Technical analysis

Technical analysis

09 May 2022
  • 20:11

    NZD/USD is trading near the lows of June 2020

    Today, the NZD/USD pair is trading with a decline from $0.6405 to $0.6335, having reached new lows in June 2020. On the hourly chart, the pair dropped below the moving average line MA (200) H1 ($0.6465) and on the four-hour chart it remained below MA (200) H4 ($0.6745). In this situation, the scenario of a further decline in the NZD/USD pair is likely and a sell position may be a wise decision for those who want to take advantage of a stronger US dollar.


    Resistance levels are: $0.6460-65, $0.6570-90, $0.6645

    Support levels are: $0.6335, $0.6260, $0.6165


    The main scenario for the pair's promotion —  breakout of the session low of $0.6340 and there may be a decline to $0.6260 (June 2’ 2020 low)

    An alternative scenario — resistance breakout is $0.6460-65 (May 6 high, MA(200) H1) 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 mainly with growth in the range Y130.50-131.35, reaching a new 20-year high. 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 (Y126.25). In this situation, a scenario of further growth of the USD/JPY pair is likely and a buy position may be a wise decision for those who want to take advantage of a stronger dollar.

    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:  Y131.35, Y132.00, Y133.00

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


    The main scenario for the pair's promotion — the breakout of the session maximum is Y131.25 and there may be an increase to the psychological level of Y132.00


    An alternative scenario — breakthrough of the line MA (200) H1(Y129.60) and there may be a decline to Y128.60 (May 4 low)

  • 19:37

    USD/CHF is trading near the highs of December 2019

    Today, the USD/CHF pair is trading mainly with an increase in the range of Chf0.9870-0.9945 - near the highs of December 2019. On the hourly chart, the pair remains above the moving average line MA (200) H1 (Chf0.9770) and on the four-hour chart - above MA (200) H4 (Chf0.9480). Technically speaking, the resistance of Chf1.0010-1.0025 can keep prices from rising further. The lower bound of Chf0.9830 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: Chf0.9945, Chf1.0010-1.0025, Chf1.0120


    Support levels are: Chf0.9830, Chf0.9770, Chf0.9910


    The main scenario for the pair's promotion — breakout of the session maximum of Chf0.9945 and there may be an increase to Chf1.0010-1.0025 (November 28 and December 2’ 2019 highs)

    An alternative scenario — resistance breakout is Chf0.9830 (May 6 low) and there may be a decrease to MA (200) H1 (Chf0.9770)

  • 19:22

    GBP/USD is trading near the lows of June 2020

    Today, the GBP/USD pair is trading in the range of $1.2260-1.2350 - near the lows of June 2020. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1.2485) and on the four-hour chart remains below MA (200) H4 ($1.2900). Technically speaking, the support of $1.2250-60 may keep prices from further decline. The upper limit of $1.2640 represents the resistance level.


    ⦁ Resistance levels are: $1.2380, $1.2485, $1.2640

    ⦁ Support levels are: $1.2250-60, $1.2205, $1.2160


    The main scenario for the pair's promotion — support breakthrough of $1.2250-60 (June 30’ 2020 low, session minimum) and may be reduced to $1.2205 (May 27’ 2020 low)


    An alternative scenario — the resistance breakout is $1.2380 (May 6 high) and there may be an increase to MA (200) H1 ($1.2485)

  • 19:04

    EUR/USD is testing MA (200) H1

    Today, the EUR/USD pair is trading in the range of $1.0495-1.0545 - remaining near a 5-year low. On the hourly chart, the pair is testing the MA (200) H1 moving average line ($1.0545), but on the four-hour chart it remains significantly lower than MA (200) H4 ($1.0810). Technically speaking, the resistance of $1.0600 may keep prices from rising further. The lower bound of $1.0470 represents the support level.


    Resistance levels are: $1.0600, $1.0640-55, $1.0740

    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 $1.0600 (May 6 high) is broken, then the pair may rise to $1.0640-55 (April 27 and May 5 highs)

  • 14:15

    The USD/CAD continues Friday's growth

    On Friday, the USD/CAD traded higher and closed the day in positive territory near the price of C$1.2905. Today it has also risen slightly, rising to C$1.2945. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (С$1.2830). 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/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$1.2960, С$1.3000, С$1.3100

    • Support levels are at: С$1.2860, С$1.2815, С$1.2715

    Probably, the main scenario is continued growth towards the level of C$1.2960 (Dec 20 high).

    An alternative scenario is a consolidation below the MA 200 H1 line, followed by a fall to C$1.2685 (Apr 26 low).

  • 13:56

    AUD/USD continues Friday's decline

    On Friday, the AUD/USD was trading lower and closed the day in the red zone near the price of $0.7080. 

    It also fell today, dropping to $0.7005. On the hourly chart, AUD/USD is still trading below the moving average MA (200) H1 ($0.7115). 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: $0.7135, $0.7225, $0.7265

    • Support levels are at: $0.7005, $0.6965-75, $0.6900

    Probably, the main scenario is a possible decline to $0.7005 (session low).

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

  • 13:46

    Gold trades below MA 200 H1 again

    On Friday, the XAU/USD traded higher and closed the day in positive territory around $1882. Today, gold fell slightly, dropping to $1873. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1884). 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: $1892, $1909, $1919

    • Support levels are at: $1861-66, $1844-50, $1825

    Probably, the main scenario is a continuation of the downward movement to $1866 (May 6 low).

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

  • 13:19

    Oil trades near 3-week high

    On Friday, Brent crude traded higher and closed the day in positive territory around $113.20. Today, oil also traded in a tight range of $110.80-$113.30, staying close to a 3-week high. On the hourly chart, Brent is still trading above the MA line (200) H1 ($107.55). 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 continues Friday's rise

    On Friday, the USD/JPY traded higher and closed the day in positive territory near the price of Y130.60. Today it has also slightly increased, having risen to the level of Y131.05. On the hourly chart, USD/JPY is still trading above the moving average MA (200) H1 (Y129.80). 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/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: Y130.15, Y129.55, Y128.60-75

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

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


  • 12:37

    The USD/CHF continues Friday's growth

    On Friday, the USD/CHF traded higher and closed the day in positive territory near the price of Chf0.9880. Today it has also grown a little, rising to the level of Chf0.9920. On the hourly chart, USD/CHF is still trading above the moving average MA (200) H1 (Chf0.9755). 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: Chf0.9920, Chf1.0005-20, Chf1.1100

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

    Probably, the main scenario is a likely continuation of growth towards Chf0.9920 (session high).

    Alternative scenario is consolidation below MA 200 H1, followed by decline to Chf0.9565 (Apr 26 low).

  • 12:21

    The GBP/USD continues Friday's decline

    On Friday, the GBP/USD was trading lower and closed the day in the red zone near the price of $1.2335. Today it also fell, dropping to $1.2285. On the hourly chart, the GBP/USD is still trading below the MA (200) H1 moving average line ($1.2500). 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: $1.2275, $1.2200, $1.2100

    Probably, the main scenario is continued decline towards $1.2275 (May 6 low).

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

  • 12:07

    EUR/USD remains below MA 200 H1

    On Friday, the EUR/USD traded in different directions in the range of $1.0485-$1.0600 and closed the day without significant changes. Today it fell a little, dropping to $1.0505. 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: $1.0600, $1.0640-55, $1.0695

    • Support levels are at: $1.0470-85, $1.0400, $1.0300

    Probably, the main scenario is continued decline towards $1.0485 (May 6 low).

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

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