Technical analysis

Technical analysis

10 May 2022
  • 20:01

    NZD/USD is trading near a 2-year low

    Today, the NZD/USD pair is trading in the range of $0.6285-0.6350 - about a 2-year low. On the hourly chart, the pair dropped below the moving average line MA (200) H1 ($0.6435) and on the four-hour chart it remained below MA (200) H4 ($0.6725). 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.

    It is worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.


    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 — support breakout of $0.6260-85 (June 2’ 2020 low, session minimum) and there may be a decline to $0.6150-65 (May 27-29’ 2020 lows)

    An alternative scenario — the resistance breakout is $0.6380 (high of the American session on May 9) and there may be an increase to $0.6435-55 (May 6 high, MA (200) H1)

  • 19:45

    USD/JPY remains near a 20-year high

    Today, the USD/JPY pair is trading in the range of Y129.80-130.55 after reaching a new 20-year high yesterday (Y131.35). On the hourly chart, the pair is testing the MA (200) H1 (Y130.20) moving average line, but on the four-hour chart it remains above MA (200) H4 (Y126.45). Technically speaking, the resistance of Y131.35 can keep prices from further growth. The lower bound of Y128.60 represents the support level.

     

    Resistance levels are:  Y131.35, Y132.00, Y133.00

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


    The main scenario for the pair's promotion — a break of yesterday's high of Y131.25 and there may be an increase to the psychological level of Y132.00


    An alternative scenario — there may be a decrease in the pair to Y128.60 (May 4 low)

  • 19:29

    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 Chf0.9910-75 - near the highs of December 2019. On the hourly chart, the pair remains above the moving average line MA (200) H1 (Chf0.9805) and on the four-hour chart - above MA (200) H4 (Chf0.9495). Technically speaking, the resistance of Chf1.0010-1.0025 can keep prices from rising further. The lower bound of Chf0.9805-30 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: Chf0.9975, Chf1.0010-1.0025, Chf1.0120


    Support levels are: Chf0.9805-30, Chf0.9710, Chf0.9670


    The main scenario for the pair's promotion — breakout of the session maximum of Chf0.9975 and there may be an increase to Chf1.0010-1.0025 (November 28 and December 2’ 2019 highs)

    An alternative scenario — resistance breakout is Chf0.9805-30 (May 6 low, MA (200) H1) and there may be a decline to Chf0.9710 (May 5 low)

  • 19:17

    GBP/USD is trading near the lows of June 2020

    Today, the GBP/USD pair is trading in the range of $1.2305-75, remaining near the lows of June 2020. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1.2460) and on the four-hour chart remains below MA (200) H4 ($1.2880). Technically speaking, the support of $1.2250-60 can keep prices from further decline. The upper limit of $1.2640 represents the resistance level.


    ⦁ Resistance levels are: $1.2410, $1.2460, $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 $1.2410 (May 9 high) and MA (200) H1 ($1.2460) and there may be an increase to $1.2640 (May 4-5 high)

  • 18:58

    EUR/USD is testing MA (200) H1

    Today, the EUR/USD pair is trading in the range of $1.0535-85 - remaining near a 5-year low. On the hourly chart, the pair is testing the moving average line of MA (200) H1 ($1.0540), but on the four-hour chart it remains significantly lower than MA (200) H4 ($1.0800). 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)

  • 14:21

    The USD/CAD is trading near the November 2020 highs

    Yesterday the USD/CAD traded higher and closed the day in positive territory near the price of C$1.3005. Today it was trading in a narrow range of C$1.2990-35, remaining near the November 2020 highs. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (C$1.2845). 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$1.3035, С$1.3100, С$1.3200

    • Support levels are at: С$1.2910, С$1.2860, С$1.2815

    Probably, the main scenario is continued growth to the level of C$1.3035 (session high).

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

  • 14:00

    AUD/USD is trading near July 2020 lows

    Yesterday the AUD/USD traded down and closed the day in the red zone near the price of $0.6950. Today it was trading in a narrow range of $0.6910-70, staying close to the lows of July 2020. On the hourly chart, AUD/USD is still trading below the moving average line MA (200) H1 ($0.7095). 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: $0.7030, $0.7135, $0.7225

    • Support levels are at: $0.6910, $0.7005, $0.6965-75

    Probably, the main scenario is a possible decline to $0.6910 (session low).

    An alternative scenario is consolidation above MA 200 H1 followed by growth to $0.7265 (May 5 high).

  • 13:50

    Gold remains below MA 200 H1

    Yesterday, the XAU/USD traded lower and closed the day in the red around $1854. Today, gold rose slightly, rising to $1865. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1880). 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: $1871, $1892, $1909

    • Support levels are at: $1850-51, $1844-50, $1825

    Probably, the main scenario is a continuation of the downward movement to $1851 (May 9 low).

    Alternative scenario is consolidation above MA 200 H1 followed by a rise to $1919 (Apr 29 high).


  • 13:20

    Oil tests MA 200 H1 support

    Yesterday, Brent crude traded lower and closed the day in the red around $105.35. Today, oil also fell slightly, dropping to $103.35. On the hourly chart, Brent is testing the strength of the support - the line of the moving average MA (200) H1 ($108.00). 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 at the end of the correction.

    • Resistances levels are at: $111.20, $113.75-20, $115.50

    • Support levels are at: $103.25, $101.35, $99.65

    Probably, the main scenario is a possible subsequent rise to $111.20 (high of the US session on May 9).

    The alternative scenario is consolidation below the MA 200 H1 followed by a fall towards $101.35 (Apr 26 low).

  • 13:14

    USD/JPY is testing MA 200 H1 support

    Yesterday the USD/JPY traded down and closed the day in the red zone near the price of Y130.35. Today it was trading in a narrow range of Y129.80-55, staying close to yesterday's closing price. On the hourly chart, USD/JPY is testing the strength of the support - the line of the moving average MA (200) H1 (Y130.15). The situation is similar on the four-hour chart. 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: Y130.90, Y131.30, Y132.00

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

    Probably, the main scenario is continued growth to the level of Y130.90 (high of the American session on May 9).

    An alternative scenario is fixing below MA 200 H1, followed by a decline to Y127.80 (low of the American session on Apr 27).

  • 12:39

    USD/CHF trading near December 2019 highs

    Yesterday the USD/CHF traded higher and closed the day in positive territory near the price of Chf0.9935. Today it was trading in a narrow range of Chf0.9915-35, staying near the highs of December 2019. On the hourly chart, USD/CHF is still trading above the moving average line MA (200) H1 (Chf0.9790). 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: Chf0.9965, Chf1.0005-20, Chf1.1100

    • Support levels are at: Chf0.9895, Chf0.9825, Chf0.9755

    Probably, the main scenario is a likely continuation of growth towards Chf0.9965 (May 9 high).

    Alternative scenario is consolidation below MA 200 H1, followed by decline to Chf0.9670 (Apr 29 low).



  • 12:24

    GBP/USD remains below MA 200 H1

    Yesterday the GBP/USD traded in different directions in the range of $1.2260-$1.2405 and closed the day without significant changes. Today it rose a little, having risen to the level of $1.2370. On the hourly chart, GBP/USD is still trading below the MA (200) H1 moving average line ($1.2465). 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 for the formation of a correction.

    • Resistances levels are at: $1.2405, $1.2580, $1.2635

    • Support levels are at: $1.2260, $1.2200, $1.2100

    Probably, the main scenario is a continuation of the decline towards $1.2260 (May 9 low).

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

  • 11:57

    The EUR/USD is testing the MA 200 H1 resistance

    Yesterday the EUR/USD traded higher and closed the day in positive territory near the price of $1.0560. Today it was trading in a narrow range of $1.0555-80, staying close to yesterday's closing price. On the hourly chart, EUR/USD is testing resistance - the moving average line MA (200) H1 ($1.0535). 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: $1.0590-00, $1.0640-55, $1.0695

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

    Probably, the main scenario is a 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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