DAILY TECHNICAL ANALYSIS FOR MAY 31, 2022
EUR/USD
Current level – 1.0754
The bulls managed to breach the resistance at 1.0738, and during the early hours of today`s trading session, the pair is trading above the mentioned zone. A confirmation of the breach could lead to a more sustained rally of the euro against the dollar and a move towards the upper target at 1.0825. If the bullish momentum fades, then the bears could test the support at 1.0643. А successful breach for them could deepen the decline towards the next zone at 1.0544 and could lead to change in the current short-term positive sentiment of the market participants. The most important news for today is the EU CPI due at 09:00 GMT, which could rise well above 8%, signalling the ECB that it might have to become much more aggressive in its efforts to curb inflation.
USD/JPY
Current level – 128.09
After the bulls prevailed during yesterday’s trading session, the dollar recovered some of its recent losses against the yen and the pair tested the resistance zone at 128.05. If the bullish attack continues, then a confirmation of the breach could easily lead to a continuation of the rally and a test of the zone at 129.45. If the bears re-enter the market, then a violation of the support zone at 127.31, followed by a successful test of the lower level at 126.43, would mark the current move as corrective and would most likely strengthen the negative expectations for the future path of the currency pair.
GBP/USD
Current level – 1.2618
The resistance zone at 1.2657 withheld the bullish attack, and during the early hours of today`s trading, the Cable consolidated around the current level at 1.2612. At the time of writing, a new attempt for a breach of the aforementioned level is the most likely scenario, but only a successful violation could lead to new gains for the sterling against the dollar and a move towards the resistance from April 2022 – the zone at 1.2770. The first support can be found at the level of 1.2587, followed by the lower support at 1.2482.
Gold price returns to test the support
Gold price returns to test the first key support at 1850.00, keeping its stability above it until now, as the EMA50 meets this support to add more strength to it, to support the expectations of continuing the bullish trend, waiting to visit 1890.00 as a next main target.
Stochastic gathers the positive momentum again to reinforce the positive expectations, which will remain valid unless breaking 1850.00 followed by 1838.10 levels and holding below them.
The expected trading range for today is between 1840.00 support and 1875.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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