DAILY TECHNICAL ANALYSIS FOR MAY 10, 2023petar skakalov
Current level – 1.0975
The downward movement that began at the beginning of the week was limited at the support level at 1.0950, and at the time of writing, a corrective movement towards the local resistance at 1.0978 looks to be taking place. The forecast for today’s trading session is for the EUR/USD to continue its downward movement and make another attempt to break through the support at 1.0950. In case this scenario is realised, we can expect the sell-offs to deepen and the pair to head towards support at 1.0900. In the upward direction, the first target for the bulls appears to be the psychological level at 1.1000.
Current level – 135.14
The forecast for today’s trading session is for the pair to head towards a test of the support at 133.23. А breach of this level by the sellers would pave the way for the pair to the next support at 132.18. Only a confirmed breach of the resistance at 135.27 could lead to a change in negative sentiments and contribute to an appreciation of the dollar towards 135.90.
Current level – 1.2626
The pair continues to hold in the 1.2573 – 1.2666 range as a test of support at 1.2573 is the most likely scenario for today’s trading session. On the other hand, only a confirmed breach of this level would pave the way for GBP/USD towards the next support at 1.2500.
Gold price resumes the rise
Gold prices provided positive trades yesterday to test 2030.00 level, reinforcing the expectations of continuing the overall bullish trend, organized inside the bullish channels that appear on the chart, waiting to test 2048.70 as a first station, reminding you that breaching it will push the price to 2075.25 as a next main target.
The EMA50 continues to support the price from below, reinforcing the expectations of continuing the bullish trend, noting that breaking 2007.65 will stop the bullish wave and push the price to start bearish correction on the intraday basis.
The expected trading range for today is between 2020.00 support and 2050.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis