Technical analysis

Technical analysis

11 May 2022
  • 19:59

    NZD/USD remains near 2-year low

    Today, the NZD/USD pair is growing from $0.6280 to $0.6350, having regained all the positions lost yesterday. The pair remains near a 2-year low. On the hourly chart, NZD/USD dropped below the moving average line MA (200) H1 ($0.6415) and on the four-hour chart it remained below MA (200) H4 ($0.6705). Technically speaking, the support of $0.6260-75 may keep prices from further decline. The upper limit of $0.6460 represents the resistance level.

    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: $0.6375, $0.6415, $0.6460

    Support levels are: $0.6260-75, $0.6150-65, $0.6080


    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 $0.6375 (high of the American session on May 9) and there may be an increase to $0.6460 (May 6 high)

  • 19:46

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

    Today, the USD/JPY pair is trading with a decline from Y130.50 to Y129.65 after reaching a new 20-year high on Monday (Y131.35). On the hourly chart, the pair is testing the moving average line MA (200) H1 (Y130.20), but on the four-hour chart it remains above MA (200) H4 (Y126.80). Technically speaking, the support of Y128.60 can keep prices down further. The upper bound of Y131.35 represents the resistance level.

     

    Resistance levels are:  Y130.55, Y131.35, Y132.00

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


    The main scenario for the pair's promotion — resistance breakout is Y130.55 (May 10 high) and there may be an increase to Y131.35 (May 9 high)


    An alternative scenario — support breakout is Y128.60 (May 4 low) and there may be a decline to Y126.95 (April 27 low)

  • 19:26

    USD/CHF is declining, but remains above MA (200) H1


    Today, the USD/CHF pair is trading mainly with a decline from Chf0.9965 to Chf0.9870, slightly retreating from the highs of December 2019. On the hourly chart, the pair remains above the moving average line MA (200) H1 (Chf0.9825) and on the four-hour chart - above MA (200) H4 (Chf0.9515). Technically speaking, the resistance of Chf0.9975 can keep prices from rising further. The lower bound of Chf0.9825 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: Chf0.9825, Chf0.9710, Chf0.9670


    The main scenario for the pair's promotion — a break of yesterday's 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 Chf0.9825 (May 6 low, MA (200) H1) and there may be a decline to Chf0.9710 (May 5 low)

  • 19:15

    GBP/USD is growing, but remains near the lows of June 2020

    Today, the GBP/USD pair is trading mainly with an increase in the range of $1.2305-95, remaining near the lows of June 2020. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1.2440) and on the four-hour chart remains below MA (200) H4 ($1.2850). 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: $1.2410-40, $1.2640, $1.2770

    ⦁ 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 ($1.2440) and there may be an increase to $1.2640 (May 4-5 high)

  • 19:01

    EUR/USD is testing MA (200) H1

    Today, the EUR/USD pair is trading mainly with an increase in the range of $1.0525-75, having returned most of the positions reached yesterday. On the hourly chart, the pair is testing the MA (200) H1 moving average line ($1.0540), but on the four-hour chart it remains significantly lower than MA (200) H4 ($1.0790). 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: $1.0525, $0470, $0450


    The main scenario for promoting the pair  — support breakthrough of $1.0525 (May 10 low, session minimum) and there may be a decline to $1.0470 (April 28 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)

  • 14:11

    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$1.3030. Today it fell a little, dropping to C$1.3000. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (С$1.2870). 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$1.3050, С$1.3100, С$1.3200

    • Support levels are at: С$1.2960, С$1.2910, С$1.2860

    Probably, the main scenario is continued growth towards the level of C$1.3050 (May 10 high).

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

  • 13:58

    AUD/USD is trading near July 2020 lows

    Yesterday the AUD/USD traded in different directions in the range of $0.6910-85 and closed the day without significant changes. Today it was also trading in a tight range of $0.6930-60, staying close to the July 2020 lows. On the hourly chart, AUD/USD is still trading below the MA (200) H1 moving average line ($0.7075). 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 (May 10 low).

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

  • 13:18

    Oil fixed below MA 200 H1

    Yesterday, Brent crude traded lower and closed the day in the red around $120.30. Today, oil, on the contrary, rose slightly, rising to $104.80. On the hourly chart, Brent yesterday consolidated below the MA (200) H1 moving average line ($107.90). 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 Brent remains below MA 200 H1, it may be necessary to look for entry points for selling to form a correction.

    • Resistances levels are at: $107.05, $111.20, $113.75-20

    • Support levels are at: $101.50, $99.65, $98.90

    Probably, the main scenario is a possible subsequent decline to $101.50 (session low).

    The alternative scenario is consolidation above the MA 200 H1 followed by a rise to $114.20 (May 5 high).

  • 12:56

    USD/JPY is still testing MA 200 H1 support

    Yesterday the USD/JPY traded in different directions in the range Y129.80-Y130.55 and closed the day without significant changes. Today it was also trading in a narrow range of Y130.20-45, 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 (Y130.20). On the four-hour chart, it is still above the MA 200 H4 line. 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: Y130.90, Y131.30, Y132.00

    • Support levels are at: Y129.80-85, Y129.55, Y128.60-75

    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 Chf0.9960. Today it was trading in a narrow range of Chf0.9950-65, staying near the highs of December 2019. On the hourly chart, USD/CHF is still trading above the moving average line MA (200) H1 (Chf0.9820). 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: Chf0.9975, Chf1.0005-20, Chf1.1100

    • Support levels are at: Chf0.9895-05, Chf0.9825, Chf0.9755

    Probably, the main scenario is a likely continuation of growth towards Chf0.9975 (May 10 high).

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

  • 12:21

    GBP/USD remains below MA 200 H1

    Yesterday the GBP/USD traded in different directions in the range of $1.2290-$1.2375 and closed the day without significant changes. Today it rose a little, having risen to the level of $1.2340. On the hourly chart, GBP/USD is still trading below the moving average MA (200) H1 ($1.2445). 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: $1.2405, $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).

  • 12:07

    The EUR/USD continues to test the resistance of MA 200 H1

    Yesterday the EUR/USD was trading lower and closed the day in the red zone near the price of $1.0530. Today it was trading in a narrow range of $1.0525-35, staying close to yesterday's closing price. On the hourly chart, EUR/USD continues to test the strength of the resistance - the line of the moving average MA (200) H1 ($1.0540). On the four-hour chart, it 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 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: $1.0590-00, $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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