EUR/USD and GBP/USD: Technical analysis for May 18
May 18, 2023 11:25 amVideo
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EUR/USD
Higher timeframes
Yesterday, the bears executed a decline and tested the support of the upper boundary of the daily Ichimoku cloud (1.0814). Successful consolidation within the cloud will allow for further decline to its lower boundary (1.0775), reinforced in this area by weekly support (1.0763). The levels left the day before at 1.0864 – 1.0901 (weekly short-term trend + monthly medium-term trend) now serve as resistances. If bulls attempt to regain their positions, they will be included in the work first of all.
H4 – H1
On the lower timeframes, the main advantage in the current situation belongs to the bears. The downward trend is in effect. The supports of the classic pivot points, which today are located at 1.0809 – 1.0779 – 1.0746, serve as benchmarks for continued decline within the day. The key levels of lower timeframes 1.0842 – 1.0874 (central pivot point of the day + weekly long-term trend) now act as resistances and are important frontiers in case of an upward correction. A consolidation above 1.0874 and a reversal of moving average can change the current balance of power.
GBP/USD
Higher timeframes
Yesterday, the support of the weekly short-term trend (1.2421) was tested. However, by the end of the day, the pair returned to the area of the former consolidation, near the attraction levels of the daily Ichimoku cross (1.2477 – 1.2515 – 1.2553). As a result, the main tasks of the market have not changed. The bears need to break through the weekly support of 1.2421, after which other targets (1.2302 – 1.2305) will be available, and bullish players need to recover enough for the daily cross to be their support zone again, then the road to the local high (1.2678) will open.
H4 – H1
At the moment, the pair continues to operate in the correction zone on the lower timeframes. The supports of the classic pivot points today are located at 1.2432 – 1.2382 – 1.2343. The key levels are now in the region of 1.2471 – 1.2496 (central pivot point of the day + weekly long-term trend). Having consolidated above and changed the inclination of the trend, bullish players will gain the main advantage and be able to consider a rise to their intraday benchmarks – 1.2521 – 1.2560 – 1.2610 (classic pivot points).
The technical analysis of the situation uses:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes – H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.com
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