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05May

DAILY TECHNICAL ANALYSIS FOR MAY 05, 2023

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EUR/USD

Current level – 1.1026

Yesterday’s trading session of the euro showcased a notable battle between the bulls and bears. Despite their efforts, the bulls encountered resistance at 1.1085, leading to a setback. Seizing this opportunity, the bears successfully pushed the price down to the support level at 1.1006. If this downward momentum persists, there is a possibility of a further decline towards the subsequent support at 1.0946. It is important to be mindful of significant macroeconomic events that may introduce heightened volatility to this currency pair. At 12:30 GMT today, the release of the U.S. Non-Farm Employment Change and U.S. Unemployment Rate could potentially impact the market

USD/JPY

Current level – 134.11

For the Ninja, the closest resistance to the bulls would be at 135.04. In case of a possible breakthrough, the next one would be at 137.75. On the other hand, the bears would face support at 133.23 and 132.18. During today’s trading session, no news is expected from Japan that could cause high volatility in the currency pair.

GBP/USD

Current level – 1.2581

During today’s trading session, the bears have succeeded in impeding the upward momentum previously gained by the bulls. At the time of writing, bearish investors are actively striving to breach the support level at 1.2573. Should they successfully consolidate their breakout, it is likely that a subsequent attempt to reach the next support level at 1.2497 may unfold.

Midday update for Gold

Gold prices is facing new negative pressure to head towards potential test to the key support 2030.00, and as we mentioned this morning, this level represents one of the next trend keys besides 2048.70 resistance, waiting to breach one of these levels to detect the next targets clearly.

Therefore, we will continue with our neutrality until now, and you can review the details of the expected targets after the breach in our morning issued report, being aware that the waited US economic data might cause high volatility at the markets.

The expected trading range for today is between 2030.00 support and 2070.00 resistance.

The expected trend for today: Neutral

Source: Technical analysis

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