InvestMacro

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2079
• Prev Close: 1.2141
• % chg. over the last day: +0.51%

On Friday, the EUR/USD currency pair grew by 0.51%. Eventually, buyers managed to keep the support level of 1.2074, which is the level of priority change on the H1 timeframe.

Trading recommendations

• Support levels: 1.2115, 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
• Resistance levels: 1.2150, 1.2176, 1.2212, 1.2243

The trend is still bullish. The price is trading above the moving average, while the MACD is in the positive area with no signs of reversal. For long positions, it is best to wait for a pullback to the support levels. Short positions are not recommended against the trend.

Alternative scenario: if the price breaks down through the 1.2074 support level and holds 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: 1.4048
• Prev Close: 1.4087
• % chg. over the last day: +0.28%

On Friday, the GBP/USD currency pair also rose and reached the resistance level of 1.4110 at the end of the trading week, which was able to push the price down.

Trading recommendations

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

The trend remains bullish. The price is still above the moving average, above the trend line, and the MACD indicator is in the positive area with no signs of divergence. The best strategy for traders under such market conditions is to look for long positions from the support levels.

Alternative scenario: if the price breaks down through the 1.3913 support level and holds 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: 109.43
• Prev Close: 109.33
• % chg. over the last day: -0.09%

On Friday, the USD/JPY currency pair slightly declined and then consolidated in a narrow range. But the sellers managed to push the price below the support level of 109.41, which is an open road to the next level of 109.01.

Trading recommendations

• Support levels: 109.01, 108.87, 108.44, 108.19,107.77, 107.47, 107.04
• Resistance levels: 109.40, 109.64, 109.95, 110.51

The price is still above the moving average, but the MACD indicator has become inactive. As long as the price is above the 109.01 level, the trend remains bullish. But considering the weakness of the dollar index, the price of USD/JPY is likely to go down.

Alternative scenario: if the price drops below 109.01, the general downtrend is likely to resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2160
• Prev Close: 1.2098
• % chg. over the last day: -0.61%

On Friday, the USD/CAD price was able to move up to the moving average before diving back below support at 1.2137. The sellers are still strong, so the price could make another wave lower.

Trading recommendations

• Support levels: 1.2075
• Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618

For USD/CAD, the general trend is still bearish. So the best strategy is to look for sell deals from the resistance levels. It is better to forget about purchases, at least until the price breaks through the level of 1.2137.

Alternative scenario: if the price breaks out through the 1.2321 resistance level and holds 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 JustForex

The US stock market rose on Friday, but the week closed in the red zone. Last week, the Fed officials said that the inflation growth would be temporary and promised not to change the monetary policy. But many experts believe the high inflation rate will have a significant impact on speeding up the recovery from the pandemic.

By the end of last week, the European indices closed with the increase. German DAX (+1.43% on Friday) and British FTSE 100 (+1.15% on Friday) became the growth leaders. On the one hand, on the back of rising global inflation and the fact that Eurobonds are at their maximum price levels, many analysts expect a slowdown in the growth of indices. But on the other hand, Europe has started to decrease the quarantine restrictions and reopen the economy, which will improve economic performance.

Macroeconomic data was released for China today. The reports were worse than expected. Industrial production has slowed down due to problems with the supply of goods. The retail sales rose but below the expectations of analysts. And the unemployment rate was down to 5.1% from 5.3% in March.

Colonial Pipeline fully recovered from the last week’s attack. But the oil price hasn’t changed much, as investors remain concerned about restrictions in Asian countries due to the rising Covid-19 cases.

Asia-Pacific stock indices are mixed. A lot of economic data is expected this week in Japan, Australia and New Zealand, so volatility will increase sharply by the middle of the week.

Main market quotes:

S&P 500 (F) 4,173.85 +61.35 (+1.49%)

Dow Jones 34,382.13 +360.68 (+1.06%)

DAX 15,416.64 +216.96 (+1.43%)

FTSE 100 7,043.61 +80.28 (+1.15%)

USD Index 90.30 -0.45 (-0.49%)

• – China Retail Sales (m/m) at 05:00 (GMT+3);
• – China Industrial Production (m/m) at 05:00 (GMT+3);
• – China Unemployment Rate (m/m) at 05:00 (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 17th, the major currency pair reached stability after skyrocketing earlier and is currently trading at 1.2130.

The American statistics published last Friday were mostly disappointing and couldn’t help the “greenback”. For example, the Retail Sales in the USA showed a zero change in April after adding 10.7% m/m (a revised data) in the previous month and against the expected reading of 1.0% m/m. however, it’s quite logical because in March consumers received stimulus checks from the government, which immediately went right back into the country’s economy – it was an excellent although one-off tool to support the economic system.

In May or June, the Retail Sales may show another revival after the USA starts opening its borders and remove social restrictions. It will help Americans to spend more money.

The Industrial Production added 0.7% m/m in April after expanding by 2.4% m/m the month before. The Capacity Utilization Rate also improved. Both these reports managed to “smooth” the retail sales number a little bit.

In the H4 chart, after completing the ascending wave at 1.2150, EUR/USD is consolidating at its top. If the price breaks this range to the downside, the market may resume trading downwards to break 1.2030 and then continue falling with the short-term target at 1.1919. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving below and may later continue falling.

As we can see in the H1 chart, EUR/USD has reached the correctional target at 1.2150; right now, it is forming a new consolidation range below this level. Possibly, the pair may break the range to the downside and resume falling with the target at 1.2030. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: after reaching 20, its signal line is steadily growing towards 50. Later, the line may rebound and resume falling to return to 20.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, a divergence on MACD made AUDUSD complete the ascending correction not far from 76.0% fibo. It means that a further uptrend towards the local high at 0.8007 is very unlikely and the asset may start a new mid-term decline instead. Possibly, the pair may fall to break the low at 0.7532 and then continue the correction towards 50.0% and 61.8% fibo at 0.7500 and 0.7380 respectively.

The H1 chart of UADUSD shows that the descending wave has reached 50.0% fibo after a divergence. At the moment, the price is forming a short-term internal pullback. After completing the pullback, the asset may resume falling towards 61.8% and 76.0% fibo at 0.7670 and 0.7619 respectively. The resistance is the local high at 0.7891.

USDCAD, “US Dollar vs Canadian Dollar”

To understand what might happen to USDCAD in the nearest future, it will be better to look at the weekly chart. As we can see here, another long-term descending wave has re-tested 50.0% fibo. In this case, the asset is expected to continue falling to reach 61.8% fibo (1.1428) but only after correcting towards 38.2% fibo. One shouldn’t expect the instrument to grow towards the high at 1.4690 in the foreseeable future.

In the daily chart, USDCAD has tested the fractal at 1.2061. There is a convergence on MACD, which may hint at a new correctional uptrend in the next several months towards 23.6%, 38.2%, and 50.0% fibo at 1.2665, 1.3047, and 1.3355 respectively. The support is the low at 1.2046.

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”

XAUUSD is trading at 1828.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1800.00 and then resume moving upwards to reach 1885.00. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1785.00. In this case, the pair may continue falling towards 1745.00. To confirm further growth, the asset must break the descending channel’s upside border and fix above 1835.00.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7730; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.7785 and then resume moving downwards to reach 0.7565. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7825. In this case, the pair may continue growing towards 0.7905. To confirm further decline, the asset must break the support level and fix below 0.7665, thus completing a Head & Shoulders reversal pattern.

EURGBP, “Euro vs Great Britain Pound”

EURGBP is trading at 0.8611; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.8630 and then resume moving downwards to reach 0.8465. Another signal in favor of a further downtrend will be a rebound from the downside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.8695. In this case, the pair may continue growing towards 0.8785. To confirm further decline, the asset must break the rising channel’s downside border and fix below 0.8565.

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

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2069
• Prev Close: 1.2078
• % chg. over the last day: +0.07%

On Thursday, the EUR/USD currency pair was trading in the range. Sellers tried to break through the support level of 1.2074 but failed to hold below it.

Trading recommendations

• Support levels: 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
• Resistance levels: 1.2115, 1.2150, 1.2176, 1.2212, 1.2243

The trend is still bullish, but the price is trading under the moving average, while the MACD indicator has become inactive. The support level of 1.2074 becomes weak as the price breaks through it on both sides. This is the first sign of a possible breakdown. Traders should be careful. For long positions, it is better to wait for a breakout of the local downtrend line. For short positions, the price should break down the support level.

Alternative scenario: if the price breaks down through the 1.2074 support level and holds below, the general uptrend is likely to be broken.

News feed for 2021.05.14:

• – US Core Retail Sales (m/m) at 15:30 (GMT+3);
• – US Retail Sales (m/m) at 15:30 (GMT+3);
• – US Industrial Production (m/m) at 16:15 (GMT+3);
• – US UoM Consumer Sentiment at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.4048
• Prev Close: 1.4048
• % chg. over the last day: 0%

On Thursday, the GBP/USD currency pair fell to the moving average, where a rebound took place. The line worked as a dynamic support level.

Trading recommendations

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

The trend remains bullish. The price is still above the moving average, and the MACD indicator has started to move to the positive area. The best strategy for traders under such market conditions is to look for long positions from the support levels.

Alternative scenario: if the price breaks down through the 1.3913 support level and holds 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: 109.64
• Prev Close: 109.45
• % chg. over the last day: -0.17%

On Thursday, the USD/JPY currency pair traded in a narrow range. Statistically, after a sharp deviation from the moving average, the price often behaves this way and makes such narrow corridors.

Trading recommendations

• Support levels: 109.01, 109.40, 108.87, 108.44, 108.19,107.77, 107.47, 107.04
• Resistance levels: 109.64, 109.95, 110.51

The MACD indicator fell to the zero line. The strategy for trading remains the same: look for buy deals from the support levels. But traders have to consider that the price can correct lower to the moving average.

Alternative scenario: if the price drops below 109.01, the general downtrend is likely to resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2129
• Prev Close: 1.2160
• % chg. over the last day: +0.25%

After 3 days of balancing, the USD/CAD currency pair began a corrective upward movement within the general downtrend. By the end of the trading session, the price managed to test the moving average.

Trading recommendations

• Support levels: 1.2137, 1.2075
• Resistance levels: 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618

For USD/CAD, the general trend is still bearish. But taking into account the started correction, traders can do both, to sell from the resistance levels and to buy from the support levels with short targets.

Alternative scenario: if the price breaks out through the 1.2321 resistance level and holds 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 JustForex

The US stock market closed with growth on Thursday. S&P 500 index rose by 1.22%, Dow Jones added 1.29%. The trigger for the growth was the statement of the US Fed that no changes in the monetary policy will be held in the near future, and the inflation growth is only a temporary effect caused by the pandemic impact. On the back of this statement, the financial, industrial, and utilities sectors showed a good rebound.

On Thursday, the Europe indices showed multidirectional dynamics. The British FTSE 100 decreased by 0.59%, the Spanish IBEX 35 lost 0.46%. At the same time, German DAX rose by 0.33% and French CAC 40 increased by 0.14%. In the near future, Europe will begin to reduce quarantine restrictions, this will lead to an improvement in the economic climate.

The price of “black gold” fell sharply on Thursday. On Friday morning at the Asian session, the oil price continued to fall. As a result, oil has already corrected by 3%. The reason for the decrease is triggered by investors’ concerns about the fuel demand, as the number of COVID-19 cases in India remains at a record high level. However, the price of natural gas continues to rise.

Following yesterday’s results, gold rose slightly and accelerated gains this morning in the Asian session. On COMEX, a division of the New York Mercantile Exchange, gold futures for June delivery are trading at $1,832 per troy ounce. The rise in gold prices is triggered by the fall of the US Treasury bond yields.

The rise in the U.S. market also gave a push-start to the Asian market. Tokyo’s Nikkei index jumped by 2.2% and the broadest index of Asia-Pacific stocks outside Japan, MSCI, increased by 0.8%.

Main market quotes:

S&P 500 (F) 4,112.50 -49.46 (+1.22%)

Dow Jones 34,021.45 +433.79 (+1.29%)

DAX 15,199.68 +49.46 (+0.33%)

FTSE 100 6,963.33 -41.30 (-0.59%)

USD Index 90.72 +0.01 (+0.01%)

• – New Zealand Business Manufacturing Index (m/m) at 01:30 (GMT+3);
• – US Retail Sales (m/m) at 15:30 (GMT+3);
• – US Core Retail Sales (m/m) at 15:30 (GMT+3);
• – US Industrial Production (m/m) at 16:15 (GMT+3);
• – US UoM Consumer Sentiment at 17:00 (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 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

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

Article By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCH is no longer trading within the “oversold area”. In this case, the price is expected to break the resistance at 1/8 and continue the correction to reach 2/8. Still, this scenario may no longer be valid if the price rebounds from 1/8 to the downside. After that, the instrument may fall towards the support at 0/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue the ascending tendency.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to rebound from the support at 6/8 and resume growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may reverse and fall towards 5/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue growing.

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.