DAILY TECHNICAL ANALYSIS FOR MAY 03, 2023
EUR/USD
Current level – 1.1011
The bulls prevailed in the past trading session after the bears managed to try to stop their attack, but failed. At the time of writing the analysis, after a successful breakout, the pair is sitting just above the resistance at 1.1001. If the bear attack continues, an attempt to breach the next resistance level at 1.1032 is possible. Otherwise, if bears enter the market, the rate is likely to head towards the support at 1.0967. Today will be filled with a lot of important macroeconomic news and traders should be careful upon the release of the data for ADP Nonfarm Employment Change at 12:15 GMT, PMI Services at 13:45 GMT, ISM Non-Manufacturing Index also at 13:45 GMT and especially during the announcing of the Fed Interest Rate Decision at 18:00 GMT, as well as during the press conference shortly after the announcement of the interest rate decision.
USD/JPY
Current level – 136.52
In the past trading session, the dollar appreciated against the yen, with bears entering the market and sending the pair to the support level at 136.71. If the correction deepens, the price is likely to head towards the next support level at 134.95. Otherwise, if the bulls enter the market, a possible scenario is for the pair to head towards the 137.75 resistance level. Everything depends on the announcement of the macroeconomic data mentioned in the EUR/USD analysis.
GBP/USD
Current level – 1.2470
For Cable, the past trading session was rather in favour of the bears, and at the time of writing the analysis, the bulls are trying to stop the bear attack. If the bulls take the upper hand, the pair could possibly target the nearest resistance level at 1.2506 and attempt a breakout. Otherwise, if the bears continue to attack, the pair is likely to head towards the support level at 1.2440. Which direction will take the Cable, will become clear after the release of the data mentioned in the EUR/USD analysis.
Midday update for Gold
Gold prices shows tight trades since morning, settling around 2015.00 level, thus, no change to the expected bullish trend scenario for today, which targets 2048.70 areas as a next main station, waiting to gather enough positive momentum to push the price to achieve the waited target.
We remind you that the continuation of the bullish wave requires holding above 1992.20.
The expected trading range for today is between 2004.00 support and 2035.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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