TraderNovo Market Analysis


Jan 25, 2016
Today's analysis by TraderNovo's analysis team:

The EURUSD pair continues to fluctuate in sideways track below 1.0890 level, while stochastic begins to hit the overbought levels, therefore, the chances available for resuming the bearish bias in the upcoming sessions, especially that the EMA50 keeps pushing negatively on the intraday and short term trading.

Therefore, we wait for heading towards 1.0750 level as a next main station, reminding you that breaking this level will extend the bearish wave to reach 1.0520 on the short- term basis, while holding below 1.0890 represents the first protection factor for the suggested bearish trend scenario continuation.

Expected trading range for today is between 1.0700 support and 1.0950 resistance.

Expected trend for today: Bearish


The GBPUSD pair
traded with clear positivity in yesterday’s evening to retest 1.4078 level that turns into critical resistance after breaking it previously, as long as the price below this level, so we prefer the continuation of the bearish trend in the upcoming period, supported by stochastic negativity that appears clearly on the above chart.

Therefore, the bearish bias will remain prefer on the intraday and short term basis, and the targets begin at 1.3820 and extend to 1.3653, reminding you that holding below 1.4078 represents an important condition for the continuation of the suggested negative scenario.

Expected trading range for today is between 1.3900 support and 1.4200 resistance.

Expected trend for today: Bearish


Gold price
traded positively yesterday evening to approach from the symmetrical triangle’s resistance that appears on chart located now at 1246.55, as the price needs to breach this level to activate the positive effect of this pattern, which will assist to push the price to continue the bullish trend that targets 1263.23 followed by 1300.00 levels on the near term basis.

Therefore, we will continue to suggest the bullish trend in the upcoming period supported by the EMA50, noting that stochastic current negativity might push the price for some temporary bearish bias before resuming the waited rise, which its continuation conditions holding above 1212.34 and the most important above 1180.86.

Expected trading range for today is between 1220.00 support and 1263.23 resistance.

Expected trend for today: Bullish

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