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EUR/USD and GBP/USD: Technical analysis for May 5
May 5, 2023 11:24 amVideo
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EUR/USD
Higher timeframes
Over the past day, another change in daily sentiment took place, and as a result, by the end of the first working week of May, the pair continues to maintain uncertainty. The previously mentioned reference points, which will be relevant in case of a situation change, remain in place and retain their significance. Thus, when the bullish interest rises, it will be directed to the resistance of the final monthly Ichimoku cross (1.1221), and in case of a decline, bears will first focus on the liquidation of the daily golden cross (1.1019 – 1.0979 – 1.0942 – 1.0906) and overcoming the support of the monthly medium-term trend (1.0901).
H4 – H1
The bulls’ advantage was short-lived. Now the pair on the lower timeframes is again testing key levels, which are located today at 1.1030 (central pivot point of the day) and 1.1017 (weekly long-term trend). Working above key levels provides the prerequisites for the development of bullish sentiment. The milestones for the development of such movement within the day today are at the borders of the resistance of the classic pivot points (1.1074 – 1.1135 – 1.1179). Consolidation below key levels (1.1030–17) can change the current balance of power in favor of strengthening bearish sentiment, with supports on this path being 1.0969 – 1.0925 – 1.0864 (classic pivot points).
GBP/USD
Higher timeframes
On the daily timeframe, the pair has begun to break through the worked-out daily target (1.2580). Then if the rally continues, the next target will be the resistance at 1.2760 (the final level of the monthly death cross). The nearest supports this time will be the daily Ichimoku cross 1.2510 – 1.2495 – 1.2453 – 1.2411. Its breakdown and liquidation will again allow the market forces to concentrate on the monthly medium-term trend (1.2302).
H4 – H1
On the lower timeframes, the advantage is now on the side of the bulls. They have already tested part of the resistance of the classic pivot points, with R3 (1.2645) remaining as a reference here. The key levels of lower timeframes today are located at the supports 1.2571 (central pivot point of the day) and 1.2531 (weekly long-term trend). The breakdown of these levels and consolidation below can deprive the bulls of the current advantage. Further, it will be better to reassess the situation.
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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