Technical analysis

Technical analysis

13 May 2022
  • 19:58

    NZD/USD is trading near a new 2-year low

    Today, the NZD/USD pair is trading in the range of $0.6230-60, having reached a new 2-year low of $0.6215 yesterday. The pair broke through the support of $0.6275, which became the nearest resistance. On the hourly chart, NZD/USD dropped below the moving average line MA (200) H1 ($0.6365) and on the four-hour chart it remained below MA (200) H4 ($0.6665). Technically speaking, the support of $0.6215 can keep prices from further decline. The upper limit of $0.6365-80 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: $0.6275, $0.6365-80, $0.6460

    Support levels are: $0.6215,  $0.6150-65, $0.6080


    The main scenario for the pair's promotion — support breakout is $0.6215 (May 12 low) and there may be a decline to $0.6150-65 (May 27-29’ 2020 lows)

    An alternative scenario — the resistance breakout is $0.6275 (May 10 low) and there may be an increase to $0.6365-80 (May 11 high, MA (200) H1)

  • 19:48

    USD/JPY remains below MA (200) H1

    Today, the USD/JPY pair is trading in the range of Y128.35-129.35 after reaching a 2-week low of Y127.50 yesterday. Recall that on Monday 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 (Y129.95), but on the four-hour chart it is trading above MA (200) H4 (Y127.10). Technically speaking, the support of Y127.50 can keep prices down further. The upper bound of Y130.80 represents the resistance level.

     

    Resistance levels are:  Y129.35, Y130.05, Y130.80

    Support levels are:  Y127.50, Y126.95, Y125.80


    The main scenario for the pair's promotion — the breakout of the session maximum of Y129.35 may be the growth of the pair to Y130.05 (May 12 high)


    An alternative scenario — decline to Y127.50 (May 12 low) and then maybe to Y126.95 (April 27 low)


  • 19:36

    USD/CHF is trading near a 3-year high

    Today, the USD/CHF pair is trading mainly with a decline from Chf1.0040 to Chf1.0000 after rising yesterday to a 3-year high of Chf1.0050. On the hourly chart, the pair remains above the moving average line MA (200) H1 (Chf0.9890) and on the four-hour chart - above MA (200) H4 (Chf0.9555). Technically speaking, the resistance of Chf1.0050 can keep prices from rising further. The lower bound of Chf0.9870 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: Chf1.0050, Chf1.0095, Chf1.0120


    Support levels are: Chf0.9930, Chf0.9870-90, Chf0.9830


    The main scenario for the pair's promotion — the resistance breakout is Chf1.0050 (May 11 high) and there may be an increase to Chf1.0095 (May 28 and 30’ 2019 high)

    An alternative scenario — support breakout is Chf0.9930 (May 12 low) and there may be a decline to Chf0.9870-90 (May 11 low, MA (200) H1)

  • 19:23

    GBP/USD is trading near to a 2-year low

    Today, the GBP/USD pair is trading in the range of $1.2170-1.2230 - about a 2-year low. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1,2365) and on the four-hour chart remains below MA (200) H4 ($1.2800). Technically speaking, the support of $1.2160-65 may keep prices from further decline. The upper limit of $1.2405 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: $1.2255, $1.2365, $1.2405

    ⦁ Support levels are: $1.2160, $1.2080, $1.1975


    The main scenario for the pair's promotion — the support breakthrough is $1.2160-65 (May 22-25’ 2020 low and May 12 low) and there may be a decline to $1.2080 (May 20’ 2020 low)


    An alternative scenario — the resistance breakout is $1.2260 (May 12 high) and there may be an increase to $1.2405 (May 9 and 11 high)

  • 18:58

    EUR/USD is trading near the lows of January 2017

    Today, the EUR/USD pair is trading in the range of $1.0370-1.0420 after reaching yesterday the lowest value since the beginning of January 2017 ($1.0355). The pair broke through the support of $1.0470, which became the nearest resistance. On the hourly chart, EUR/USD dropped below the moving average line of MA (200) H1 ($1.0520) and on the four-hour chart - significantly below MA (200) H4 ($1.0750). Technically speaking, the support of $1.0355 may keep prices from further decline. The upper limit of $1.0520-30 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: $1.0420, $1.0470, $1.0520-30

    Support levels are: $1.0355, $0340, $0300


    The main scenario for promoting the pair  — a break of yesterday's low of $1.0355 and there may be a decline to $0340 (January 3’ 2017 low)


    An alternative scenario — breakout of the session high of $1.0420 and there may be an increase to $1.0520-30 (May 12 high, MA (200) H1)

  • 14:19

    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$1.3045. Today it fell a little, dropping to C$1.2990. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (С$1.2910). 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$1.3075-00, С$1.3200, С$1.3300

    • Support levels are at: С$1.2910-20, С$1.2860, С$1.2815

    Probably, the main scenario is continued growth towards the level of C$1.3075 (May 12 high).

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

  • 14:07

    The AUD/USD is trading near the lows of January 2020

    Yesterday the AUD/USD traded down and closed the day in the red zone near the price of $0.6855. Today, it was trading in a narrow range of $0.6855-90, staying close to the lows of January 2020. On the hourly chart, AUD/USD is still trading below the moving average line MA (200) H1 ($0.7035). 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: $0.6950, $0.7055, $0.7135

    • Support levels are at: $0.6830, $0.6775, $0.6700

    Probably, the main scenario is a possible decline to $0.6830 (May 12 low).

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

  • 13:41

    Gold trades near February 2022 lows

    Yesterday, the XAU/USD was trading lower and closed the day in the red zone near the price of $1825. Today, gold was trading in the range of $1810-27, remaining near the lows of February 2022. On the hourly chart, XAU/USD is still trading below the MA (200) H1 moving average line ($1862). 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: $1848, $1858, $1865

    • Support levels are at: $1810, $1788-92, $1780

    Probably, the main scenario is the continuation of the downward movement to $1810 (session low).

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

  • 13:19

    Oil Tests MA 200 H1 Resistance

    Yesterday, Brent crude traded higher and closed the day in positive territory around $108.30. Today, oil also rose slightly, rising to $109.80. On the hourly chart, Brent is testing resistance - the moving average line MA (200) H1 ($108.00). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the south direction in trading, and as long as Brent remains below MA 200 H1, it may be necessary to look for entry points for selling at the end of the correction.

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

    • Support levels are at: $106.60, $104.50-80, $101.50

    Probably, the main scenario is a possible subsequent decline to $106.60 (low of the American session on May 12).

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

  • 12:58

    USD/JPY is still testing MA 200 H1 support

    Yesterday the USD/JPY traded down and closed the day in the red zone near the price of Y128.40. Today it has risen to Y129.35. On the hourly chart, USD/JPY is still trading below the moving average line MA (200) H1 (Y130.05). On the four-hour chart, the USD/JPY is still above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the north direction in trading, and until the USD/JPY finally consolidates below MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.

    • Resistances levels are at: Y130.05, Y130.80-90, Y131.30

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

    Probably, the main scenario is continued growth towards Y130.05 (May 12 high).

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

  • 12:39

    USD/CHF is trading near May 2019 highs

    Yesterday the USD/CHF traded higher and closed the day in positive territory near the price of Chf1.0025. Today it was trading in a narrow range of Chf0.0015-40, staying close to the May 2019 highs. On the hourly chart, USD/CHF is still trading above the moving average line MA (200) H1 (Chf0.9870). 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: Chf1.0050, 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 Chf1.0050 (May 12 high).

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

  • 12:20

    The GBP/USD is trading near the May 2020 lows

    Yesterday, the GBP/USD was trading lower and closed the day in the red zone near the price of $1.2195. Today, it was trading in a narrow range of $1.2195-20, staying close to the May 2020 lows. On the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 ($1.2275). 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: $1.2285, $1.2400-05, $1.2580

    • Support levels are at: $1.2165, $1.2100, $1.2000

    Probably, the main scenario is a continued decline towards $1.2165 (May 12 low).

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

  • 12:01

    The EUR/USD is trading near the lows of January 2017

    Yesterday the EUR/USD was trading lower and closed the day in the red zone near the price of $1.0380. Today it was trading in a narrow range of $1.0375-95, staying close to the lows of January 2017. On the hourly chart, EUR/USD is still trading below the moving average MA (200) H1 ($1.0530). 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: $1.0440, $1.0530, $1.0575

    • Support levels are at: $1.0355, $1.0300, $1.0200

    Probably, the main scenario is continued decline towards $1.0355 (May 12 low).

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


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