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CURRENCIES TECHNICAL ANALYSIS May.2

Euro

 

Sellers are still leading the way. The selling pressure was strong yesterday and the EUR/USD pair slept to fresh lows. The euro hit the 1.2000 handle where the major closed the day and spent the night afterwards. Buyers tried to start a correction in the European session, however, sellers stopped them and returned the price to the weekly lows. The resistance resides at 1.2050, the support comes in at 1.2000.

 

We see little potential for the euro to post more losses. We should be ready for a rebound and a move towards 1.2100 now.

 

GBP/USD

 

The GBP/USD pair preserved its negative undertone on Wednesday. Bears maintained control and were able to probe 1.3600 the other day. The pound was unable to reclaim this level and spent the night in its region. The sterling moved upwards in the morning and was able to reach 1.3650 by noon. The resistance lies at 1.3700, the support comes in at 1.3600.

 

We are looking for the support break and then continuation of a fall with a further target at 1.3550.

 

USD/JPY

 

The US dollar caught fresh bids and continued trending upwards yesterday. Buyers moved the price out of the sideways channel and headed towards 110.00. The major never reached the level being stopped a few pips below it. The spot lightly eased, but remained around its weekly highs on Wednesday. The resistance resides at 110.00, the support comes in at 109.50.

 

Bullish scenario requires a close above 110.00 and a move towards 110.50 now.

 

GBP/JPY

 

The bearish trend remained intact on Wednesday. Bears led the currency pair to the 149.00 handle yesterday, but failed to regain it. As a result, the pound rebounded off the level and spiked to 150.00 during the European hours. The resistance lies at 150.00, the support is at 149.00.

 

The GBP/JPY pair will probably remain in the red territory and will try to overcome the 149.00 level and a move to the next support at 148.00. But first, buyers may reverse some of their recent losses and lift the spot to the 151.00-150.50 area.

 

EUR/JPY

 

The euro continued its sell-off on Tuesday. Traders pushed EUR/JPY to the level 131.50 where the spot was stopped by the EMA50. The selling pressure partly eased and the price rebounded towards 132.00 after that. The resistance lies at 132.00, the support is at 131.50.

 

As we expected, the EMA200 saved buyers. However, bears are strong and still can revisit the 131.50 support and overtake it this time. If so, the spot may soften to 131.00 afterwards. On the other hand, an increase in the buying interest will help bulls to revisit the 132.50 area

 

NZD/USD

 

Bears still have the ball. They reached the level 0.7000 on Tuesday, but faced buying rejection over there. The price bounced off the level afterwards and recovered to the 0.7020 area. The resistance stands at 0.7050, the support is at 0.7000.

 

If sellers succeed, the NZD/USD pair may soften to 0.6950 in the coming sessions. If they failed to hold onto gains, the spot may start a recovery towards 0.7100.

 

NASDAQ

 

Buyers failed to extend their gains. The up-move stalled when NASDAQ broke through 6690. The index spent the night and the morning around its fresh highs and moved lower in the late European session. The resistance lies at 6750, the support exists at 6690.

 

The most probable scenario involves a move below 6690 and a leg lower towards 6630 afterwards.

 

DAX

 

Market positive mood persisted on Wednesday. DAX left the 12600 area at the open and spiked towards 12800.The resistance lies at 12800, the support exists at 12700.

 

DAX will have room to extend its advance up to 12900 if the benchmark stays above 12700.

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