EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The EUR/USD pair is currently consolidating within a sideways pattern, as depicted on the chart. It is noteworthy that the stochastic indicator is displaying positive momentum and entering the positive zone, potentially signaling a resumption of the bullish trend. Our primary target for the upward movement remains at 1.1418.
Consequently, our outlook for the immediate future continues to favor a bullish trend. Nevertheless, it is essential to remain mindful that a breach below the 1.1200 level may trigger a corrective bearish phase, with initial targets at 1.1170 and further extending to 1.1105, before any subsequent attempt to rally.
The anticipated trading range for today is projected to lie between the support level at 1.1170 and the resistance level at 1.1310.
EUR/USD - Trade Idea
Entry Price – Sell Limit 1.12477
Take Profit – 1.10933
Stop Loss – 1.13392
Risk to Reward – 1: 1.16
Profit & Loss Per Standard Lot = +$154/ -$91
Profit & Loss Per Micro Lot= +$15/ -$9
BTC/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
Bitcoin's price is making an upward attempt from the $29,500 level, with the potential to gain bullish momentum if it surpasses the resistance at $30,200.
The recent price movement followed a bearish path, breaking below the $30,200 pivot level and testing support at $29,500. However, a low has been formed around $29,500, leading to a fresh increase in price.
If the price manages to break the trend line and surpass the 61.8% Fibonacci retracement level of the downward move, starting from the swing high at $30,448 to the low at $29,500, the first major resistance will be encountered near $30,200.
A close above this level could initiate a fresh increase, targeting the next major resistance at $30,500 and potentially reaching the $31,000 resistance zone.
However, if Bitcoin fails to clear the $30,200 resistance, further downside movement may occur. Immediate support can be found around the $29,650 level, followed by a major support level near $29,500.
A break below this level could lead to bearish momentum, potentially pushing the price towards the $29,200 support zone. Any additional losses might bring the price down towards the $28,750 level in the near term.
BTC/USD - Trade Idea
Entry Price – Sell Limit 30405
Take Profit – 28766
Stop Loss – 31237
Risk to Reward – 1: 1.19
Profit & Loss Per Standard Lot = +$1639/ -$832
Profit & Loss Per Micro Lot= +$163/ -$83
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
Gold prices settle around the $1,977.25 level, encountering strong resistance at this point. We await positive momentum to drive the price above this level and toward our next targets, starting at $2,000.00 and extending to $2,016.90.
The EMA50 continues to support the anticipated bullish trend, influenced by the previously completed double bottom pattern.
It is important to note that if the price consolidates around the $1,977.25 level despite bullish attempts, it may face intraday downward pressure, targeting the $1,945.20 level before any new upward movement.
The projected trading range for today is between support at $1,960.00 and resistance at $1,995.00.
GOLD (XAU/USD) - Trade Idea
Entry Price – Sell Limit 1980
Take Profit – 1965
Stop Loss – 1989
Risk to Reward – 1: 1.67
Profit & Loss Per Standard Lot = +$1500/ -$900
Profit & Loss Per Micro Lot= +$150/ -$90
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The EUR/USD pair kicks off the day with positive momentum, signaling renewed efforts to break through the resistance of the current sideways range visible on the chart. This development reinforces expectations of a continued bullish trend in the upcoming sessions, with the next target set at 1.1275.
Sustaining levels above 1.1200 holds significant importance for the continuation of the suggested bullish wave. As the rise is anticipated to persist, additional positive targets are within reach, with the potential to surpass the aforementioned level and target 1.1418.
Traders should monitor the expected trading range for today, which is projected to span between the support level of 1.1170 and the resistance level of 1.1330.
In summary, the EUR/USD pair shows promising signs for a bullish breakout as it sets its sights on a key resistance level.
EUR/USD - Trade Idea
Entry Price – Buy Above 1.12086
Take Profit – 1.13650
Stop Loss – 1.10903
Risk to Reward – 1:1.3
Profit & Loss Per Standard Lot = +$156/ -$118
Profit & Loss Per Micro Lot= +$15/ -$11
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
Gold prices tested the $1,945.20 level and exhibited a bullish bounce, indicating a potential resumption of the anticipated bullish movement on an intraday basis. The initial target for this upward wave is set at the $1,977.25 level.
The presence of the EMA50 provides support for the expected rise, which is further reinforced by the double bottom pattern observed on the chart. These factors increase the likelihood of surpassing the aforementioned target and heading towards the $2,000.00 level, followed by the $2,016.90 area as the next significant milestones.
As long as the price remains above the $1,945.20 level, the bullish trend scenario remains valid and in play. A breach of this level, followed by a drop below the $1,935.10 level, would raise concerns and potentially negate the bullish outlook.
Today's expected trading range is between support at $1,945.00 and resistance at $1,980.00.
Overall, the outlook for today remains bullish, with the potential for further upward movement in gold prices.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Limit 1954
Take Profit – 1970
Stop Loss – 1945
Risk to Reward – 1:1.7
Profit & Loss Per Standard Lot = +$1600/ -$900
Profit & Loss Per Micro Lot= +$160/ -$90
USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The USD/JPY pair is currently trading within a rising wedge pattern, as indicated on the chart. In order to establish a bearish momentum and resume the corrective downtrend, the price needs to break below the support line of this pattern at 138.50.
This would potentially push the price lower towards the initial targets at 137.35 and further extend to 135.55 upon surpassing the previous level.
Considering the negative readings from key technical indicators, we maintain our bearish outlook for the near future.
However, if the price manages to breach above 139.17, it would halt the current downward pressure and potentially lead to an attempt to regain the primary bullish trend.
For today's trading, the anticipated range is between support at 137.60 and resistance at 139.17.
USD/JPY - Trade Idea
Entry Price – Sell Limit 138.969
Take Profit – 137.268
Stop Loss – 140.070
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$170/ -$110
Profit & Loss Per Micro Lot= +$17/ -$11
EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The EUR/USD pair is currently trading in a sideways manner within a tight range, as indicated on the chart. It is noteworthy that the stochastic indicator is showing signs of improvement, hinting at a potential shift towards positive momentum.
This positive momentum could potentially support the continuation of the main bullish trend, with the next target set at 1.1275.
Hence, our previously optimistic outlook remains intact and valid for the near future, with the support of the EMA50. It should be noted that surpassing the targeted level may extend the bullish wave towards 1.1418.
However, if the price breaks below 1.1200, a temporary intraday bearish correction may occur before the upward movement resumes.
EUR/USD - Trade Idea
Entry Price – Sell Limit 1.12632
Take Profit – 1.11016
Stop Loss – 1.13322
Risk to Reward – 1: 2.3
Profit & Loss Per Standard Lot = +$1616/ -$690
Profit & Loss Per Micro Lot= +$161/ -$69
USD/JPY Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
The USD/JPY pair experienced a strong support level at 137.35, leading to a noticeable upward rebound and a subsequent test of the key resistance level at 139.17.
However, it is worth mentioning that the price failed to break above this level and has started to show signs of consolidation.
This indicates a potential resumption of the correctional bearish trend in the upcoming sessions, with a target of revisiting the support at 137.35. Breaking below this level would further push the price towards the next correctional target at 135.55.
The current negative overlap of the stochastic indicator reinforces the likelihood of a resumption of negative trades today, supporting the overall bearish bias unless there is a breach of the resistance level at 139.17 and a sustained hold above it.
USD/JPY - Trade Idea
Entry Price – Sell Limit 138.969
Take Profit – 137.268
Stop Loss – 140.070
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$170/ -$110
Profit & Loss Per Micro Lot= +$17/ -$11
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
Gold prices show a slight negative movement, potentially testing the key support level at $1945.20. It is worth noting that the EMA50 intersects with this level, providing additional strength. The stochastic indicator indicates clear positive momentum.
Therefore, there is a valid possibility for the expected bullish trend to resume on an intraday basis, with a target of $1977.25.
This prediction is influenced by the presence of a double bottom pattern on the chart. However, if the price breaks below $1945.20, followed by $1935.10, the anticipated rise will be halted, and a decline may occur.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Limit 1950
Take Profit – 1970
Stop Loss – 1940
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$2000/ -$1000
Profit & Loss Per Micro Lot= +$200/ -$100
GOLD Price Analysis – July 14, 2023
Daily Price Outlook
After a resilient rally that brought the gold price (XAU/USD) close to $1,960.00 on Thursday, the market is currently exhibiting a lack of clear direction. Despite the June report on the Producer Price Index (PPI) indicating a slowdown in household demand and the maintenance of the 2% inflation target, the precious metal has been unable to capitalize on these developments.
The price of gold is attempting a recovery despite a significant decline in the US Dollar Index (DXY). The DXY has breached its psychological support level of 100.00 and is currently trading at 99.65. This decline in the USD Index has been fueled by growing expectations that the Federal Reserve (Fed) will announce only one interest rate hike for the remainder of the year.
Contrary to market expectations, Fed Governor Christopher Waller believes that two additional interest rate increases are necessary to bring inflation down to 2%. Waller's hawkish comment has given the US Treasury yields some additional strength, with the 10-year US Treasury note yield currently hovering around 3.77%.
GOLD Price Chart – Source: Tradingview
Gold (XAU/USD) Technical analysis
Gold prices have entered a period of consolidation since yesterday, as they await a favorable momentum to resume the expected bullish movement on an intraday basis. The target for this upward movement is set at $1,977.25.
We anticipate surpassing this level and reaching additional positive targets, supported by the completion of a double bottom pattern and the presence of the EMA50 indicator.
However, it is important to monitor the price closely, as a break below the levels of $1,945.20 and $1,935.60 would disrupt the anticipated rise and trigger a decline in the market.
For today's trading, the projected range is expected to be between the support level at $1,950.00 and the resistance level at $1,985.00.
Overall, the trend for today remains bullish, but caution is advised and close attention should be paid to any potential breakouts or reversals in the price.