely, a breach of the support at $1,945.20 would halt the envisioned upward movement, redirecting the price towards a corrective bearish trajectory, with potential objectives at $1,929.00 and $1,913.15.

In today's trading, the projected trading range is positioned between the support at $1,945.00 and the resistance at $1,977.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1965

Take Profit – 1955

Stop Loss – 1975

Risk to Reward – 1: 1

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

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

Daily Price Outlook

The USD/JPY pair exhibits a stronger bullish bias as it approaches our initial target at 143.05. A detailed analysis of the chart reveals the completion of a double bottom pattern, indicating positive targets beyond the mentioned level, with potential objectives at 144.00, followed by 145.05.

Consequently, we maintain our outlook for a bullish trend in the upcoming period, anticipating favorable momentum to drive the price towards the expected targets. It is essential to emphasize that sustaining above 141.40 is crucial to ensure the continuity of the bullish wave.

For today's trading, we anticipate the price to trade within the range of 142.00 support and 143.50 resistance.

USD/JPY - Trade Idea

Entry Price – Buy Above 142.269

Take Profit – 143.803

Stop Loss – 141.424

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1534/ -$845

Profit & Loss Per Micro Lot = +$153/ -$84

Daily Price Outlook

The EUR/USD pair is currently at an intriguing juncture as it approaches the crucial resistance level at 1.1055. Interestingly, we observe a calm decline from this resistance point, and the pair is now hovering near the primary support line of a bullish channel.

Adding to the excitement, the chart reveals the price staying below the neckline of a double top pattern, while the EMA50 exerts its influence with negative pressure. Moreover, the stochastic indicator is signaling a negative overlap, adding further intrigue to the mix.

In light of these compelling factors, our forecast leans towards a bearish bias in the upcoming trading sessions. This prompts us to set our initial targets on breaking the support line of the bullish channel.

Should this support be breached, it may potentially pave the way for further declines, with potential targets at 1.0935, followed by 1.0835 once the previous level is surpassed.

However, we must remain alert to the possibility of a game-changer, as breaching the 1.1055 resistance level would invalidate the bearish scenario, leading the price to potentially resume its main bullish trajectory, and setting sights on the 1.1170 areas as the initial target.

Today's trading session promises excitement within the range of 1.0920 support and 1.1070 resistance, keeping traders on their toes and providing ample opportunities for strategic moves.

EUR/USD - Trade Idea

Entry Price – Sell Limit 1.10382

Take Profit – 1.09503

Stop Loss – 1.10958

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$879/ -$576

Profit & Loss Per Micro Lot = +$87/ -$57

Daily Price Outlook

The gold price saw an upward bounce from the 1945.20 level in recent sessions, testing the resistance at the EMA50, which is currently at $1960.00. A potential break above this level could pave the way for a move towards the next main target at $1977.25.

Hence, a bullish trend is expected on an intraday basis, contingent upon the price remaining stable above $1945.20. However, a break below this level would introduce negative factors, potentially leading to further declines towards $1929.00 and subsequently $1913.15.

The projected trading range for today lies between the support level of $1945.00 and the resistance level of $1977.00.

 GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1960

Take Profit – 1945

Stop Loss – 1970

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

The AUD/USD pair faced a brief dip below the 0.6665 level but has since shown signs of recovery, prompting a positive start to the day and signaling a potential bullish bias in the upcoming sessions. The pair is expected to aim for the 0.6780 level in the short term.

The bullish trend is supported by the positive stance of the stochastic indicator. However, it is crucial to monitor the 0.6665 level, as a break below it and sustained trading below this point could halt the anticipated rise and lead to further losses.

For today's trading, the projected range is expected to be between the support level at 0.6630 and the resistance level at 0.6750.

Overall, the outlook suggests a bullish trend for today's session, but cautious observation of key levels is essential in navigating potential market movements.

 AUD/USD - Trade Idea

Entry Price – Buy Limit 0.66563

Take Profit – 0.67218

Stop Loss – 0.66145

Risk to Reward – 1: 1.57

Profit & Loss Per Standard Lot = +$655/ -$418

Profit & Loss Per Micro Lot = +$65/ -$41

Daily Price Outlook

The EUR/USD pair has approached a significant resistance level at 1.1055 and is now experiencing a gradual decline, moving closer to the main bullish channel's support line. Notably, the price remains below the neckline of a double top pattern, which is visible on the chart.

Additionally, the EMA50 is exerting downward pressure on the price, and the stochastic indicator is currently showing negative overlap.

Considering these factors, it is prudent to adopt a bearish bias for the upcoming sessions. The initial targets for the bearish scenario involve breaking below the bullish channel's support line, potentially leading to further declines towards 1.0935 and 1.0835 levels upon surpassing the previous level of support.

However, a breach of the key resistance level at 1.1055 would invalidate the bearish scenario and signal a potential resumption of the main bullish trend, with potential targets around the 1.1170 areas initially.

For today's trading, the projected range is expected to lie between the support level at 1.0920 and the resistance level at 1.1070.

 EUR/USD - Trade Idea

Entry Price – Sell Limit 1.10653

Take Profit – 1.09503

Stop Loss – 1.11643

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1150/ -$990

Profit & Loss Per Micro Lot = +$115/ -$99

Daily Price Outlook

The price of gold has consolidated above the level of $1945.20, indicating potential signs of a bullish rebound. The stochastic positivity observed on the four-hour timeframe suggests a bullish bias in the upcoming sessions, with the price potentially aiming to test the level of $1977.25.

As long as the price remains above $1955.00, the overall positive scenario remains valid, reinforcing the positive outlook. However, if the price breaks below $1945.20, the suggested bullish trend may come to a halt, leading to a potential decline in the price.

For today's trading, the expected range is between support at $1940.00 and resistance at $1975.00. The expected trend for today is bullish.

 GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1945

Take Profit – 1965

Stop Loss – 1935

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100