Technical analysis

Technical analysis

17 May 2022
  • 19:54

    NZD/USD is growing and testing MA (200) H1


    Today, the NZD/USD pair rose from $0.6305 to a weekly high of $0.6375 after reaching a new 2-year low ($0.6215) last week. On the hourly chart, the pair is testing the moving average line MA (200) H1 ($0.6330), but on the four-hour chart it remains below MA (200) H4 ($0.6635). Technically speaking, the resistance of $0.6380 may keep prices from rising further. The lower bound of $0.6215 represents the support level.


    Resistance levels are: $0.6380, $0.6460, $0.6570

    Support levels are: $0.6330,  $0.6275, $0.6215


    The main scenario for the pair's promotion — correction, support breakout of $0.6275 (May 10 low) and there may be a decline to $0.6215 (May 12 low)

    An alternative scenario — resistance breakout is $0.6380 (May 11 high) and there may be an increase to $0.6460 (May 6 high)


  • 19:44

    USD/JPY remains below MA (200) H1

    Today, the USD/JPY pair is trading in the range of Y128.85-129.55 after reaching a 2-week low of Y127.55 last week. Recall that a week ago the pair reached a new 20-year high (Y131.35). On the hourly chart, USD/JPY remains below the moving average line of MA (200) H1 (Y129.80), but on the four-hour chart it is trading above MA (200) H4 (Y127.50). Technically speaking, the support of Y128.70 can keep prices from falling. The upper bound of Y131.35 represents the resistance level.

     

     

    Resistance levels are:  Y129.65-80, Y130.80, Y131.35

    Support levels are:  Y128.70, Y127.55, Y126.95


    The main scenario for the pair's promotion — resistance breakout is Y129.65-80 (May 16 high, MA (200) H1) and there may be an increase to Y130.80 (May 11 high)


    An alternative scenario — support breakout is Y128.70 (May 16 low) and there may be a decline to Y127.55 (May 12 low)

  • 19:37

    USD/CHF is declining and testing MA (200) H1

    Today, the USD/CHF pair is trading with a decline from Chf1.0025 to Chf0.9940 after reaching a new 3-year high yesterday (Chf1.0065). The pair broke through the support of Chf0.9990, which became the nearest resistance. On the hourly chart, USD/CHF is testing the moving average line MA (200) H1 (Chf0.9945), but on the four-hour chart it remains above MA (200) H4 (Chf0.9600). Technically speaking, the support of Chf0.9870 can keep prices down further. The upper bound of Chf1.0065 represents the resistance level.


    Resistance levels are: Chf0.9990, Chf1.0065, Chf1.0095


    Support levels are: Chf0.9870, Chf0.9830, Chf0.9710


    The main scenario for the pair's promotion — resistance breakout is Chf0.9990 (May 13 low) and there may be an increase to Chf1.0065 (May 16 high)

    An alternative scenario — support breakout of Chf0.9870 (May 11 low) and there may be a decline to Chf0.9830 (May 6 low)


  • 19:22

    GBP/USD rose to a 10-day high

    Today, the GBP/USD pair rose sharply from $1.2315 to $1.2490, reaching a 10-day high. The pair broke through the resistance of $1.2405, which became the closest support. On the hourly chart, the pair rose above the moving average line MA (200) H1 ($1.23100), on the four-hour chart it remains below MA (200) H4 ($1.2745). Technically speaking, the resistance of $1.2640 may keep prices from rising further. The lower bound of $1.2215 represents the support level.


    ⦁ Уровни сопротивления: 1,2490 долл. США, 1,2640 долл. США, 1,2770 долл. США.

    ⦁ Уровни поддержки: 1,2405 доллара, 1,2310 доллара, 1,2215 доллара.



    Основной сценарий продвижения пары — коррекция, пробой поддержки $1,2405 (максимум 9 и 11 мая) и возможно снижение до $1,2215 (максимум 16 мая)


    Альтернативный сценарий — пробой максимума сессии $1.2490 и возможен рост до $1.2640 (максимум 4-5 мая)

  • 19:11

    EUR/USD is growing and testing MA (200) H1

    Today, the EUR/USD pair is trading with an increase from $1.0430 to $1.0530 after reaching the lowest value since the beginning of January 2017 ($1.0350) last week. On the hourly chart, the pair is testing the MA (200) H1 ($1.0495) moving average line, but on the four-hour chart it remains significantly lower than MA (200) H4 ($1.0710). Technically speaking, the resistance of $1.0530 may keep prices from rising further. The lower bound of $0350 represents the support level.



    Resistance levels are:  $1.0530, $1.0600, $1.0640

    Support levels are:  $1.0430, $0390, $0350


    The main scenario for promoting the pair  — decline to the session low of $1.0430 and then, maybe, to $0390 (May 16 low)


    An alternative scenario — resistance breakout of $1.0530 (May 12 high, session high) and there may be an increase to $1.0600 (May 6 high)

  • 14:22

    USD/CAD is still testing MA 200 H1 support

    Yesterday the USD/CAD traded lower and closed the day in the red zone near the price of C$1.2850. Today it also fell a little, dropping to C$1.2820. On the hourly chart, USD/CAD is still testing the strength of the support - the line of the moving average MA (200) H1 (С$1.2935). On the four-hour chart, the USD/CAD is still above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading, and as long as the USD/CAD remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.

    • Resistances levels are at: С$1.2930, С$1.2980, С$1.3025

    • Support levels are at: С$1.2815, С$1.2715, С$1.2685

    Probably, the main scenario is continued growth to the level of C$1.2930 (high of the American session on May 16).

    An alternative scenario is a consolidation below the MA 200 H1 line, followed by a fall to C$1.2715 (May 5 low).

  • 13:48

    Gold remains below MA 200 H1

    Yesterday, the XAU/USD traded higher and closed the day in positive territory near the price of $1825. Today gold was trading in a narrow range of $1821-29, staying close to yesterday's closing price. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1851). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the XAU/USD remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.

    • Resistances levels are at: $1848, $1858, $1865

    • Support levels are at: $1798, $1786, $1780

    Probably, the main scenario is the continuation of the downward movement to $1798 (the low of the American session on May 16).

    Alternative scenario is consolidation above MA 200 H1 followed by a rise to $1909 (May 5 high).


  • 13:23

    Oil trades near 4-week high

    Yesterday, Brent crude traded higher and closed the day in positive territory around $113.95. Today, oil traded in a narrow range of $113.70-$115.15, staying close to a 4-week high. On the hourly chart, Brent is still trading above the moving average MA (200) H1 ($109.05). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as Brent remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.

    • Resistances levels are at: $115.15, $117.50, $120.60

    • Support levels are at: $111.60, $109.05, $107.90

    Probably, the main scenario is a possible subsequent growth to $115.15 (session high).

    The alternative scenario is consolidation below the MA 200 H1 followed by a fall towards $101.50 (May 11 low).

  • 13:00

    USD/JPY is still testing MA 200 H1 support

    Yesterday the USD/JPY traded lower and closed the day in the red near the price of Y129.05. Today it rose a little, rising to Y129.45. On the hourly chart, USD/JPY is testing the strength of the support - the line of the moving average MA (200) H1 (Y129.75). On the four-hour chart, it is still above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading, and as long as the USD/JPY remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.

    • Resistances levels are at: Y129.60, Y130.05, Y130.80-90

    • Support levels are at: Y128.35-45, Y127.55, Y126.95

    Probably, the main scenario is continued growth towards Y129.60 (May 16 high).

    Alternative scenario is consolidation below MA 200 H1, followed by decline to Y127.55 (May 12 low).

  • 12:39

    USD/CHF is trading near May 2019 highs

    Yesterday the USD/CHF traded in different directions in the range of Chf1.0005-65 and closed the day without significant changes. Today it was also trading in a narrow range of Chf1.0010-25, staying close to the May 2019 highs. On the hourly chart, USD/CHF is still trading above the MA (200) H1 (Chf0.9930) moving average line. The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and while the USD/CHF remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.

    • Resistances levels are at: Chf1.0065, Chf1.1100, Chf1.1200

    • Support levels are at: Chf0.9975, Chf0.9930, Chf0.9870

    Probably, the main scenario is a likely continuation of growth towards Chf1.0065 (May 16 high).

    An alternative scenario is a consolidation below the MA 200 H1 level, followed by a decline to Chf0.9710 (May 5 low).

  • 12:18

    The GBP/USD is testing the MA 200 H1 resistance

    Yesterday the GBP/USD traded higher and closed the day in positive territory near the price of $1.2320. Today it was trading in a narrow range of $1.2315-45, staying close to yesterday's closing price. On the hourly chart, the GBP/USD is testing resistance - the moving average line MA (200) H1 ($1.2315). On the four-hour chart, the GBP/USD is still below the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the GBP/USD remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.

    • Resistances levels are at: $1.2400-05, $1.2580, $1.2635

    • Support levels are at: $1.2220-35, $1.2155, $1.2100

    Probably, the main scenario is a continuation of its decline to the level of $1.2235 (the low of the American session on May 16).

    The alternative scenario is consolidation above the MA 200 H1 level, followed by a rise to $1.2635 (May 4 high).

  • 12:00

    EUR/USD remains below MA 200 H1

    Yesterday the EUR/USD traded higher and closed the day in positive territory around $1.0430. Today it was trading in a narrow range of $1.0430-55, staying close to yesterday's closing price. On the hourly chart EUR/USD is still trading below the moving average MA (200) H1 ($1.0500). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the EUR/USD remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.

    • Resistances levels are at: $1.0465, $1.0530, $1.0575

    • Support levels are at: $1.0390, $1.0350, $1.0300

    Probably, the main scenario is continued decline towards $1.0390 (May 16 low).

    Alternative scenario is implies consolidation above MA 200 H1, followed by a rise to $1.0740 (Apr 26 high).

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