DAILY TECHNICAL ANALYSIS FOR MAY 22, 2023
EUR/USD
urrent level – 1.0805
The pair seems to have found a bottom at the support at 1.0760 and the rebound from this level led EUR/USD above the psychological level at 1.0800, however, price action from the last couple of weeks suggests total domination of the bears. Sentiment remains unchanged for a rally of the U.S. dollar. However, a possible intraday scenario here is to see a retracement that could lead to a move towards the resistance at 1.0845, where a successful breach of this level would suggest a stronger correction towards the next key resistance at 1.0900. A slowdown in price action or entering in a range mode would signal that the bears are still in control and the pair would resume the downtrend towards a test of the support at 1.0700. This week, investors will focus on the initial jobless claims and GDP data for the U.S. (Thursday; 12:30 GMT).
USD/JPY
Current level – 137.55
The dollar’s appreciation against the yen was limited by the resistance at 138.83 and the pair is headed towards a test of the support 137.40. A confirmed breach of the mentioned support would pave the way for the pair towards a test of the next support at 136.87. The downward movement, however, may be considered as a correction of the uptrend and the support at 137.40 is highly likely to withhold the bear’s pressure and the pair might enter a consolidation phase in the range 137.40 – 138.80. In the upward direction, if the bulls gain enough momentum to violate the resistance at 138.83, their next target would be the psychological level at 140.00.
GBP/USD
Current level – 1.2460
In the last trading session of the previous week, the pair rebounded from the support at 1.2385 and successfully breached the resistance at 1.2444. At the time of writing this analysis, the bulls are trying to withhold their positions and an upward movement towards a test of the resistance at 1.2535 is a highly possible scenario for today’s trading session. On the other hand, if the bears prevail and manage to push the price below 1.2444, it may result in further sell-offs towards the support at 1.2385.
Midday update for Gold
Gold prices trades positively to move above 1977.25 level, which urges caution from the upcoming trading, as holding above this level will push the price to turn to rise for the rest of the day and head towards 2019.95 mainly.
Stochastic and the EMA50 continue to provide the negative signals that support the chances of resuming the correctional bearish trend, reminding you that the waited negative target reaches 1945.20.
The expected trading range for today is between 1955.00 support and 1990.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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