USDJPY, Day | Break below Ascending Trendline?

USD/JPY is currently displaying a strong bullish momentum, which is supported by its position above a significant ascending trend line. This suggests that there is potential for further upward momentum in the near future. The first support level for USD/JPY stands at 133.69 and is identified as an overlap support. In addition, the current price […]

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EUR/USD. Overview for May 8. De Galhau admits several more ECB rate hikes

The currency pair EUR/USD ended last week as it started. The pair have been virtually flat for several weeks but with a minimal upward slope. In other words, the upward trend is maintained but continues to weaken, and the pair still cannot correct downward. Thus, we still believe the bulls control the market with their […]

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Forecast for EUR/USD on May 8, 2023

EUR/USD Investors decided to postpone buying dollars after the release of good labor data in the US on Friday. We don’t know how long this will last. Despite the 65-point drop from the resistance of 1.1033 and a return to Friday’s opening, the technical indicators’ readings have not changed during this time. The price itself, […]

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Forecast for GBP/USD on May 8, 2023

GBP/USD On Friday, the British pound chose an alternative scenario with a short-term perspective – on quite good data on US employment, it overcame the resistance of 1.2598 and approached the target level of 1.2666. Now the whole question is in the level of divergence slope by the Marlin oscillator. The price may continue to […]

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Forecast for AUD/USD on May 8, 2023

AUD/USD On Friday, the Australian dollar forcefully overcame the resistance level of 0.6730 and tested the MACD indicator line on the daily chart. This morning, the pressure on the MACD line continues, and if the price consolidates above it, there’s a possibility that the price can reach the 0.6810 level. Further, it might even climb […]

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Dollar breaks trend

As expected! The market was overly confident about the Fed’s “dovish” turn in 2023 when Jerome Powell allowed it to have its own opinion. Derivatives gave almost a 90% chance of a federal funds rate cut at the FOMC meeting in July. The odds of it falling from 5.25% to 5% in June were 50-50. […]

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Weekly review of EUR/USD for May 01-05, 2023

Short trem : Our strategy of analysis today: Trend – breakout down. Downtrend : Reversal of trend after confirmation of breakout. EUR/USD pair : If the pair fails to pass through the level of 1.1055, the market will indicate a bearish opportunity below the strong resistance level of 1.1055. In this regard, sell deals are […]

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Weekly review of GBP/USD for May 01-05, 2023

Review : The GBP/USD pair has faced strong support at the level of 1.2502 because resistance became support. So, the strong resistance has been already faced at the level of 1.2582 and the pair is likely to try to approach it in order to test it again. The level of 1.2502 represents a weekly pivot […]

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Analysis of the trading week May 1-5 for the GBP/USD pair. COT Report. The British pound is growing again, although there

Long-term perspective. The currency pair GBP/USD showed another round of illogical growth during the current week. While the European currency had an ECB meeting, which can be considered “dovish” (albeit with a stretch), the Bank of England’s meeting will only occur next week. Thus, the GBP/USD pair only had American statistics at its disposal, which […]

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Analysis of the trading week of May 1-5 for the EUR/USD pair. COT report. Two meetings, Non-farms, and nothing has changed.

Long-term perspective. The EUR/USD currency pair traded illogically again this week. This applies to individual macroeconomic events, fundamentals, and everything combined. Throughout the week, various macroeconomic information was published, but traders naturally focused on three or four main events. So: ECB meeting, FED meeting, nonfarm payrolls, and the unemployment rate in the United States. As […]

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Technical analysis of EUR/USD for May 05, 2023

Overview : Euro parity still in play ahead of decisive US inflation data, for that common currency came within whisker of 1.1018 this week. Right now, the EUR/USD pair is still moving around the price of 1.1018. The currency pair EUR/USD is trading below the resistance levels of 1.1052 and 1.1092. The euro to US […]

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May 5, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

After ascending towards the 1.1500 price zone, the EUR/USD pair encountered significant selling pressure, resulting in declines to levels of 1.0850, 1.0400, 1.0000, and most recently, 0.9600. The market experienced buying pressure until it reached a plateau around 1.0800-1.0850, followed by notable selling pressure that led to a recent decline in prices. The price level […]

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May 5, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EUR/USD pair has recently returned to levels around 0.9600, which were last reached in 2002, leading to a significant bullish recovery, especially around this critical support level. Although the nearest resistance level at 1.0100 did not apply enough bearish pressure, there was strong bullish price action around the lower edge of the depicted movement […]

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May 5, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The market displayed a positive trend between 1.0400 and 1.0600, which prevented further losses. Bulls kept supporting the increasing lows at 1.1150 and 1.1750, indicating a probable continuation of the positive trend above 1.1750. At 1.2340, bears initially resisted the price, but bulls recovered. However, the GBPUSD bulls could not create a new high and […]

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US banking crisis fuels higher demand for Gold

According to strategists at JPMorgan Chase & Co, investors are likely to favor gold and technology stocks, as these assets are expected to provide protection against a potential US recession this year. Long-term trading is characterized by an overweight position in gold, growth stocks such as technology companies, and currencies (short US dollar). Nikolaos Panigirtzoglou […]

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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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