DAILY TECHNICAL ANALYSIS FOR MAY 10, 2022
EUR/USD
Current level – 1.0555
Neither the bears, nor the bulls managed to gain enough momentum and the EUR/USD remained locked in the zone between 1.0480 – 1.0570. The market sentiment remains negative – for a depreciation of the single European currency against the greenback, but only a confirmed breach of the critical support at 1.0480 could deepen the sell-off and head the pair towards a test of the next significant support at 1.0400. However, before a potential resumption of the downtrend is to occur, we may first witness an appreciation of the euro towards the resistance at 1.0630 – a level that may present the sellers with an opportunity to enter the market at better levels than the current ones. In case the resistance at 1.0630 is breached, then the corrective move may deepen and the pair could head towards the next key resistance at 1.0700.
USD/JPY
Current level – 130.00
During yesterday’s trading session, the bulls made another attempt at breaching the critical resistance level at 131.20, but the bears took complete control over the market and convincingly led the pair towards a test of the support at 130.00. In the early hours of today’s trading session, the downward movement continued and the sellers are trying to overcome the psychological level at 130.00. In case this level is successfully breached, we may expect the sell-offs to deepen and the pair to head towards the support at 129.30. An increase in the value of the U.S. dollar against the yen above the level at 131.20 would most probably require more time, therefore the expectations are for a corrective movement towards the support at 129.30, followed by the level of 128.60.
USD/JPY
Current level – 1.2322
After the strong depreciation of the sterling against the dollar, the pair has found itself in a consolidation phase in the range of 1.2260 – 1.2390. A potential breach of the upper border, followed by a violation of the next target at 1.2470, could lead to a recovery and a move towards the major resistance at 1.2600. If the bears take control, then a breach of the support zone at 1.2260 could deepen the sell-off and could easily lead to new future losses for the sterling against the greenback and to a test of the next key support level at 1.2200.
Gold price approaches the target
Gold price provided additional negative trades yesterday to approach our waited target at 1850.00, moving within the bearish channel that appears on the chart, which supports the chances of continuing the bearish bias to break the mentioned level and open the way to achieve more negative targets that reach 1820.00 followed by 1780.25.
Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 1890.00 and hold above it.
The expected trading range for today is between 1830.00 support and 1875.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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