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DAILY TECHNICAL ANALYSIS FOR MAY 13, 2022

EUR/USD

Current level – 1.0378

After the breach of the support at 1.0482 yesterday, the European common currency lost quite a bit of ground against the dollar and the pair tested the lower level of support at 1.0364. During the early hours of today`s trading, the pair is hovering above the mentioned zone, but if the bearish attack continues, then a successful breach of the level at 1.0364 could easily lead to new losses and strengthen the negative expectations for the future path of the EUR/USD. If the bulls enter the market, then their first target would be the zone at 1.0482, which is now acting as resistance, followed by the level at 1.0580.

USD/JPY

Current level –  129.11

The depreciation of the dollar against the yen was limited to the support zone at 127.63 where the bulls re-entered the market. At the time of writing the analysis, the Ninja is confirming the breach of the resistance zone at 128.82, and if this proves to be the case, then an attack on the next target at 130.45 would be the most probable scenario. A successful violation here could easily continue the recovery towards the high at 131.22. If the bears take control, their first support can be found at the zone at 128.82. Only a breach of the lower target at 127.63, however, could lead to a change in the current sentiment of the market participants.

GBP/USD

Current level – 1.2210

The British pound continued to lose ground against the U.S. dollar, and during the early hours of today`s trading, the Cable is consolidating above the important support coming from the higher time frames – the zone at 1.2171. A breach for the bears could continue the depreciation of the sterling against the greenback and could easily head the price towards the levels from May 2020 at around 1.2120. If the bearish momentum fades, then the bulls could lead the pair for a test of the zone at 1.2275, followed by the upper target at 1.2403.

Gold price hits the first negative target 

Gold price managed to achieve our first waited target at 1820.00 and attempted to break it, but it shows some bullish bias now affected by stochastic positivity, waiting to get negative motive that assist to push the price to resume the bearish wave that targets 1780.25 as a next station.

The bearish channel continues to organize the suggested bearish wave, which will remain valid unless the price rallied to breach 1850.00 and hold above it.

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

The expected trend for today: Bearish

Source: Technical analysis

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