Technical analysis

Technical analysis

06 May 2022
  • 20:16

    NZD/USD is trading near the lows of June 2020

    Today, the NZD/USD pair is trading in the range of $0.6390-0.6440 - near the lows of June 2020. On the hourly chart, the pair dropped below the moving average line MA (200) H1 ($0.6490) and on the four-hour chart it remained below MA (200) H4 ($0.6790). Technically speaking, the support level of $0.6380-90 can keep prices from further decline. The upper limit of $0.6570-90 represents the resistance level.


    Resistance levels are: $0.6490, $0.6570-90, $0.6645

    Support levels are: $0.6380-90, $0.6260, $0.6165


    The main scenario for the pair's promotion —  support breakthrough of $0.6380-90 (June 22’ 2020 low, May 5 low, session minimum) and there may be a decline to $0.6260 (June 2’ 2020 low)

    An alternative scenario — resistance breakout MA(200) H1 ($0.6490) and there may be an increase to $0.6570-90 (April 27 and May 5 highs)

  • 19:47

    USD/JPY is trading near a 20-year high

    Today, the USD/JPY pair is trading in the range Y130.10-80 - about a 20-year high (Y131.25) reached a week ago. On the hourly chart, the pair rose above the moving average line MA (200) H1 (Y129.60), but on the four-hour chart it remains above MA (200) H4 (Y125.60). Technically speaking, the resistance of Y131.25 can keep prices from further growth. The lower bound of Y126.95 represents the support level.

     

    Resistance levels are:  Y131.25, Y132.00, Y133.00

    Support levels are:  Y129.30-60, Y128.60, Y126.95


    The main scenario for the pair's promotion — the resistance breakthrough is Y131.25 (April 28 high) and there may be an increase to the psychological level of Y132.00

    An alternative scenario — support breakout is Y129.30-60 (April 29 low, MA (200) H1) and there may be a decline to Y128.60 (May 4 low)

  • 19:26

    USD/CHF pair is trading near a 2-year high

    Today, the USD/CHF pair is trading in the range of Chf0.9830-85 - about a 2-year high. On the hourly chart, the pair remains above the moving average line MA (200) H1 (Chf0.9735) and on the four-hour chart - above MA (200) H4 (Chf0.9460). Technically speaking, the resistance of Chf0.9890-0.9900 can keep prices from rising further. The lower bound of Chf0.9670 represents the support level.

    It is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the level of 70, which signals a possible change in the direction of price movement.


    Resistance levels are: Chf0.9890-0.9900, Chf0.9925, Chf1.0010-1.0025


    Support levels are: Chf0.9710-35, Chf0.9670, Chf0.9615



    The main scenario for the pair's promotion — Resistance breakout is Chf0.9890-0.9900 (March 20’ 2020 high, May 5 high) and there may be an increase to Chf0.9925 (December 3’ 2019 high)

    An alternative scenario — resistance breakout is Chf0.9710-35 (May 5 low, MA (200) H1) and there may be a decline to Chf0.9670 (April 29 low)

  • 19:14

    GBP/USD is trading near the lows of June 2020

    Today, the GBP/USD pair is trading in the range of $1.2275-1.2230 - near the lows of June 2020. The pair broke through the support of $1.2410, which became the nearest resistance. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1.2520) and on the four-hour chart remains below MA (200) H4 ($1.2930). Technically speaking, the support of $1.2255-75 may keep prices from further decline. The upper limit of $1.2640 represents the resistance level.


    ⦁ Resistance levels are: $1.2410, $1.2520, $1.2640

    ⦁ Support levels are:  $1.2255-75, $1.2205, $1.2160


    The main scenario for the pair's promotion — support breakthrough of $1.2255-75 (June 30’ 2020 low, session minimum) and may be reduced to $1.2205 (May 27’ 2020 low)


    An alternative scenario — the resistance breakout is $1.2410 (April 28 low) and there may be an increase to $1.2640 (May 4-5 high)

  • 19:01

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

    Today, since the start of trading, the EUR/USD pair has declined from $1.0550 to $1.0480, but during the European session it began to grow and rose to $1.0595. On the hourly chart, the pair is testing the MA (200) H1 moving average line ($1.0555), but on the four-hour chart it remains significantly lower than MA (200) H4 ($1.0830). Technically speaking, the resistance of $1.0640 may keep prices from rising further. The lower bound of $1.0470 represents the support level


    Resistance levels are: $1.0640, $1.0740, $1.0815

    Support levels are: $1.0470, $0450, $1.0340


    The main scenario for promoting the pair  — support breakthrough of $1.0470 (April 28 low) and there may be a decline to $1.0450 (January 11’ 2017 low)


    An alternative scenario — if the resistance of $1.0640 (May 5 high) is broken, then the pair may rise to $1.0740 (April 26 high)

  • 14:16

    USD/CAD remains above MA 200 H1

    Yesterday the USD/CAD traded higher and closed the day in positive territory near the price of C$1.2835. Today it was trading in a narrow range of C$1.2815-55, staying close to yesterday's closing price. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (С$1.2810). 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 the USD/CAD 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: С$1.2865, С$1.2915, С$1.3000

    • Support levels are at: С$1.2715, С$1.2685, С$1.2655

    Probably, the main scenario is continued growth towards the level of C$1.2865 (May 5 high).

    An alternative scenario is a consolidation below the MA 200 H1 line, followed by a fall to C$1.2590 (Apr 22 low).

  • 14:01

    The AUD/USD is trading below the MA 200 H1 again

    Yesterday, the AUD/USD was trading lower and closed the day in the red zone near the price of $0.7110. Today it was trading in a narrow range of $0.7080-30, staying close to yesterday's closing price. On the hourly chart, AUD/USD is again trading below the moving average line MA (200) H1 ($0.7130). 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 AUD/USD remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.

    • Resistances levels are at: $0.7225, $0.7265, $0.7310

    • Support levels are at: $0.7080, $0.7030, $0.6965-75

    Probably, the main scenario is a possible decline to $0.7080 (May 5 low).

    An alternative scenario is fixing above MA 200 H1 with subsequent growth to $0.7350 (high of the European session on Apr 22).

  • 13:41

    Gold trades below MA 200 H1 again

    Yesterday, the XAU/USD traded lower and closed the day in the red near the price of $1876. Today gold was trading in a narrow range of $1866-77, staying close to yesterday's closing price. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1887). 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 for the formation of a correction.

    • Resistances levels are at: $1909, $1919, $1946

    • Support levels are at: $1861, $1844-50, $1825

    Probably, the main scenario is a continuation of the downward movement to $1861 (May 4 low).

    Alternative scenario is consolidation above MA 200 H1 followed by a rise to $1958 (Apr 20 high).


  • 13:18

    Oil remains above MA 200 H1

    Yesterday, Brent oil traded in different directions in the range of $109.50-$114.20 and closed the day without significant changes. Today, oil was also trading in a narrow range of $110.10-$112.10, staying close to yesterday's closing price. On the hourly chart, Brent is still trading above the MA line (200) H1 ($106.45). 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: $114.20, $115.50, $117.50

    • Support levels are at: $109.50, $108.35, $104.90

    Probably, the main scenario is a possible subsequent rise to $114.20 (May 5 high).

    The alternative scenario is consolidation below the MA 200 H1 followed by a fall to $99.65 (Apr 25 low).

  • 13:02

    USD/JPY remains above MA 200 H1

    Yesterday the USD/JPY traded higher and closed the day in positive territory near the price of Y130.15. Today it has also slightly increased, having risen to the level of Y130.80. On the hourly chart, USD/JPY is still trading above the moving average line MA (200) H1 (Y129.50). 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 the USD/JPY 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: Y131.25, Y132.00, Y133.00

    • Support levels are at: Y129.55, Y128.60-75, Y127.80

    Probably, the main scenario is continued growth towards Y131.25 (Apr 28 high).

    Alternative scenario is consolidation below MA 200 H1, followed by decline to Y126.95 (Apr 27 low).

  • 12:44

    The USD/CHF is trading near the March 2020 highs

    Yesterday the USD/CHF traded higher and closed the day in positive territory near the price of Chf0.9850. Today, it was trading in a narrow range of Chf0.9840-80, staying close to the March 2020 highs. On the hourly chart, USD/CHF is still trading above the moving average line MA (200) H1 (Chf0.9725). 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 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: Chf0.9890-00, Chf1.0000, Chf1.1000

    • Support levels are at: Chf0.9755, Chf0.9710, Chf0.9670

    Probably, the main scenario is a likely continuation of growth towards Chf0.9890 (May 5 high).

    Alternative scenario is consolidation below MA 200 H1, followed by a decline to Chf0.9530 (Apr 22 low).

  • 12:19

    The GBP/USD is trading near the June 2020 lows

    Yesterday the GBP/USD traded lower and closed the day in the red zone near the price of $1.2355. Today it was trading in a narrow range of $1.2335-80, staying close to the June 2020 lows. On the hourly chart, GBP/USD is still trading below the MA (200) H1 moving average line ($1.2540). 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 GBP/USD remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.

    • Resistances levels are at: $1.2415, $1.2580, $1.2635

    • Support levels are at: $1.2325, $1.2300, $1.2200

    Probably, the main scenario is continuation of the recent decline to $1.2325 (May 5 low).

    An alternative scenario is fixing above the MA 200 H1 level, followed by a rise to $1.2770 (Apr 26 high).

  • 11:55

    The EUR/USD is again trading below the MA 200 H1

    Yesterday the EUR/USD traded lower and closed the day in the red zone near the price of $1.0540. Today it was trading in a narrow range of $1.0515-50, staying close to yesterday's closing price. On the hourly chart, EUR/USD is again trading below the MA (200) H1 moving average line ($1.0565). 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 for the formation of a correction.

    • Resistances levels are at: $1.0605, $1.0640-55, $1.0695

    • Support levels are at: $1.0495, $1.0470, $1.0400

    Probably, the main scenario is continued decline towards $1.0495 (May 5 low).

    An alternative scenario is a fixation above MA 200 H1, followed by growth to $1.0760 (high of the American session on Apr 25).

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