DAILY TECHNICAL ANALYSIS FOR MAY 09, 2022
EUR/USD
Current level – 1.0519
During the last week, the single European currency was trading around the key level at 1.0565, but the week ended with a breach of 1.0565 – a level that already plays the role of the first important resistance. Today, the bears confirmed the breach of this level and are rapidly attacking the support level at 1.0480, a breach of which would draw a more bearish picture. However, if the bulls manage to tip the scales in their favour, then they would have to once more breach the key resistance level at 1.0565, with the next important zone being the level at 1.0630.
USD/JPY
Current level – 130.81
The breach of the support at 129.30 and the subsequent unsuccessful attempts at breaching the next support zone at 128.66 represented the week for the Ninja. The bears’ attempt to reverse the upward trend of the greenback against the yen ended with the unsuccessful breach of the support at 128.66. Following their failure, the upward trend continued in full swing. At the time of writing the analysis, the bulls are aiming to breach the resistance at 131.23. If they are successful in their attack, then the most likely scenario would be for a move towards the resistance at 133.00.
GBP/USD
Current level – 1.2304
It seems that the downward trend for the Cable could continue, as during the last trading session, the bears managed to overcome two important supports –one at 1.2473 and another at 1.2409. This week, the first goal for the bears would be to breach the support level at 1.2276. However, if the bulls manage to gain enough momentum, then they would first have to deal with the resistance level at 1.2409 as a corrective move towards the mentioned level is highly likely.
Gold price keeps its negative stability
Gold price rebounds bearishly after testing 1890.00 level in the previous sessions, to keep the bearish trend scenario active for the upcoming period, supported by the EMA50 that presses negatively on the price, besides the negative signal provided by stochastic, waiting to test 1850.00 as a first target.
Holding below 1890.00 is important to continue the expected decline, as breaching it will lead the price to start recovery attempts that target testing 1925.35 areas initially.
The expected trading range for today is between 1850.00 support and 1890.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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