DAILY TECHNICAL ANALYSIS FOR MAY 20, 2022petar skakalov
Current level – 1.0475
During today’s trading session, the single European currency rose against the dollar by almost a figure. At the time of writing, the rate of the euro against the dollar is consolidating around the support at 1.0567 as the strength of the bulls proved insufficient to reach the key resistance at 1.0641. If the bears manage to fuel the sell-off, then the next hurdle for them would be the support at 1.0482. The remainder of the day holds no news or statements that are expected to strongly influence the currency pair.
Current level – 128.08
The dollar began to lose ground against the Japanese yen during today’s trading session and managed to breach the first support at 127.48, heading towards the second one at 127.07. The bulls, on the other hand, managed to increase their purchases and dashed the bears’ hopes of breaching two supports in less than a day. At the time of writing, the dollar bulls are aiming at the first resistance of 128.70.
Current level – 1.2346
In a relatively volatile session, the bulls managed to breach two resistances in a matter of hours. A breach of the third one seemed like it was only a matter of time, but the bears managed to limit the rally and keep the bulls at the resistance of 1.2464. Those of the market participants who share positive sentiment will likely try another attack on the next resistance at 1.259. If the bears manage to stand their ground, then they in turn would try to breach the support at 1.2390.
Gold price achieves clear gains
Gold price traded with clear positivity yesterday to test the key resistance 1850.00, keeping its stability below it, accompanied by witnessing clear negative signals through stochastic, waiting to motivate the price to resume the main bearish trend that targets 1812.50 followed by 1780.25 levels as next main stations.
Therefore, we will continue to suggest the bearish trend unless the price rallied to breach 1850.00 and hold with a daily close above it.
The expected trading range for today is between 1815.00 support and 1855.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis