DAILY TECHNICAL ANALYSIS FOR MAY 30, 2022
Current level – 1.0737
The pair scored a second week of gains and the bulls managed to form a local support at around 1.0640. In the early hours of today, the euro is trading higher and it seems that the bulls are about to overcome the first resistance at around 1.0740. It is possible for the rally to continue and so buyers could test the key resistance at 1.0850. Despite the good performance in recent days, the trend remains negative as seen from the higher time frames. Expectations at the moment are rather negative, and a change in sentiment can be expected only in the event of a breach above 1.0850. The pair could dip for another test of the support at 1.0640. Today, higher activity can be expected around the announcement of the inflation data for Germany at 12:00 GMT. The week is expected to be dynamic, with the most anticipated event in the economic calendar being the data on newly created jobs for the United States, expected to come out on Friday at 12:30 GMT.
Current level – 127.01
The ninja slowed the decline and prices consolidated above the support at 126.50. This zone is also the main support at the moment, and in case of a breach, the declines can deepen towards 125.00. Declining volatility may be interpreted as an early signal for the end of the correction and so the bulls may continue to once more ride the main trend. A breach of the resistance at 127.30 would confirm the bullish attitudes and the first target of this movement could be the area at around 129.45.
Current level – 1.2641
Last week, the Cable managed to overcome the key resistance at 1.2587 and prices are currently holding steady above this level. At the moment, 1.2480 can be considered as the main support, after the zone previously defended itself against the bearish pressure several times in a row. The expectations therefore remain positive, yet a correction from the current levels should still not be ruled out. A breach of 1.2660 could create an opportunity for a rally against the resistance coming from the higher time frames at 1.2980. The bulls can expect their first support for the day to be at 1.2587, while the main weekly ones are 1.2480 and 1.2370.
Midday update for Gold
Gold price shows weak trades since morning, and as long as the price is above 1850.00, our bullish overview will remain valid and active for today, supported by stochastic positivity, reminding you that our main waited target is located at 1890.00.
The expected trading range for today is between 1845.00 support and 1880.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis