Daily Price Outlook

On the technical front, the S&P 500 index has exhibited a significant bearish candle on the three-day timeframe, commonly referred to as a "bearish engulfing" candlestick pattern. This candle has fully engulfed all the previous trading activity on July 24th, indicating a strong bearish sentiment among investors as the S&P 500 index closed in the red.

Furthermore, the index has broken below another important trend line that was providing support around the 4555 level. The closing of candles below this trend line suggests a high likelihood of a continued downtrend for the S&P 500 index.

On the downside, there is potential support around the 4530 level, and a substantial breach of this level could lead the SPX price to its next support level at 4500. Further continuation of the downtrend could bring the S&P 500 index down to the 4490 level.

Conversely, if the S&P 500 manages to hold above the 4530 level, it may find the potential to reach the next resistance level at 4560, and further strength could lead to resistance around 4580. Careful monitoring of these support and resistance levels will be crucial for traders as they navigate the current market conditions.

 S&P500 (SPX) - Trade Idea

Entry Price – Buy Limit 4528.02

Take Profit – 4558.84

Stop Loss – 4509.98

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$308/ -$180

Profit & Loss Per Micro Lot = +$30/ -$18

Daily Price Outlook

During yesterday's evening, the GBPUSD pair displayed significant bearish movement, breaking below the support line of the previously established bullish channel. Upon closer analysis of the chart, it becomes evident that the price has formed a double top pattern, signaling a potential decline in the upcoming trading sessions.

This bearish correction aligns with the longer-term perspective, considering the bullish wave measured from 1.2308 to 1.3142.

As such, we anticipate witnessing negative trades in the near future, with the next target set at 1.2725. However, it is essential to keep in mind that a breach of the 1.2825 level will halt the expected decline and pave the way for the price to resume the main bullish trend.

For today's trading range, we expect support at 1.2710 and resistance at 1.2880. Traders are advised to closely monitor price movements as the pair navigates this bearish correction phase.

 GBP/USD - Trade Idea

Entry Price – Buy Limit 1.27631

Take Profit – 1.28569

Stop Loss – 1.27165

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$938/ -$466

Profit & Loss Per Micro Lot = +$93/ -$46

Daily Price Outlook

The GBPUSD pair has successfully surpassed our initial target at 1.2935, with the daily candlestick closing above this level. Today's trading session starts with additional positive momentum, indicating a further move away from this level and reinforcing our expectations for a continued bullish trend in the intraday and short-term perspective. The next target for the pair is set at 1.3010.

As a result, our bullish outlook remains intact, supported by the EMA50 providing underlying support. It is worth noting that a break below 1.2935 would invalidate the bullish bias and potentially lead to a reversal in price direction.

For today's trading, the expected range lies between the support level at 1.2900 and the resistance level at 1.3050.

Overall, the anticipated trend for today is deemed bullish, considering the price action and the support from technical indicators. Traders and investors should closely monitor the market conditions and assess price movements in light of these factors while making informed trading decisions.

GBP/USD - Trade ideas

Entry Price – Buy Above 1.29064

Take Profit – 1.30508

Stop Loss – 1.27914

Risk to Reward – 1: 1.26

Profit & Loss Per Standard Lot = +$1444/ -$1150

Profit & Loss Per Micro Lot = +$144/ -$115

Daily Price Outlook

The EUR/USD pair is exhibiting a more pronounced bullish bias as it initiates attempts to breach the 1.1105 level. This indicates a potential resumption of the bullish trend, signaling an end to the recent bearish correction that has characterized recent trades. The pair aims for further gains, targeting the next positive station at 1.1170.

Consequently, a bullish trend is anticipated for today, with expectations of gaining positive momentum to facilitate a breakthrough of the current areas and achieve further gains reaching 1.1210, followed by 1.1275 in the near-term. It is important to note that a break below 1.1055 would halt the positive scenario and prompt a potential decline in price.

Furthermore, it is crucial to consider the potential impact of the Federal Reserve's rate hike, as it is also likely to exert slight bearish pressure on the EUR/USD pair.

For today's trading, the projected range lies between the support level at 1.1040 and the resistance level at 1.1190.

EUR/USD - Trade ideas

Entry Price – Sell Limit 1.11432

Take Profit – 1.10680

Stop Loss – 1.11880

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$752/ -$448

Profit & Loss Per Micro Lot = +$75/ -$44

Daily Price Outlook

The gold price continues its upward momentum, approaching the critical level of $1977.25 and attempting to break through it. A successful breach of this level would indicate a potential end to the recent bearish correction and signal a return to the main bullish trend. Subsequently, the price may target gains starting at $2000.00 and potentially extending to $2016.90.

Given the current market dynamics, a bullish bias is suggested for today, supported by the EMA50 providing underlying support. However, it is crucial to closely monitor the price's consolidation above $1977.25, as a failure to do so might impede the expected rise and lead to a potential decline.

The anticipated trading range for today is expected to be between the support level of $1965.00 and the resistance level of $1995.00.

Overall, the trend outlook for today is deemed bullish, considering the prevailing price action and technical indicators. Traders and investors should exercise diligence in evaluating market conditions and consider these factors while making trading decisions.

Gold (XAU/USD) Trade ideas

Entry Price – Buy Above 1970

Take Profit – 1995

Stop Loss – 1960

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$2500/ -$1000

Profit & Loss Per Micro Lot = +$250/ -$100

Daily Price Outlook

The GBP/USD pair successfully breached the 1.2870 level and established a solid support base above it, reinforcing the belief in a continued bullish trend. The next target levels are anticipated at 1.2935, followed by 1.3010.

However, it's worth noting that some technical indicators are showing negative signals, which may temporarily slow down the expected bullish movement. Traders are awaiting positive momentum that could assist in pushing the price towards the projected targets.

In this context, breaking below the support levels at 1.2870 and 1.2805 could halt the anticipated rise and potentially lead to additional bearish correction over the longer-term.

The expected trading range for today is between the support level of 1.2820 and the resistance level of 1.2980.

GBP/USD - Trade ideas

Entry Price – Buy Above 1.28467

Take Profit – 1.30493

Stop Loss – 1.27461

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$202/ -$100

Profit & Loss Per Micro Lot = +$20/ -$10

Daily Price Outlook

The AUD/USD pair started the day with evident bearish sentiment, attempting to distance itself from the 0.6780 level. This reinforces the expectation of a continued bearish trend in the upcoming sessions, with the next main target anticipated at 0.6665.

The impact of the double top pattern remains in effect, further supporting the likelihood of reaching the awaited targets.

Additionally, the technical indicators are currently showing negative signals. It is important to note that a breach of the 0.6780 level would halt the expected decline and potentially lead to a price increase.

Traders will closely monitor the FOMC and Fed rate decision, which could significantly impact the AUD/USD pair's movement.

For today, the projected trading range is between the support level at 0.6700 and the resistance level at 0.6810.

AUD/USD - Trade ideas

Entry Price – Sell Below 0.67760

Take Profit – 0.67203

Stop Loss – 0.68185

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$557/ -$425

Profit & Loss Per Micro Lot = +$55/ -$42

Daily Price Outlook

Gold price remained relatively stable yesterday, maintaining its position around $1,960.00, thereby sustaining the bearish trend scenario without any significant changes. The focus remains on the potential target at $1,945.20.

It is important to note that a breakthrough of the mentioned target level could lead to further losses, potentially driving gold price down to $1,913.15 in the short term.

On the other hand, a breach of $1,977.25 would be crucial in resuming the primary bullish trend and aiming for gains towards $2,000.00, followed by $2,016.90.

Today's projected trading range lies between the support level at $1,945.00 and the resistance level at $1,977.00.

Gold (XAU/USD) Trade ideas

Entry Price – Buy Above 1962

Take Profit – 1982

Stop Loss – 1946

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$2000/ -$1600

Profit & Loss Per Micro Lot = +$200/ -$160

Daily Price Outlook

The GBP/USD pair has found robust support at the level of 1.2805 and has initiated a bullish rebound from this key level. This development indicates a potential resumption of the main bullish trend, which is aligned with the existing bullish channel evident on the chart.

As a result, the upcoming sessions are expected to witness a bullish trajectory, with positive targets identified at 1.2870, followed by 1.2935 and 1.3010.

However, it is worth noting that achieving the suggested targets will require additional positive momentum in the market.

Investors should be watchful of potential price action, as a break below the levels of 1.2805 and 1.2780 could signal a shift away from the bullish channel and a short-term decline in the price.

For today's trading activities, the anticipated range for the GBP/USD pair is expected to be between the support level of 1.2775 and the resistance level of 1.2930.

Traders are advised to closely monitor market movements and price behavior to make informed trading decisions during this period.

 GBP/USD - Trade Idea

Entry Price – Buy Above 1.27975

Take Profit – 1.29527

Stop Loss – 1.26921

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$1552/ -$1054

Profit & Loss Per Micro Lot = +$155/ -$105

Daily Price Outlook

Gold prices experienced a downtrend and attempted to surpass the EMA50, but eventually settled around it. The current stochastic positivity influenced the fluctuations, while investors await negative momentum to push the price back into the bearish bias, with the primary target at $1,945.20.

We maintain a bearish view for the short term unless the price manages to rally and breach the level of $1,977.25, sustaining a position above it. Such a breakthrough could lead the price back to the main bullish trajectory. However, if the price breaks the support at $1,945.20, it could lead to further losses, reaching $1,913.15.

The expected trading range for today is between the support level of $1,945.00 and the resistance level of $1,977.00.

Gold (XAU/USD) Trade ideas

 Entry Price – Sell Limit 1965

 Take Profit – 1950

Stop Loss – 1970

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$1500/ -$500

Profit & Loss Per Micro Lot = +$150/ -$50