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Daily Technical analysis for May 07, 2021

EUR/USD

Current level – 1.2062

The pair managed to find solid support around 1.2000, and the area can be considered the bottom of the corrective move that started from 1.2140. The first resistance at the time of writing the analysis is the 1.2066 zone. This level may not be breached on the first try. It is possible that the bears will make a final move, which is expected to be limited to the area between 1.2020 and 1.2000. This would allow the bulls better entry levels. Additionally, the rally in EUR/USD is expected to renew, with first targets at around 1.2126 and 1.2180. Today, investors will closely monitor the upcoming data from the United States at 12:30 GMT on the monthly non-farm payrolls, with most forecasts suggesting about 1 million new jobs.

USD/JPY

Current level –  109.11

The market is consolidating between the support at 109.00 and the resistance at 109.40. Larger time frames are also showing indecision to resume the uptrend and new bearish pressure towards 107.80 is not excluded. A break above 109.40 can be considered a signal for new growth opportunities for the pair. If this does not happen, there can be sharp sell-offs aiming straight for the zone 107.50.

GBP/USD

Current level – 1.3895

Yesterday’s unanimous decision by the Bank of England to not change interest rates and quantitative easing failed to help the market find direction. Despite the increased activity, prices are again at the consolidation zone around 1.3900. The support zone at 1.3860-40 was tested again, as the bulls managed to defend their ground. The forecasts remain positive for new gains, and expectations are for a break of local resistance at 1.3913 and a rally towards 1.4000. First support for the bulls is 1.3860, followed by 1.3790.

Gold price surpasses the first target

Gold price ended yesterday above 1800.00 level, confirming the continuation of the expected bullish wave in the upcoming period, organized inside the bullish channel that appears on the chart, reminding you that our next target reaches 1838.00.

The EMA50 continues to support the expected rise, noting that breaking 1800.00 will press on the price to test 1780.00 areas before any new attempt to rise.

The expected trading range for today is between 1800.00 support and 1840.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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