EUR/USD Price Analysis – April 13, 2023
Daily Price Outlook
Today, the EUR/USD currency pair is trading with a bullish bias around the 1.0985 level. However, the recent sharp bullish trend in the EUR/USD currency pair has led it into the overbought zone, and it is facing strong resistance around the 1.1000 level.
The formation of bearish engulfing and doji candles around the 1.1000 level has increased the likelihood of a downward trend continuation or bearish correction in the currency pair.
Simultaneously, leading technical indicators such as RSI and MACD have entered or are approaching the overbought zone, with the RSI value surpassing 70 and MACD forming strong green histograms.
Given this, bears may enter the market to capitalize on the oversold EUR/USD currency pair. We have applied a Fibonacci tool, which suggests that the EUR/USD currency pair may retrace to the 23.6% retracement level at 1.0960.
Continuing a bearish trend or correction could extend the downward movement to the 38.2% Fibonacci retracement level, found around 1.0936.
So, today's idea is to look for a sell position below the 1.1000 level, with a stop loss around the 1.1020 level and targeting support around the 1.0960 level or 1.0936 level.
EUR/USD Trade Idea
Entry Price – Sell Below 1.1000
Stop Loss – 1.1025
Take Profit – 1.0935
Risk to Reward – 1 : 2.5
Profit & Loss Per Standard Lot = +$640/ -$250
Profit & Loss Per Micro Lot = +$64/ -$25
Related:
* EUR/GBP Price Analysis – April 13 2023
EUR/GBP Price Analysis – April 13 2023
Daily Price Outlook
The EUR/GBP currency pair is trading around 0.8798, and it is likely to find immediate support around 0.8789. On the downside, the closing of candles above the 0.8789 level has the potential to initiate a bullish rebound in the EUR/GBP currency pair.
As seen on the three-hour timeframe chart below, the EUR/GBP currency pair has already breached a descending triangle pattern that was providing resistance around 0.8789 and support around 0.8766.
The closing of candles outside this triangle pattern is driving a bullish bias in the currency pair. Simultaneously, leading technical indicators, such as RSI and MACD, are both in a buying zone, with an RSI value of 62 and MACD above the zero level.
Both of these indicators suggest that the currency pair still has a bullish bias, and bulls may enter the market to capitalize on the bullish trend. Given this, it is crucial to monitor the 0.8789 level, as the closing of candles above this particular level has the potential to trigger a bullish bounce-off and lead the currency pair towards immediate resistance levels of 0.8810 or 0.8825.
Now, let's take a look at the trade idea given below.
EUR/GBP Trade Idea
Entry Price – Buy Above 0.8790
Stop Loss – 0.8770
Take Profit – 0.8820
Risk to Reward – 1 : 1
Profit & Loss Per Standard Lot = +$250/ -$250
Profit & Loss Per Micro Lot = +$25/ -$25
Related:
* EUR/USD Price Analysis – April 13, 2023
EUR/GBP Price Analysis – April 12 2023
Daily Price Outlook
The EUR/GBP is showing a strong bullish bias at the 0.8800 level, having disrupted the ascending triangle pattern. On the 4-hour timeframe, the closing of candles above the 0.8790 level increases the likelihood of a continuation of the bullish trend.
Additionally, the RSI and MACD indicators are both in a buying zone, supporting the uptrend in the EUR/GBP pair.
That being said, the EUR/GBP may continue to trade bullish above the 0.8790 level with a target of the 0.8825 mark, while support continues to hold around the 0.8770 level.
EUR/GBP Trade Idea
Entry Price – Buy Above 0.87939
Stop Loss – 0.87761
Take Profit – 0.88191
Risk to Reward – 1 : 1.4
Profit & Loss Per Standard Lot = +$322/ -$223
Profit & Loss Per Micro Lot = +$32/ -$22
Related:
* GOLD Price Analysis – April 12, 2023
GOLD Price Analysis – April 12, 2023
Daily Price Outlook
Gold is steadily rising and currently hovering around the $2010.00 level. The goal is to reach higher positive targets, with the next station being $2040.00. The EMA50 supports the bullish wave within the bullish channel on the chart. If the price breaches the $2010.00 level, it will become easier to achieve further gains on both intraday and short-term bases.
However, if the price drops below $1990.00, the positive scenario will end, and a correctional bearish wave will start.
The projected trading range for today falls between the $1990.00 support and $2025.00 resistance.
Gold (XAU/USD) Trade Idea
Entry Price – Sell Below $2012
Stop Loss – $2018
Take Profit – $2001
Risk to Reward – 1 : 1.80
Profit & Loss Per Standard Lot = +$1,100./ -$600
Profit & Loss Per Micro Lot = +$110/ -$60
Related:
* EUR/GBP Price Analysis – April 12 2023
USD/CHF Price Analysis – April 12, 2023
Daily Price Outlook
The USD/CHF pair experienced a noticeable decline after testing the EMA50 in previous sessions, approaching our initial target of 0.9000. We anticipate the bearish trend to continue, surpassing this level and paving the way towards 0.8920 as the next primary target.
The EMA50 exerts ongoing negative pressure, bolstering the predicted bearish trend, which will persist as long as the price remains below 0.9100.
Today's expected trading range lies between 0.8950 support and 0.9100 resistance.
USD/CHF Trade Idea
Entry Price – Sell Below 0.9033
Stop Loss – 0.9062
Take Profit – 0.8980
Risk to Reward – 1 : 1.80
Profit & Loss Per Standard Lot = +$587/ -$321
Profit & Loss Per Micro Lot = +$58/ -$32
Related:
* EUR/GBP Price Analysis – April 12 2023
GBP/USD Price Analysis – April 11 2023
Daily Price Outlook
Yesterday's trading activity in the GBP/USD pair resulted in a fall, with the price falling below the bullish channel's support line. This signaled the beginning of a retracement of the upward trend that had begun around 1.1800; the next objective is 1.2250.
The bearish trading trend is likely to persist today, and if the price drops below 1.2355, achieving the forecasted drop will be much simpler. The bearish correction will end, and the primary bullish trend will resume if the price rises above 1.2440.
On Tuesday, GBP/USD's expected trading range is between 1.2300 support and 1.2460 resistance levels.
GBPUSD Trade Idea
Entry Price – Buy Above 1.2400
Stop Loss – 1.2340
Take Profit – 1.2490
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$900/ -$600
Profit & Loss Per Micro Lot = +$900/ -$60
Related:
* AUD/USD Price Analysis – April 11, 2023
GOLD Price Analysis – April 11, 2023
Daily Price Outlook
On Tuesday, the decline in gold prices stopped at the bullish channel's support line, as the price has now begun to show positive movement in an attempt to move away from the mentioned support and continue the primary bullish trend. The next key targets are $2,010.00 and $2,040.00.
Technical indicators provide positive signals that support the anticipated bullish trend. But it's important to keep in mind that if the price falls below $1,985.00, it will start a bearish correction on an intraday basis before going back up.
Today's expected trading range is between $1,980.00 support and $2,010.00 resistance.
Gold (XAU/USD) Trade Idea
Entry Price – Buy Stop $1,994
Stop Loss – $1,980
Take Profit – $2,015
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$2,100/ -$1,400
Profit & Loss Per Micro Lot = +$210/ -$140
Related:
* AUD/USD Price Analysis – April 11, 2023
AUD/USD Price Analysis – April 11, 2023
Daily Price Outlook
The AUDUSD pair has decisively broken the 0.6665 level and settled below it, suggesting potential negative pressure in the upcoming sessions. However, the price has started today with noticeable positivity, testing the mentioned level due to the positive momentum from the stochastic indicator, indicating an attempt to resume the bullish trend.
As a result, it is preferable to remain on the sidelines until the price confirms its position concerning the 0.6665 level. It is important to note that maintaining below this level will primarily put pressure on the price to decline towards 0.6550, while surpassing it will be the key to initiating a new bullish wave with initial targets at 0.6780.
Today's expected trading range is between 0.6600 support and 0.6720 resistance.
AUD/USD Trade Idea
Entry Price – Sell Below 0.6675
Stop Loss – 0.6710
Take Profit – 0.6619
Risk to Reward – 1 : 1.60
Profit & Loss Per Standard Lot = +$550/ -$340
Profit & Loss Per Micro Lot = +$55/ -$34
Related:
* GOLD Price Analysis – April 11, 2023
GBP/JPY Price Analysis – April 10 2023
Daily Price Outlook
On Monday, the GBP/JPY pair traded with a slightly bearish bias under 164.700, which has been extended by a triple top pattern. This pattern is causing difficulty for the GBP/JPY pair and keeping it bearish under this level.
Additionally, the formation of a Doji and Shooting Star candles under the 164.700 mark is adding downward pressure.
Meanwhile, the RSI and MACD indicators are in an overbought zone, giving investors another reason to short the currency pair and take profits. Please see the trade idea below.
GBP/JPY Trade Idea
Entry Price – Sell Below 164.750
Stop Loss – 165.50
Take Profit – 163.850
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = +$266/ -$250
Profit & Loss Per Micro Lot = +$26/ -$25
Related:
* GOLD Price Analysis – April 10, 2023
EUR/USD Price Analysis – April 10, 2023
Daily Price Outlook
The EUR/USD pair began today's trading session with a clear negative trend, breaking the intraday bullish trend line and moving towards the expected decline on an intraday basis.
The initial target is to test 1.08830, and monitoring the price when it reaches this level is essential. Breaking this level would extend the bearish wave to reach 1.8480 areas as the next main station.
Therefore, a bearish bias is suggested today, especially since the price is now below the 50-day exponential moving average. At the same time, the RSI and MACD are also in the sell zone.
However, if the pair breaches 1.09070, it will stop the negative scenario and lead to a resumption of the main bullish wave. The expected trading range for today is between support at 1.0730 and resistance at 1.0875.
EUR/USD Trade Idea
Entry Price – Sell Stop 1.0880
Stop Loss – 1.0920
Take Profit – 1.0819
Risk to Reward – 1: 1.25
Profit & Loss Per Standard Lot = +$610/ -$400
Profit & Loss Per Micro Lot = +$61/ -$40
Related:
* GOLD Price Analysis – April 10, 2023