Copper catches its breath– Forecast today – 2-5-2025
Copper price surrendered to the positivity of the moving average55, which represents extra support near $4.5400, to begin recovering some of the losses by its current rally towards $4.6300, this rebound will not threat the negative track, due to the main stability below the resistance at $4.9100, besides 50% Fibonacci correction level attempt to form an extra barrier at $4.6600.
And that makes us wait for gathering negative momentum to ease the mission of holding below the moving average 55, then targeting more negative stations by reaching $4.4500 reaching the next main target at $4.3100.
The expected trading range for today is between $4.6600 and $4.4500
Trend forecast: Bearish
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GBPUSD attempts to recover some of its losses -Analysis-02-05-2025
The GBPUSD witnessed slight bullish rebounds on the intraday levels, attempting to recover some of its previous losses, and it succeeded in offloading some of the oversold conditions on the (RSI), the negative signals return, which indicates the dominance of the selling powers.
The price is affected by breaking a minor bullish trend line on the short- term basis, with the continuation of the negative pressure, due to its trading below EMA50.
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USDJPY continues the rise -Analysis-02-05-2025
The USDJPY continues the rise in its recent intraday trading, to breach the current resistance at 145.30, amid the dominance of a bullish correctional wave, reinforced by the price move alongside the bias line, affected by breaching a main bearish bias line previously on the short-term basis, on the other hand, we notice the reach of the (RSI) to oversold levels, which decreases the positive momentum and decreases the strength and speed of the price.
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USDCAD attacks the top of a minor bearish channel -Analysis-02-05-2025
The USDCAD settled in its recent intraday trading near yesterday’s highest level, attacking the top of the minor bearish channel that was limiting its previous trading on the short-term basis, accompanied with hitting the resistance of its EMA50, creating a strong resistance area that forced the price to rebound in attempt to gain the required positive momentum for this breach to surpass all of its negative pressures, and it attempts to offload some of the clear overbought conditions on the (RSI)
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