Technical analysis on Silver for May 5th, 2023.

Green lines- bearish RSI divergence Blue rectangle- support Yellow rectangles- major tops with same overbought RSI conditions Silver made a new 2023 higher high yesterday. The RSI is not following. The RSI is giving bearish RSI divergence signals. This is an important warning. The last time RSI of Silver price was this overbought and turned […]

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Technical analysis on EURUSD for May 5th, 2023.

Blue lines- bullish channel Red lines- bearish RSI divergence EURUSD is trading once again below 1.10 after making a move towards 1.11 earlier this week. Price remains inside the medium-term upward sloping blue channel and continues to provide bearish RSI divergence warnings. With NFP numbers announced better than the market expected, USD is strengthening. and […]

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EUR/USD Outlook for May 5, 2023

As of writing, EUR/USD was trading near the 1.1025 mark, 12 points higher than the closing price of yesterday’s trading day. The pair remains in a range, limited by the key support level 1.0970 (144 EMA on the weekly chart) and 1.1090 resistance level (200 EMA on the weekly chart), maintaining a positive momentum. However, […]

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Ichimoku cloud indicator analysis on USDJPY for May 5th, 2023.

USDJPY is trading around 135 after making a low yesterday at 133.51. In Ichimoku cloud terms trend remains bullish as price is still above the Daily Kumo (cloud). Price tested the kijun-sen (yellow line indicator) yesterday and bulls have managed to keep price above it. A daily close below the kijun-sen (134.22) would be a […]

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Technical analysis on Gold for May 5th, 2023.

Blue lines-bullish channel Red lines- bearish potential Black lines- bearish RSI divergence Green line- important horizontal support Gold is under pressure. Gold is trading close to $2,010. In our previous analysis we noted the increased chances of an important top in the making and the start of a pull back that could bring price towards […]

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Technical analysis on GBPUSD for May 5th, 2023.

Black lines- bearish wedge pattern In our previous analysis we noted the bearish wedge pattern in GBPUSD and we talked about a potential topping formation. After the better than expected NFP numbers today, Dollar is strengthening across the board and GBPUSD is showing rejection signs. In our previous analysis we mentioned that the risk reward […]

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US premarket on May 5: Stock market recovers after 4-day slide

Following turbulent days triggered by US bank collapses, US stock index futures are showing signs of recovery. Both the S&P 500 and Nasdaq 100 futures rose by 0.7%, while the US dollar index regained some of its losses from the previous day. Treasury bond yields have also increased. Today, the spotlight will be on the […]

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EUR/USD: ECB’s hawkish stance and euro’s phlegmatic reaction

Following the May meeting, the European Central Bank (ECB) implemented the most anticipated “baseline” scenario, raising interest rates by 25 basis points and announcing further steps in this direction. Buyers of the EUR/USD positively reacted to this event but failed to overcome the resistance level of 1.1090 (upper line of the Bollinger Bands indicator on […]

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Forex forecast 05/05/2023 EUR/USD, USD/JPY, USDX and GOLD from Sebastian Seliga

Let’s take a look at the technical picture for EUR/USD, USD/JPY, USDX and GOLD . The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Video market update for May 05, 2023 May 5, 2023 Potential continuation on the Gold and GBP/USDThe material has been…Trading plan for US dollar index on May 05, 2023 […]

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Analysis and trading tips for GBP/USD on May 5 (US session)

Pound continued to rise, thanks to good PMI data from the UK construction sector. This is why there was a test of 1.2615, during which the MACD line had just began an upward movement, indicating a time to buy. This resulted in a price increase of about 20 pips. A larger-than-expected increase in the number […]

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Analysis and trading tips for EUR/USD on May 5 (US session)

The first test of 1.1025 happened when the MACD line was already far from zero, so the downward potential was limited. On the second test, it led to a buy signal, but there was no large upward movement. Ahead are labor market reports from the US, where an increase in the number of employed in […]

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Bitcoin sees new chance for an upward rally

History repeats itself. If we go by this principle, Bitcoin should flutter like a butterfly. In April, it closed its fourth consecutive month in the green zone, demonstrating the longest winning streak since 2020–2021. When the token grew for four or more months in a row in the past, it added 260% to its value […]

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Bitcoin gains after Fed decision amid banking sector turbulence – Cryptocurrency News

This was another volatile week for Bitcoin and most major altcoins as the US banking sector came under renewed stress, while investors digested the Fed’s latest interest rate decision. Even though cryptos initially lost some ground after First Republic Bank’s collapse, they quickly recouped their losses and added more gains on the back of some dovish […]

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Technical Analysis – GBPCAD at 14-month high but outlook mixed

GBPCAD stands a tad below the 14-month high of 1.7143, having broken the key 1.6862 level. The pair is testing the upper boundary of the Bollinger bands confirming the aggressiveness of the recent upleg. The bulls are naturally enjoying the current move and crave for another rally. Should they manage to push the pair again […]

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Video market update for May 05, 2023

Potential continuation on the Gold and GBP/USD The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Trading plan for US dollar index on May 05, 2023 May 5, 2023 Technical outlook:The US dollar index has managed to find support…Trading plan for EURUSD on May 05, 2023 May 5, 2023 Technical outlook:EURUSD has reversed […]

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Tips for trading NZD/CHF

The trading idea presented last April 17 talked about setting up a grid of buy limits in NZD/CHF. For the past few days, the pair has been moving upwards, gaining as much as 2,000. More specifically, the pair rose by 1,800 pips, which means that traders could now close their positions to take profit. Congratulations […]

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Tips for trading CHF/JPY

The trading idea presented last April 25 talked about setting up a grid of sell limits in CHF/JPY. Yesterday, the pair finally started to decline, breaking the mirror level of 150.200. Traders could close their positions now as the price movement was already as much as 2,000 pips. Huge congratulations to those who followed the […]

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Technical analysis – GBPUSD works its way to long-term resistance

GBPUSD is set to finish the week mildly up, but it might see its latest bullish efforts stalling soon as the pair seems to be approaching a cautious area. The pair is currently aiming for a close above the 1.2600 round-level ahead of the US nonfarm payrolls report due at 12:30 GMT, while slightly higher […]

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Week Ahead – BoE takes the central bank torch, US CPI data also in focus

Following the FOMC and ECB decisions last week, the central bank torch will now be passed to the BoE, which will deliver its decision on Thursday. A 25bps hike is mostly priced in, so the spotlight will fall on clues and hints on how officials are planning to move forward. The US CPIs will also […]

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EUR/USD and GBP/USD: Technical analysis for May 5

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 […]

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Trading plan for US dollar index on May 05, 2023

Technical outlook: The US dollar index has managed to find support around the 100.50-60 zone yet again indicating a strong potential to produce a bullish reversal soon. The index is seen to be trading close to 100.85 at this point in writing as the bulls remain poised to push higher towards 102.50 and 103.70 going […]

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Bitcoin gains momentum amid weakening U.S. banking system

Over the past week, Bitcoin has experienced minimal price changes, despite high levels of volatility. The Federal Reserve meeting and its results provoked active actions by investors, but the price was magnetically pulled back to the $28.5k–$29k range. As a result, BTC ends the trading week near the $29k level, and despite the lack of […]

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Trading plan for EURUSD on May 05, 2023

Technical outlook: EURUSD has reversed yet again from the 1.1090-95 zone indicating strong resistance but needs to break below 1.0900 at least to confirm that a top is in pace. The single currency pair is seen to be trading close to 1.1025 at this point in writing as the bears are looking inclined to hold […]

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GBP/USD. May 5. Bulls do not leave the market, only strong payrolls can stop them

On the hourly chart, the GBP/USD pair rebounded from the 1.2546 level and resumed growth towards the Fibonacci level of 127.2% (1.2623). A rebound in quotes from this level will allow traders to expect a reversal in favor of the US currency and a return to the 1.2546 level. Closing above the 1.2623 level will […]

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EUR/USD and GBP/USD trading plan for beginners on May 5, 2023

Details of the economic calendar on May 4 The European Central Bank (ECB) decided to raise the interest rate to 3.75%, increasing it by 25 basis points and thus following the Federal Reserve System (Fed), which also slowed the pace of rate hikes. Despite this being the highest rate level since autumn 2008, the market […]

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RBA hopes for stronger data to avoid “policy mistake” discussion – Forex News Preview

With the market still digesting the recent central banks’ announcements, the focus in Australia now shifts to incoming economic data. Next week will give us more information on the consumer sector, with the RBA hoping that these data releases justify its recent surprise rate hike. In the meantime, the aussie would clearly love another push, […]

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