DAILY TECHNICAL ANALYSIS FOR MAY 26, 2022
Current level – 1.0692
Today’s session started rather calmly as the common European currency continued to trade against the dollar in the range between 1.0641 and 1.0712. However, the bulls gained momentum and managed to score an increase of about 30 pips. Their next goal would be to breach the close resistance at 1.0712. However, if the bears manage to dwindle the bulls’s inertia, then the first support they would have to deal with would be the level of 1.0650. The next crucial support for investors is expected to be the level of 1.0600. Higher volatility can be expected at around 12:30 GMT, when the U.S. GDP and jobless claims data will both be published.
Current level – 127.41
Today, the Ninja managed to rally with about half a figure. The key area for the bulls that was eventually overcome was the resistance at 127.00. At the time of writing the analysis, the bulls are about to breach the next hurdle at 127.50 and will likely boldly attack the level at 128.00 as well. In order for the sell-off to gain more steam, however, the bears would first need to breach the support at 127.00.
Current level – 1.2580
For the past several days, the bulls have been successful in making the Cable work in their favour. At the time of writing, traders are trying to breach their close resistance at 1.2600, while their next key resistance is sitting at 1.2760. To put an end to their upward momentum, the bears would first have to deal with the two important supports at 1.2500 and at 1.2430.
Gold price tests the support
Gold price faced negative pressure in the previous sessions to test the key support 1850.00, noticing that the price consolidates above this support, as the EMA50 protects the recently suggested positive scenario, while stochastic begins to provides positive overlapping signals now.
Therefore, these factors encourage us to suggest the bullish bias in the upcoming sessions, waiting to visit 1890.00 level as a next main station, noting that breaking 1850.00 followed by 1838.10 levels will stop the expected rise and press on the price to turn to decline.
The expected trading range for today is between 1835.00 support and 1880.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis