Copper price hits the negative targets– Forecast today – 1-5-2025
Copper price activated the negative attack, achieving some of the negative targets by hitting $4.4560, to bounce to settle near the moving average 55 at the $4.5600 level, attempting to gather more of the negative momentum in the current period trading.
Forming extra barrier at 50% Fibonacci correction level at $4.6600, increasing the chances for resuming the negative scenario, to repeat the pressure on $4.4500 level, and breaking it might extend the losses towards $4.3100, to form the next main target for the negative trading.
The expected trading range for today is between $4.3100 and $4.6100
Trend forecast: Bearish
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GBPUSD suffers from negative pressure -Analysis-01-05-2025
The GBPUSD declined in its recent intraday trading, with the emergence of the negative signals on the (RSI), which caused the loss of the previous positive momentum, and that led it to break a minor bullish bias line that represents a dynamic support for the price of recent trading.
The pressure increased with surpassing the support of EMA50, which is considered as an extra confirmation for the weakness of the previous bullish trend, and the price move to a clear correctional station that threatens for more downside moves, especially after losing technical support that might limit the negative momentum.
Therefore, our expectations suggest more of the downside movement for the GBPUSD price in its upcoming intraday trading, if the price settles below 1.3345, to target the critical support at 1.3230.
The expected trading range is between 1.3270 support and 1.3365 resistance.
Today’s forecast: Bearish
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USDJPY rises modestly -Analysis-01-05-2025
The USDJPY price rose in its recent intraday trading, amid the domination of the bullish correctional trend on the short- term basis and its trading alongside bias line, which shows the strength of this wave until this moment, with the continuation of the positive pressure due to its trading above EMA50, adding more of the positive momentum on the current bullish trend, on the other hand, we notice the beginning of the negative signals emergence of the (RSI), after entering overbought levels, which decreased the last gains of the pair.
Therefore, our expectations suggest more of the correctional rise for the USDJPY price in its upcoming intraday trading, if the support level settles at 142.25, to target the critical resistance at 144.00.
The expected trading range is between 142.25 support and 144.00 resistance.
Today’s forecast: Bullish
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USDCAD leans on critical support -Analysis-01-05-2025
The USDCAD price settled bearishly in its last trading on the intraday levels, leaning of the critical support at 1.3780, with continuous negative pressure due to its trading below EMA50, besides the emergence of the negative signals on the (RSI), despite reaching oversold areas, therefore, the price moves within a minor bearish channel’s range on the short-term basis.
Therefore, our expectations prefer the decline in the USDCAD price in its upcoming intraday trading, conditioned by breaking the key support level at 1.3780, followed by targeting the next support level at 1.3700.
The expected trading range is between 1.3780 support and 1.3890 resistance.
Today’s forecast: Bearish
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