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CURRENCIES TECHNICAL ANALYSIS May.11

Euro

 

The downward pressure eased when the EUR/USD pair tested the level 1.1850. The spot found fresh bids at the level and bounced to 1.1900 first. This level did not stop buyers and they advanced up to 1.1950 where the EMA50 limited their advance. The spot retreated back to 1.1900 afterwards where bulls are trying to start a new attack at 1.1950 now. The resistance resides at 1.1950, the support comes in at 1.1900.

 

Buyers need to break above the EMA50 to continue with a rally. If the buying interest remains intact the spot may get a fresh ascending impulse and spike to 1.2000 afterwards.

 

GBP/USD

 

The pound remained in the narrow range: 1.3600-1.3500 on Friday. Buyers tried to leave it on Thursday, but failed. The EMA50 which lies in this region blocked their way. As a result, the sterling dropped to 1.3500 where the major is staying at the present moment. The resistance lies at 1.3600, the support comes in at 1.3500.

 

Bears kept focus at regaining the 1.3500 level. A cut here will open doors towards 1.3400.

 

USD/JPY

 

A failed test of the 110.00 hurdle switched the market sentiment. The US dollar bounced off the level and dropped to the 109.50-109.30 support area where the EMA50 limited its slide. The resistance resides at 109.50, the support comes in at 109.00.

 

The pair is likely to extend its decline and will move to 109.00 in the short-term.

GBP/JPY

 

When buyers were trying to retake the 149.00 level bout of fresh selling pressure sent the spot to the 148.00-147.50 area. Buyers have been trying to start a recovery since then, but have not succeeded so far. The resistance lies at 148.00, the support is at 147.00.

 

Buyers need to regain at least 148.50 to be able to extend their gains and to regain the 149.00 hurdle. If they succeed, they might build a recovery towards 149.50. A failure here will reinforce sellers who may drag the pair to 147.00 in this case.

 

EUR/JPY

 

The euro recovery stalled when the major met a barrier at 130.50. The EMA50 defended this level and stopped buyers’ advance. Buyers managed to preserve control after that and spent the night and the morning in this region. However, the growing selling pressure did not leave buyers a chance to push the price higher. The resistance lies at 130.50, the support is at 130.00.

 

EUR/JPY may continue moving higher only if the spot overcomes 130.50. Only then buyers will be able to drive the currency pair to 131.00.

 

NZD/USD

 

NZD/USD had a negative day on Thursday. The spot dropped to 0.6900 where the New Zealand dollar found fresh bids and recovered back to 0.6950. The recovery was still in force during the night and morning sessions on Friday. The Kiwi was hovering above 0.6950 waiting for fresh drivers. The resistance stands at 0.7000, the support is at 0.6950.

 

The tone is still negative in the market and the risk remains towards the downside. The spot may face further downside pressure any moment now and move back to 0.6900.

 

NASDAQ

 

The buying interest stays firm around the NASDAQ index. Buyers managed to regain 6930 on Thursday and headed towards 6990 afterwards. They have not reached the level so far holding the benchmark in the 6960 region. The resistance lies at 6990, the support exists at 6930.

 

NASDAQ is eyeing the level 6990 the loss of which would trigger further strengthening towards 7050.

 

DAX

 

DAX lost momentum on Friday. The index started the day on the negative note. The price dropped below 13000 in the early European hours and headed towards 12950 afterwards. The resistance lies at 13000, the support exists at 12900.

 

We preserve a positive outlook for the index and expect a new move higher towards 14000.

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