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02May

DAILY TECHNICAL ANALYSIS FOR MAY 02, 2023

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EUR/USD

Current level – 1.0986

Yesterday’s EUR/USD trading session was quite volatile. At the beginning of the day the bulls kept things in their hands until the resistance at 1.032 was reached, from where the bears started their attack and easily broke through the support at 1.1001, stopping at the next support at 1.0967. If the bears continue their attack, they could reach the next support at 1.0941, but if the bulls take matters into their own hands, they could recoup some of their losses. As the clock ticks towards 14:00 GMT, market participants are bracing themselves for a surge in market volatility with the impending announcement of the U.S. Job Openings and Labor Turnover Survey (JOLTS) data.

USD/JPY

Current level – 137.64

The Ninja marked a second consecutive positive session as the bulls managed to take the rate to the 137.52 high of the day, overcoming and holding above the 200-period moving average. In the coming days, we will see if USD/JPY will continue its upward movement or have a correction.

GBP/USD

Current level – 1.2497

The Cable started the week negatively, as with the opening of the trading session, the bears started their attack, overcoming the two supports at 1.2542 and 1.2506. If the bears continue their attack, they could take the rate to the next support at 1.2440, otherwise the bulls could take the Cable back to the newly created resistances.

Midday update for Gold

Gold prices continues to fluctuate around the symmetrical triangle’s support line, noticing that the price attempts to consolidate below it, reinforcing the expectations of continuing the correctional bearish trend, waiting to visit 1957.30 as a next negative station.

Stochastic positivity pushes the price to achieve some slight rise now, while in general, we will continue to suggest the bearish trend for the upcoming period unless breaching 2005.35 and holding with a daily close above it.

The expected trading range for today is between 1960.00 support and 1995.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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