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DAILY TECHNICAL ANALYSIS FOR MAY 31, 2023

EUR/USD

Current level – 1.0732

As the European trading session opened for the single European currency, the bears broke the support at 1.0712, but the bulls countered the bear attack almost immediately and managed to hold the price above the aforementioned support. If the bulls continue their attack, the next resistance levels would be the 50-period moving average and the level around 1.0762. If the bears again gain the upper hand, it is possible for the support at 1.0712 to be overcome and the rate to stay below it. Market volatility is likely to surge in response to the impending U.S. employment data, set for release at 14:00 GMT. This is compounded by the crucial U.S. debt deal vote scheduled for later today or in the early hours of tomorrow.

USD/JPY

Current level – 139.66

The Ninja recorded a negative day as at the beginning of the trading session for the second day in a row, the bulls managed to overcome the resistance at 140.74, but did not hold the course above it. Bears took control of USD/JPY, pushing the rate back to support at 139.45. If the bears continue their attack, they could break through the supports at 139.45 and 138.83, but if the bulls prevail, we could see a successful break of the resistance at 140.74.

GBP/USD

Current level – 1.2416

As the European trading session opened for the Cable, the bears almost reached the support level at 1.2309, but the bulls almost immediately countered the bearish attack and managed to break through the resistance at 1.2385 and hold the course above the 50-period moving average. If the bulls continue their attack, they could break the resistance at 1.2444, but if the bears gain the upper hand, they could return the course to the support at 1.2309.

Midday update for Gold

Gold prices shows positive trades to move above the bearish channel’s resistance, while the technical indicators continue to provide the negative signals that keep the chances valid to continue the expected bearish trend for today, which needs to break 1945.20 to confirm extending the bearish wave towards 1913.15.

On the other hand, we should note that breaching 1977.25 will stop the suggested decline and push the price to turn to rise.

The expected trading range for today is between 1935.00 support and 1970.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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