Trading plan for 22/05/2017
May 22, 2017 7:29 amVideo
Latest News
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
Trading plan for 22/05/2017:
Markets are beginning the new week in a positive mood, and the Asian stock exchanges are at the highest levels in a month. The political turmoil in Washington is still weighting on the US Dollar. Crude oil remains strong, gold opened with a gap up is coming back to the range.
On Monday 22nd of May, the economic calendar is light, later in the week market participants will pay attention to the Bank of Canada’s interest rate decision, FOMC meeting minutes, New Zealand’s annual budget data and the national CPI data from Japan.
Market snapshot: EUR/USD trading at the highs
The Friday high was at the level of 1.1212, but it was made as a part of a negative divergence between the price and the momentum indicator in overbought market conditions. Currently, the pair is trying to test the technical support at the level of 1.1169. If this support is breached, then the next one will be seen at the level of 1.1075. On the other hand, the price is very close to the next technical resistance at 1.1298 from November last year, so the selling pressure might increase.
Market snapshot: GBP/USD just below 1.3000 level
The GBP/USD pair is still trading at elevated levels, just below the 1.3000 resistance. Last week, this pair managed to make a new high at the level of 1.3047, but the clear negative divergence and overbought trading conditions are indicating a possible corrective pullback towards first the level of 1.2881 and then possibly towards the level of 1.2828. The technical support zone between the levels of 1.2706 – 1.2772 still remains the most important support for the bulls.
Market snapshot: crude oil broke above the 61%Fibo
The crude oil prices have made a new high at the level of $50.88, which is above the 61%Fibo at the level of $49.93. Nevertheless, the market conditions look overbought now and there is a bearish divergence visible between the price and the momentum indicator. Corrective pullback towards the level of $50.23 or even $49.94 is expected soon.
Market snapshot: Gold opens with $3 gap, but gets back to the range
Gold had opened with a weekend $3 gap up, but quickly got back to the range zone after being capped by the navy trend line resistance. The key zone for the bulls between the levels of $1,259 – $1,271 was tested but hasn’t been clearly violated yet. The sellers pushed the price lower at the level of 61% at $1,264, but buyers still try to break through. The momentum indicator remains above fifty level so there is still a chance for another leg up before any bigger correction will occur.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: