InvestMacro

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2179
• Prev Close: 1.2216
• % chg. over the last day: +0.30%

The situation with the EUR/USD currency pair has not changed much. The price is trading in a wide flat with the range of 1.2168-1.2243. The US Treasury Department is planning a Treasury bond redemption today, which may ultimately affect the weakening of the dollar index and the strengthening of the European currency.

Trading recommendations

• Support levels: 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
• Resistance levels: 1.2243

The trend is still bullish. The price is above the change priority level of 1.2138. At the moment, the price is in front of the upper border of the corridor, but the MACD indicator is not active. Under such market conditions, traders can look for both buying from the lower border of the corridor and selling from the upper border of the flat range.

Alternative scenario: if the price breaks through the 1.2138 support level and fixes below, the general uptrend is likely to be broken.

News feed for 2021.05.25:

• – German Business Climate (m/m) at 11:00 (GMT+3);
• – US CB Consumer Confidence (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.4147
• Prev Close: 1.4153
• % chg. over the last day: +0.04%

At the moment, the British pound is strongly correlated with the euro. The situation with the GBP/USD currency pair is symmetrical to EUR/USD. The price is trading in the middle of a wide flat with a range of 1.4110-1.4207. Business activity statistics in Britain are positive, so investors expect the continuation of the uptrend.

Trading recommendations

• Support levels: 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.4207

The trend remains bullish. The price is above the moving average. The MACD indicator has become inactive. It is recommended for traders to look for long positions from the lower border of the range or look for sell positions from the resistance level of 1.4207, where sellers hold the defense well.

Alternative scenario: if the price breaks through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 108.88
• Prev Close: 108.76
• % chg. over the last day: -0.11%

The psychological resistance level of 109 along with the moving line pushed the price lower. The price is slowly descending towards the nearest support level. If the dollar index continues to fall, the price of USD/JPY will also go down. However, the macro statistics on business activity in Japan are still very weak.

Trading recommendations

• Support levels: 108.66, 108.44, 108.19, 107.77, 107.47, 107.04
• Resistance levels: 109.00, 109.40, 109.64, 109.95, 110.51

On the H1 timeframe, the trend remains bearish, and the price is trading below the moving average. The MACD indicator is still inactive. Under such market conditions, traders are better to look for sell positions from the resistance levels. It is also possible to consider long positions, but only within an uptrend on the lower timeframes.

Alternative scenario: if the price rises above 109.40, the general uptrend is likely to resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2064
• Prev Close: 1.2043
• % chg. over the last day: -0.17%

The USD/CAD currency pair has formed a narrow flat, with sellers slowly moving the price lower to the support level of 1.2048. Considering the background of the dollar index fall, the downtrend may strengthen again.

Trading recommendations

• Support levels: 1.2048, 1.1944
• Resistance levels: 1.2093, 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

The price is trading below the moving average, and the trend remains bearish. However, there are signs of divergence on the MACD indicator. At the moment, the best strategy for the USD/CAD currency pair is to wait. It is possible to sell within the trend, if the price consolidates below the support level of 1.2048 again. It is too early to look for long positions, since there is no significant initiative from the buyers.

Alternative scenario: if the price breaks out through the 1.2137 resistance level and fixes above, a local corrective uptrend is likely to form.

There is no news feed for today.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Lukman Otunuga Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After rebounding from 1.2238, EURUSD is falling towards 1.2152 and may later grow to reach 1.2200, thus forming a new consolidation range between the two latter levels. If the price breaks this range to the downside, the market may continue the correction towards 1.2055; if to the upside – start another growth with the target at 1.2322.

GBPUSD, “Great Britain Pound vs US Dollar”

After rebounding from 1.4218 and then reaching 1.4155, GBPUSD has formed a new consolidation range below the latter level. Possibly, the pair may break the range to the downside and start a new decline with the target at 1.4097.

USDRUB, “US Dollar vs Russian Ruble”

After rebounding from 74.65, USDRUB is falling towards 73.22. Later, the market may correct to reach 73.65 and then resume trading within the downtrend with the target at 73.20.

USDJPY, “US Dollar vs Japanese Yen”

After rebounding from 108.62, USDJPY is growing towards 109.29 and may later correct to reach 108.98, thus forming a new consolidation range between the two latter levels. If the price breaks this range to the upside, the market may form one more ascending structure towards 110.10; if to the downside – start another decline with the target at 108.50.

USDCHF, “US Dollar vs Swiss Franc”

After rebounding from 0.8953, USDCHF has completed the ascending impulse towards 0.9001; right now., it is correcting to reach 0.8964. After that, the instrument may continue trading upwards with the target at 0.9055.

AUDUSD, “Australian Dollar vs US Dollar”

After rebounding from 0.7780, AUDUSD is falling to break 0.7702. Later, the market may continue falling with the short-term target at 0.7626.

BRENT

After rebounding from 64.50, Brent has returned to 67.00. Possibly, today the asset may form a new descending structure to reach 64.10 and then grow to return to 67.00. After that, the instrument may break the latter level and continue trading upwards with the target at 70.00.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1873.00 without particular direction. Possibly, the metal may expand the range down to 1854.55 and then form one more ascending structure with the key target at 1900.50. Later, the market may start a new correction towards 1710.00.

S&P 500

The S&P index is still consolidating around 4141.0. Today, the asset may expand the range up to 4198.5 and then resume trading downwards with the short-term target at 3980.4.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the uptrend has reached 50.0% fibo; right now, the pair is consolidating before starting another growth towards 61.8% fibo at 1922.50. However, despite the fact that the current uptrend is quite stable, there is a divergence on MACD, which may hint at a possible pullback. The key support remains the low at 1676.78 but it may soon relocate to 38.2% (1824.45).

The H1 chart shows a more detailed structure of the consolidation range after a quick rise. Under the current circumstances, the asset may break the range both to the upside and downside at 1890.04 and 1852.14 respectively. However, the first scenario is more likely. After breaking 1890.04, XAUUSD may resume growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 1904.35 and 1913.10 respectively. On the other hand, a breakout of the support at 1852.14 will lead to a deeper correction.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking 61.8% fibo, USDCHF has slowed down its decline a bit. At the moment, the pair is approaching 76.0% fibo at 0.8930, a rebound from which may lead to a reversal and a new growth but only after a breakout of the local support at 0.8954. The possible upside targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.9076, 0.9152, 0.9214, and 0.9275 respectively.

The H1 chart shows that the current decline is slowing down and updating the local lows. However, the fact that the highs are relocating to the downside doesn’t imply a possible reversal. In the short term, the asset may test the low at 0.8954.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

US stock indices were mixed last trading week, but the overall market rate decreased by 0.4%. The Nasdaq index performed the best, interrupting four-week series of decline. Stocks of cyclical companies from the financial, industrial, basic materials, and energy sectors became the growth leaders. The analysts expect that in the near future, the US economy will gain momentum due to the reopening of the economy and increase of the corporate profits of many companies, which is the basis of the stock market profitability. The question is, will it affect the further rise in inflation or not?

It is a bank holiday in many countries today. Canada is celebrating Victoria Day. Whit Monday is celebrated in Germany, France, and Switzerland.

Gold rose to its four-month highs. Despite the fact that the Federal Reserve officials are not going to change monetary policy anytime soon, many investors still have big fears about rising inflation which is forcing them to shift funds into protective assets such as gold and silver.

The price of “black gold” has no directional dynamics right now. First, oil rose due to concerns over the weather in the Gulf of Mexico, but by the end of the week, it fell in light of Iran negotiations. If the sanctions are lifted, Iranian oil may enter the market.

Asia-Pacific stock indices are showing weak upward momentum. There is an acceleration of vaccination rates in Japan, which is good for the Nikkei 225 index. This week, several central banks of New Zealand, South Korea, and Indonesia will hold meetings, which may have a significant impact on the dynamics of major indices in the region.

Main market quotes:

S&P 500 (F) 4,155.86 -3.26 (-0.08%)

Dow Jones 34,207.84 +123.69 (+0.36%)

DAX 15,437.51 +67.25 (+0.44%)

FTSE 100 7,018.05 -1.74 (-0.03%)

USD Index 90.03 +0.22 (+0.25%)

• – New Zealand Retail Sales (q/q) at 01:45 (GMT+3);
• – Japan BOE Governor Haruhiko Kuroda Speaks at 15:05 (GMT+3);
• – UK BOE Governor Andrew Bailey Speaks at 17:30 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Monday, May 24th, the major currency pair is consolidating at 1.2187. However, the fact that the previous week was pretty volatile suggests that the current week may be just the same.

Apart from the US 10-year bond yield, market players are currently focused on what is happening in the Euro Area. The European Central Bank Governor Christine Lagarde said earlier the chance that the regulator revised its current monetary policy was pretty small. She believes that it’s too early to discuss any long-term issues. Lagarde confirmed the ECB’s strategy to support favorable financing terms during the entire pandemic period and said that the time to wind up stimulus programs hadn’t come yet.

This was a response to the rumors that the aggressive vaccination campaign and the decline in the number of new coronavirus cases in Europe may trigger a quicker recovery of the European economy, hence lead to a sooner cancellation of the regulator’s stimulus programs.

In the H4 chart, EUR/USD is falling towards 1.2152 and may later start another growth to reach 1.2200, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may correct towards 1.2000; if to the upside – expand it up to 1.2300. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is falling towards 0. Moreover, a divergence implies a breakout of this level to the downside and may lead to a further correction in the price chart.

As we can see in the H1 chart, after rebounding from 1.2238, EUR/USD has completed the descending structure to reach the downside border of the range at 1.2160; right now, it is correcting towards 1.2200. After that, the instrument may start another decline with the target at 1.2152. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: after breaking 50 to the upside, its signal line may grow towards 80. Later, the line may rebound and resume falling to reach 20.

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2226
• Prev Close: 1.2181
• % chg. over the last day: -0.37%

The EUR/USD currency pair has formed a wide flat with the range of 1.2168-1.2243. The 1.2202 level is no longer active, as the price no longer takes it into account.

Trading recommendations

• Support levels: 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
• Resistance levels: 1.2243

The trend is still bullish. The price is above the change priority level of 1.2138. At the current moment, the price is trading near the moving average, while the MACD indicator returned into the negative zone. Under such market conditions, traders can look for both buying from the lower border of the corridor and selling from the upper border of the flat range.

Alternative scenario: if the price breaks through the 1.2138 support level and fixes below, the general uptrend is likely to be broken.

There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.4188
• Prev Close: 1.4146
• % chg. over the last day: -0.30%

At the moment, the British pound is strongly correlated with the euro. The GBP/USD currency pair has also formed a wide flat with a range of 1.4110-1.4207.

Trading recommendations

• Support levels: 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.4207

The trend remains bullish. The price is above the moving average. The MACD indicator has become inactive. It is recommended for traders to look for long positions from the lower border of the range or look for sell positions from the resistance level of 1.4207, where sellers hold the defense well.

Alternative scenario: if the price breaks through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.

News feed for 2021.05.24:

• – UK BOE Governor Andrew Bailey Speaks at 17:30 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 108.73
• Prev Close: 108.95
• % chg. over the last day: +0.20%

On Friday, the USD/JPY currency pair increased by 0.2% and at the end of the trading session tried to break through the dynamic moving average. There is a new psychological resistance level of 109. Together with the moving line, this level will be a tough obstacle for the buyers.

Trading recommendations

• Support levels: 108.66, 108.44, 108.19, 107.77, 107.47, 107.04
• Resistance levels: 109.00, 109.40, 109.64, 109.95, 110.51

On the H1 timeframe, the trend remains bearish, and the price is trading below the moving average. The MACD indicator has become inactive. Traders are better to look for sell positions from the resistance levels. It is also possible to consider long positions, but only within an uptrend on the lower timeframes.

Alternative scenario: if the price rises above 109.40, the general uptrend is likely to resume.

News feed for 2021.05.24:

• – Japan BOE Governor Haruhiko Kuroda Speaks at 15:05 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2056
• Prev Close: 1.2065
• % chg. over the last day: +0.07%

The USD/CAD currency pair began to form a balanced structure which may eventually lead to a reversal of the general downtrend. On Friday, the price has formed a false breakthrough of the 1.2048 support level with a return on impulsive move.

Trading recommendations

• Support levels: 1.2048, 1.1944
• Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

The price is trading below the moving average, the trend remains bearish. But there are signs of divergence on the MACD indicator. At the moment the best strategy for the USD/CAD currency pair is to stay out of the position. It is possible to sell within the trend, if the price will consolidate below the support level of 1.2048 again. It is too early to look for long positions, since there is no significant initiative from the buyers.

Alternative scenario: if the price breaks through the 1.2137 resistance level and fixes above, a local corrective uptrend is likely to form.

There is no news feed for today.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Han Tan Market Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com