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CURRENCIES TECHNICAL ANALYSIS May.21

Euro

 

The euro remained under pressure due to the bid sentiment around the dollar. Sellers extended their gains in the night and were able to regain the 1.1750. The downward momentum continued to the 1.1700 where the spot found some bids and pounced to the 1.1750 level. The resistance resides at 1.1800, the support comes in at 1.1750.

 

The euro may lose further ground and decline to the 1.1700 area in the coming sessions.

 

GBP/USD

 

The market sentiment remained negative on Monday. The GBP/USD pair opened on a weaker note and extended its losses in the Asian session. Sellers led the pound from 1.3470 to the 1.3400 where they lost momentum. The resistance lies at 1.3500, the support comes in at 1.3400.

 

As long as the price is trading in the downward channel sellers remain strong. The current downward target is 1.3400, en route to 1.3350.

 

USD/JPY

 

USD/JPY had a positive start to the day. The US dollar gapped upwards at the open. The price jumped towards 111.00 and then extended its rally towards 111.50. They never reached the level during the European session having lost impulse in the 111.30 area. The resistance resides at 111.50, the support comes in at 111.00.

 

If the strength of the bullish sentiment remains in place, the US dollar may test the 111.50 hurdle in the coming sessions.

 

GBP/JPY

 

A failure test of the level 150.00 caused a sell-off to the 149.00 handle. The 100 and 50 EMAs, which lie in this area, saved buyers and stopped the pair’s decline. The resistance lies at 150.00, the support is at 149.00.

 

The most probable scenario involves another move lower and a test of the 148.50 mark.

EUR/JPY

 

An ask tone around the yen helped the euro to regain some traction. The single currency demonstrated a confident increase on Monday. Buyers drove the spot from 130.50 to the 130.80 area where the EMA100 limited their advance. The resistance lies at 131.00, the support is at 130.50.

 

If the euro overcomes the 131.00 hurdle, the currency pair may extend its rally up to 131.50. If the level 131.50 stands, the spot may soften back to the 130.00 level.

 

NZD/USD

 

The New Zealand currency remained on recovery-mode so far on Monday. NZD was trying to overcome the 0.6900 resistance area during the night and day trades, however, the EMA50 which lies in this region, blocked its way. The resistance stands at 0.6900, the support is at 0.6850.

 

We assume that the NZD/USD pair will remain in the downward channel in the near-term. Buyers will unlikely to extend the recovery move beyond the level 0.6950. We expect a selling pressure increase and a move to the 0.6850 level.

 

S&P500

 

S&P500 is in a narrow range 2730-2715. A bout of fresh buying interest emerged at the daily open and sent the rate to the upper limit of the range where the benchmark spent the first part of the day. The resistance lies at 2730, the support exists at 2700.

 

We assume that S&P500 will keep swinging back and forth around in the mentioned range in the coming sessions.

 

DAX

 

DAX failed to regain the level 13100 and pulled back on Monday. Sellers led the index to the 13050 area where the benchmark spent the first part of the day. The resistance lies at 13100, the support exists at 13000.

 

If buyers regain 13100, their next stop could well be at the 13150 region or even at 13200.

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