EURUSD
Renewed attempts higher stalled at 1.1448 yesterday, with subsequent pullback, ending day in long red candle. Today’s probe below 1.13 handle, daily 10 SMA, sidelines overall bulls, as daily Stochastic reverses from overbought zone and momentum studies are turning lower. Negative hourly studies and 4-hour indicators, breaking below the midlines, support the notion. Sustained break below 1.13, to focus daily 100SMA, currently at 1.1175, loss of which to signal reversal. Session limits at 1.1283/1.1326, mark initial sup/res. Stronger recovery and regain of 1.14 handle, is required to neutralize downside threats.
Res: 1.1326; 1.1368; 1.1395; 1.1445
Sup: 1.1283; 1.1260; 1.1200; 1.1175
GBPUSD
The pair closed in red for the second day, extending corrective easing off fresh high at 1.5813. Daily RSI reverses from overbought territory, with momentum studies heading south and 20d Bollingers contracting that signals further weakness, as near-term studies turned negative. First breakpoint lies at 1.5605, 200SMA, ahead of former peaks at 1.5551/20, also near Fibonacci 38.2% of 1.5088/1.5813, below which to signal reversal. Session’s range at 1.5628/63, marks initial sup-res. Break higher and extension above 1.5740, to sideline near-term bears.
Res: 1.5663; 1.5700; 1.5740; 1.5781
Sup: 1.5628; 1.5605; 1.5551; 1.5520
USDJPY
The pair remains steady in the near-term and consolidates, after cracking psychological 120 barrier. Near-term studies regained positive tone and favor further recovery that will focus upper levels of short-term range. Yesterday’s rally that ended day in long green candle, supports the notion. Daily indicators, however, hold in the neutrality territory, with momentum studies starting to point higher and 20d Bollingers expanding, giving initial signal of possible attacks at range top at120.83, peak of 13 Apr. Initial sup/res ay at 119.84/120.10, session limits.
Res: 120.10; 120.26; 120.49; 120.83
Sup: 119.84; 119.52; 119.20; 118.87
AUDUSD
Near-term sentiment remains negative, as the pair closed in red for the third consecutive day that signals formation of reversal pattern on daily chart. Daily momentum is probing below the midline and Stochastic heading south that increases risk of neutralizing larger bulls. On the other side, the first breakpoint at 0.7953, bull-trendline off 0.7553 low, remains intact for now, with fresh recovery that regains psychological 0.80 barrier, gives hopes of stronger bounce. Regain of lower top at 0.8060, is seen as minimum requirement to signal formation of higher low, with extension above 0.8087, lower top of 15 May, also Fibonacci 61.8% of 0.8161/0.7955 descend, required to neutralize near-term bears. Otherwise, penetration of trendline support and extension below daily 20SMA at 0.7930, to confirm reversal.
Res: 0.8009; 0.8034; 0.8060; 0.8087
Sup: 0.7955; 0.7930; 0.7874; 0.7846
Renewed attempts higher stalled at 1.1448 yesterday, with subsequent pullback, ending day in long red candle. Today’s probe below 1.13 handle, daily 10 SMA, sidelines overall bulls, as daily Stochastic reverses from overbought zone and momentum studies are turning lower. Negative hourly studies and 4-hour indicators, breaking below the midlines, support the notion. Sustained break below 1.13, to focus daily 100SMA, currently at 1.1175, loss of which to signal reversal. Session limits at 1.1283/1.1326, mark initial sup/res. Stronger recovery and regain of 1.14 handle, is required to neutralize downside threats.
Res: 1.1326; 1.1368; 1.1395; 1.1445
Sup: 1.1283; 1.1260; 1.1200; 1.1175
GBPUSD
The pair closed in red for the second day, extending corrective easing off fresh high at 1.5813. Daily RSI reverses from overbought territory, with momentum studies heading south and 20d Bollingers contracting that signals further weakness, as near-term studies turned negative. First breakpoint lies at 1.5605, 200SMA, ahead of former peaks at 1.5551/20, also near Fibonacci 38.2% of 1.5088/1.5813, below which to signal reversal. Session’s range at 1.5628/63, marks initial sup-res. Break higher and extension above 1.5740, to sideline near-term bears.
Res: 1.5663; 1.5700; 1.5740; 1.5781
Sup: 1.5628; 1.5605; 1.5551; 1.5520
USDJPY
The pair remains steady in the near-term and consolidates, after cracking psychological 120 barrier. Near-term studies regained positive tone and favor further recovery that will focus upper levels of short-term range. Yesterday’s rally that ended day in long green candle, supports the notion. Daily indicators, however, hold in the neutrality territory, with momentum studies starting to point higher and 20d Bollingers expanding, giving initial signal of possible attacks at range top at120.83, peak of 13 Apr. Initial sup/res ay at 119.84/120.10, session limits.
Res: 120.10; 120.26; 120.49; 120.83
Sup: 119.84; 119.52; 119.20; 118.87
AUDUSD
Near-term sentiment remains negative, as the pair closed in red for the third consecutive day that signals formation of reversal pattern on daily chart. Daily momentum is probing below the midline and Stochastic heading south that increases risk of neutralizing larger bulls. On the other side, the first breakpoint at 0.7953, bull-trendline off 0.7553 low, remains intact for now, with fresh recovery that regains psychological 0.80 barrier, gives hopes of stronger bounce. Regain of lower top at 0.8060, is seen as minimum requirement to signal formation of higher low, with extension above 0.8087, lower top of 15 May, also Fibonacci 61.8% of 0.8161/0.7955 descend, required to neutralize near-term bears. Otherwise, penetration of trendline support and extension below daily 20SMA at 0.7930, to confirm reversal.
Res: 0.8009; 0.8034; 0.8060; 0.8087
Sup: 0.7955; 0.7930; 0.7874; 0.7846
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.