Indicator analysis: Daily review of EUR/USD on May 23, 2023

Trend analysis (Fig. 1). The market may move downward from the level of 1.0811 (closing of yesterday’s daily candle) to test 1.0760, the lower fractal (red dotted line). From here, an upward movement is possible with the target at 1.0808, the 14.6% pullback level (red dotted line). When testing this level, the price may move […]

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Hot forecast for GBP/USD on 23/05/2023

Throughout Monday, the pound was mostly stagnant, and this won’t last for long, so the market will definitely come alive today. Especially since preliminary PMIs are scheduled for release. However, the forecasts for the UK are not optimistic. In particular, the services PMI is expected to fall from 55.9 to 55.3. However, the manufacturing PMI […]

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BTC update for May 23,.2023 – Breakout of the triangle to the upside

Technical analysis: BTC/USDhas been trading upside this morning but I found breakout of the triangle pattern, which is good sign for the further higher prices. Due to the fake breakout of the support in the background and the breakout of the triangle pattern, I see potential for the further growth towards upside references. Upside objectives […]

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Analysis of Gold for May 23, 2023 -Potential for higher prices

Technical analysis: Gold has been trading downside this morning but I found key support at the $1.955 on the test. Due to the strong upside movement and breakout of downside channel in the background and the bullish trend, I see potential for the further upside movement towards upside references. Upside objectives are set at $1.985 […]

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Technical Analysis of ETH/USD for May 23, 2023

Crypto Industry News: Shibarium, a blockchain platform layer on Ethereum, built specifically for Shiba Inu, is celebrating a major milestone – 10 million transactions. The Shibarium is a place that aims to transform the Shiba Inu into a vast ecosystem. A network where SHIB is no longer just a meme, but a tool with real […]

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Technical Analysis of BTC/USD for May 23, 2023

Crypto Industry News: Chinese authorities have announced that electronics manufacturers in the country should not use American chips or other components produced by the giant in the field, Micron Technology. The decision is another act that fits into the growing competition for dominance in the electronic and information field. According to a statement released on […]

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Technical Analysis of GBP/USD for May 23, 2023

Technical Market Outlook: The GBP/USD pair had made the recent low at the level of 1.2390 and the bounces are all very limited as the market participants await the UK PMI data scheduled for release later on today. The market is still under the bearish pressure and is slowly approaching the key technical support seen […]

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Technical Analysis of EUR/USD for May 23, 2023

Technical Market Outlook: The EUR/USD pair had hit the lows at the level of 1.0761 (technical support from March 15th) and started a pull-back from the extremely oversold market conditions. So far the bounce from the lows was shallow and bulls were rejected from the intraday technical resistance located at 1.0846. The momentum is weak […]

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USD/JPY analysis for May 23, 2023 – Breakout of the rising trendline and potential for the downside movement

Technical analysis: USD/JPY has been trading upside yesterday but I found the fake breakout of the resistance at 138.70 and potential for the downside movement. Due to fake breakout of the resistance in the background and the breakout of the rising trend-line, I see potential for the further downside movement towards lower references. Downside objective […]

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USDCAD,H4 | A symmetrical triangle chart pattern?

The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Technical Analysis – USDCAD stuck at busy range; sizeable… May 22, 2023 USDCAD is edging higher today as it continues to hover…Trading Signal for GOLD (XAU/USD) for May 22-23, 2023: buy… May 22, 2023 Early in the European session, Gold (XAU/USD) is trading around…Technical […]

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Elliott wave analysis of Meta Platforms for May 23, 2023

Meta Platforms is close to completing its wave [B] correction and giving away for renewed downside pressure in wave [C]. That said, wave [B] could move closer to the ideal target at 271 before turning lower. However, wave v of C is clearly at the final stages. So, with a break below support at 229.85, […]

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Elliott wave analysis of USD/JPY for May 23, 2023

USD/JPY is in its very final part of the B-wave correction that began in mid-January after testing support at 127.22. Ideally, we will see USD/JPY test resistance at 140.33 before turning lower. As long as support at 137.42 is able to act as a floor, we should expect a little more upside to test the […]

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Forecast for EUR/USD on May 23, 2023

EUR/USD Yesterday, the US stock market closed mixed, bond yields slightly increased, and as a result, the euro did not extend the corrective growth that started on Friday. Nevertheless, the day closed with a white candlestick above the level of 1.0804, and the signal line of the Marlin oscillator continues to rise, suggesting that we […]

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Forecast for GBP/USD on May 23, 2023

GBP/USD Yesterday’s range was limited to 56 pips, with the MACD indicator line acting as support from below and the balance indicator line from above. The price has settled below the level of 1.2443. The Marlin oscillator is maintaining neutrality in negative territory. The pound could trade lower, in order to do so, it needs […]

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Forecast for USD/JPY on May 23, 2023

USD/JPY On Monday, the USD/JPY pair not only led gains among major currencies (0.48%), but also surpassed the resistance of the embedded line of the price channel, which it had been persistently striving for three days. The nearest target of 139.40 is available, and the September 22, 2022 low, at 140.35, serves as the target […]

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US stock market closed mixed, Dow Jones down 0.42%

Traders are monitoring the development of the situation around the country’s public debt. The White House and Republicans, who control the House of Representatives in Congress, continue negotiations to raise its maximum ceiling. Speaker of the US House of Representatives Kevin McCarthy said earlier that he would meet with President Joe Biden on Monday for […]

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USD/CAD needs more bullish energy

The USD/CAD pair changed little in the short term and now is trading at 1.3504 at the time of writing. Technically, the current sideways movement could represent a consolidation. The rate needs to attract more buyers before resuming its growth. Fundamentally, the Canadian retail sales data came in mixed. The Retail Sales indicator reported a […]

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USD/JPY: downside reversal invalidated

The USD/JPY pair is bullish despite temporary retreats. It’s trading at 138.57 at the time of writing and it seems determined to hit new highs. Still, an upside continuation needs confirmation. Today, the Core Machinery Orders reported a 3.9% drop versus the 0.5% growth estimated. Tomorrow, Japan is to release BOJ Core CPI and Flash […]

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Trading plan for EUR/USD on May 23. Simple tips for beginners

Analysis of Monday trades EUR/USD 30M chart The EUR/USD currency pair traded in a very tight range on Monday. In the previous review, we predicted a dull Monday, and that’s what really happened. Even three speeches by Federal Reserve Committee members or Treasury Secretary Janet Yellen did not manage to sparkle any significant movement in […]

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Morgan Stanley analyst doubts futher stock market rally

Michael Wilson from Morgan Stanley has warned that the recent stock rally was false. Mr. Wilson was the one who predicted an approaching market downturn in 2022, which earned him the top spot in last year’s Institutional Investor survey. Obviously, the expert has retained his bearish outlook on the market, despite the S&P’s 9% growth […]

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Gold weakens as USD strengthens

Gold is falling against the backdrop of the strengthening US dollar. One would expect even further decline, but prolonged negotiations on the US debt limit and a more relaxed rhetoric from the Federal Reserve System are very opportune for the precious metal as a safe-haven asset. By the time of writing, gold futures on COMEX […]

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May 22, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EUR/USD pair fell to 0.9600, a level not seen since 2002, and then rebounded strongly, especially near this critical support level. The next resistance level at 1.0100 did not deter the bulls, who lifted the prices higher along the bottom of the shown movement channel. This led to reaching new bullish targets at 1.0250, […]

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May 22, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The price showed an upward trend between 1.0400 and 1.0600, which stopped further declines. Bulls maintained the rising lows at 1.1150 and 1.1750, suggesting a likely continuation of the upward trend above 1.1750. At 1.2340, bears initially opposed the price, but bulls regained control. However, the GBPUSD bulls failed to create a new high and […]

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NZD/USD. RBNZ: long positions on the pair remain risky

The New Zealand dollar, paired with the US dollar, demonstrates a combative attitude ahead of the upcoming meeting of the Reserve Bank of New Zealand. In just two days, on May 24, the RBNZ members will announce the outcome of their meeting. According to most experts, the central bank will increase the interest rate again, […]

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Will the euro have enough strength?

Due to the confusion surrounding the U.S. debt ceiling, investors are trying to listen to central bank speakers. And it should be noted that it’s working. Speeches by Jerome Powell and Neel Kashkari from the Federal Reserve, as well as Christine Lagarde from the ECB, have allowed EUR/USD to find solid ground. The main currency […]

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