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11May

DAILY TECHNICAL ANALYSIS FOR MAY 11, 2023

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EUR/USD

Current level – 1.0979

Following the release of the CPI data, the U.S. dollar lost ground against the euro and the bulls tried to break the resistance at 1.1006. The attempt was unsuccessful and the bears were able to contain them. They, for their part, are not performing convincingly either because they failed to reach the support at 1.0946, which they had previously tested twice. We are likely to see a consolidation and a new attempt to break the resistance at 1.1006. Important data that may influence the course of the currency pair are the number of weekly claims for unemployment benefits and the producer price index, which are released today at 12:30 GMT.

USD/JPY

Current level – 134.16

At the Ninja, the weak dollar managed to give momentum to the bears who successfully broke the support at 135.27. Their next target at 133.27 looks close, but even if they succeed, it will likely be limited by the bulls to the support at 132.18, where they are expected to face more serious resistance and an attempt to recover what has been lost so far.

GBP/USD

Current level – 1.2620

The Cable continues to range between 1.2666 and 1.2573 and the bulls make an unsuccessful attempt to test resistance at 1.2666. The bears were able to stop them, but their strength was not enough to even test the support at 1.2573. Today, at 11:00 GMT, the BOE will announce the change in interest rates for the pound and at 11:30 GMT Andrew Bailey, BOE chairman, will make a statement. Probably until then traders will not risk taking large positions.

Midday update for Gold

Gold prices shows sideways trades since morning, and the EMA50 continues to support the price from below, to continue suggesting the bullish trend for today, which its targets begin at 2048.70 and extend to 2075.25, reminding you that the continuation of the bullish wave requires holding above 2012.00.

The expected trading range for today is between 2020.00 support and 2050.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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