DAILY TECHNICAL ANALYSIS FOR MAY 30, 2023petar skakalov
Current level – 1.0705
The negative sentiment in the pair is maintained, with the bears headed for the support at 1.0680. If their attack continues, they are likely to attempt a breakout at the aforementioned level. Otherwise, if bulls enter the market, a possible scenario could be an attack on the resistance level at 1.0761. For today, traders should be careful when announcing the data for Consumer Confidence in the USA at 14:00 GMT.
Current level – 140.37
With the Ninja, at the time of writing the analysis, the bears are trying to stop the bulls’ attack. The pair is moving around the resistance level at 140.14. If the bears take over the market, the pair is likely to head towards the nearest support level at 139.45. Otherwise, if the bulls’ rise continues, an attempt to breach the next resistance level at 140.74 is possible.
Current level – 1.2354
The Cable continues to consolidate between the 1.2306-1.2379 levels with neither the bulls, nor the bears taking the lead. If the bulls do enter the market, then we could likely witness an attempt to breach the resistance at 1.2385. Otherwise, the bears would attack the support at 1.2309.
Midday update for Gold
Gold prices declined this morning but it returns to fluctuate near 1945.20 level, waiting to get negative motive that assists to push the price to resume the bearish wave that targets 1913.15 level as a next main station.
The EMA50 keeps supporting the expected bearish wave, which will remain valid unless breaching 1961.30 followed by 1977.25 levels and holding above them.
The expected trading range for today is between 1925.00 support and 1960.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis