May 18, 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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EUR/USD 1.0789 downside obstacle ignored

EUR/USD deeper drop The EUR/USD pair extended its downside movement and now is trading at 1.0772 at the time of writing. As you can see on the H1 chart, the rate ignored the 1.0911, 1.0836, and 1.0789 former low (downside obstacles) activating further drop. As long as it stays below the downtrend line, the price […]

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Ethereum rebound could be over soon

The price of Ethereum rebounded after its last downside movement. It was trading at 1,811 at the time of writing. It has changed little in the short term, as the BTC/USD changed little. The downside pressure remains high in the short term, despite temporary rebounds. Actually, the bounce back could bring new short opportunities. In […]

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Bitcoin: upside scenario intact

The price of Bitcoin changed little in the short term but the bias remains bullish. The crypto could extend its growth anytime. It’s trading at 27,287 at the time of writing. You knew from my previous analysis that BTC/USD could develop a new leg higher after retesting major downside obstacles. In the last 24 hours, […]

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Bitcoin: upside scenario intact

The price of Bitcoin changed little in the short term but the bias remains bullish. The crypto could extend its growth anytime. It’s trading at 27,287 at the time of writing. You knew from my previous analysis that BTC/USD could develop a new leg higher after retesting major downside obstacles. In the last 24 hours, […]

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GBP/USD: downside continuation activated

GBP/USD New Downtrend! The GBP/USD pair is trading at 1.2422 at the time of writing. You knew from my previous analysis that the currency pair should drop deeper after dropping and stabilizing below 1.2585. The first downside target of 1.2434 (former low) was reached. Personally, I’ve drawn a new downtrend line. This represents an upside […]

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Analysis for GBP/USD on May 18th. The Bank of England is close to the peak rate

The wave analysis for the GBP/USD pair still looks complex and ambiguous because it doesn’t look like a classic correctional or impulse segment of the trend. Since the peak of the current bullish wave went beyond the peak of the last b wave, the entire bearish trend segment, consisting of waves a-b-c, can be considered […]

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EUR/USD. Analysis for May 18. ECB fears inflation in the services sector, euro falls

The wave analysis of the 4-hour chart for the euro/dollar pair remains not quite standard but has practically stayed the same in recent weeks. During these weeks, the quotes began to retreat from the previously reached highs, so the three-wave upward structure can be considered complete. The entire ascending trend segment may still take on […]

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Video market update for May 18 2023

Potential for the further upside movement on the BTC/USD The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Technical analysis on EURUSD for May 18th, 2023. May 18, 2023 Red lines- bearish channelBlue line – bullish RSI divergenceShort-term trend…Technical analysis on SPX for May 18th, 2023. May 18, 2023 Green line -support trend […]

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Technical analysis on EURUSD for May 18th, 2023.

Red lines- bearish channel Blue line – bullish RSI divergence Short-term trend is bearish in EURUSD. Price continues making lower lows and lower highs inside the red downward sloping channel. Price has reached our target area for the first pull back around 1.08. The RSI has started providing bullish divergence signals in the 4 hour […]

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Technical analysis on SPX for May 18th, 2023.

Green line -support trend line Yellow rectangle- major resistance Green horizontal lines- Fibonacci extension targets SPX is trading below its major resistance of 4,190-4,200. Price has made no real progress over the last 2 months as it continues trading below 4,200 and above 4,050. Price remains above the key green upward sloping support trend line. […]

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Technical analysis on Silver for May 18th, 2023.

Green lines- bearish RSI divergence Blue rectangle- support (broken) Yellow rectangles- major tops with same overbought RSI conditions Silver price is making new lower lows today around $23.36. In previous posts we warned that Silver was vulnerable to a decline towards $24.50 and lower when price was getting rejected at $26. Price has broken below […]

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Dollar: entering short positions is risky for the deposit

The dollar continues to strengthen on Thursday, supported by the growth in U.S. government bond yields. As of writing, the dollar index (DXY) was near the 102.94 mark. As we noted in our recent review, in order to develop an upward dynamic and more confident growth towards last year’s high of 105.87, the price needs […]

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BTC/USD update for May 18,.2023 – Rejection of the key support zone

Technical analysis: BTC/USD has been trading upside yesterday and I found reversal bar to the upside and rejection of the key support, which is good sign for the further rally. Due to the test and rejection fo the key support and the short and mid term upside trend, I see potential for the rally towards […]

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AUD/USD analysis for May 18, 2023 – Potential for the rally towards upper reference

Technical analysis: AUD/USD has been trading downside this morning but I saw tesd and reject of the key support cluster at the price of 0.6630, which is good sign for the further rally. Due to the test and rejection fo the key support, I see potential for the rally towards upside references. Upside objectives are […]

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Disappointing Australian nonfarm payrolls put pressure on AUD/USD

In the Asian session on Thursday, key labor market data was published in Australia. The release turned out to be weaker than expected, with almost all indicators being in the red zone. The AUD/USD pair reacted by falling to the 0.6630 level. The Aussie came under pressure as weak Australian nonfarm payrolls reduced the likelihood […]

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Analysis of Gold for May 18, 2023 – Potential for the rally towards upper reference

Technical analysis: Gold has been trading downside this morning but I saw that key support cluster at $1.970 is on the test and that there is potential for the rally. Due to the upside cycle in the background and bullish momentum divergence, I see potential for the upside movement towards upside references. Upside objectives are […]

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EUR/USD and GBP/USD: Technical analysis for May 18

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 – […]

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EUR/USD. May 18. The euro currency is not happy with the new inflation growth

The EUR/USD pair continued falling on Thursday and completed consolidation below the corrective level of 61.8% (1.0843). Thus, the fall of quotes can be continued towards the next Fibonacci level of 50.0% (1.0785). A rebound of quotes from 1.0785 will favor the euro currency and some growth within the downward trend corridor. Consolidation below 1.0785 […]

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GBP/USD. May 18th. Andrew Bailey and Jeremy Hunt did not support the pound

On the hourly chart, the GBP/USD pair has risen to the upper line of the descending trend corridor, which characterizes the traders’ mood at this time as “bearish.” The rebound from this line worked in favor of the US dollar and the resumption of the fall. Consolidating quotes below the Fibonacci level of 100.0% (1.2447) […]

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Calm Before the Storm: Bitcoin Consolidates Near $27k

Bitcoin is approaching the end of the trading week near the $27k level. The cryptocurrency’s quotes have not changed significantly over the past five days, indicating a period of consolidation and reaching a strong support level near the $27k mark. Despite the slowdown in the rate of Bitcoin’s price decline, the bearish positions remain strong. […]

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Analysis and trading tips for GBP/USD on May 18 (US session)

Pound continued to decline due to the empty economic calendar last Wednesday. However, the test of 1.2447 coincided with the time that the MACD line was far from zero, so the downside potential was limited. Ahead are important reports from the US, such as the number of initial jobless claims and the volume of existing […]

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Analysis and trading tips for EUR/USD on May 18 (US session)

The economic calendar being empty last Wednesday fueled the decline in EUR/USD. However, the test of 1.0825 coincided with the time that the MACD line was far from zero, so the downside potential was limited. Sometime later, there was another test, but it also resulted in losses. Ahead are important reports from the US, such […]

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Forex forecast 05/18/2023 AUD/USD, Oil, Gold and SP500 from Sebastian Seliga

Let’s take a look at the technical picture of AUD/USD, Oil, Gold and SP500 The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Rising dollar pushes gold prices down May 18, 2023 Gold has been declining since May 4.But looking at the…EUR/USD and GBP/USD trading plan for beginners on May 18,… May 18, […]

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Rising dollar pushes gold prices down

Gold has been declining since May 4. But looking at the percentage decrease in the metal and the percentage increase in dollar, it is clear that demand for dollar greatly affects gold’s dynamics. The main reason why dollar is going up and gold is going down is the recent comments of Fed representatives. It reinforced […]

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USD down on hopes for debt ceiling resolution. XAU/USD, USD/JPY set to decline

The American financial market received a noticeable surge of optimism on Wednesday amid ongoing hopes that the resumption of negotiations between Joe Biden and Congressional leaders from the Republican and Democratic parties would lead to a resolution of the government’s upcoming default issue. Against this backdrop, local stock indices gained significantly, and shares of the […]

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EUR/USD and GBP/USD trading plan for beginners on May 18, 2023

Details of the economic calendar on May 17 Inflation in the eurozone in April 2023 was 7.0%, 0.1% higher than in March. Last year, this figure reached 7.4%. Across the European Union, inflation in April was 8.1%, 0.2% lower than in March, matching last year’s level. The European economy continues to demonstrate resilience in difficult […]

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