Technical view before use in the United States
Charts: trading view
(Italics: previous analysis)
EUR/USD technical analysis:
The single European currency recorded an impressive rebound against its American counterpart on Thursday. US equities also rose, with the US dollar index (USDX) exploring lower territory, thereby supporting EUR/USD (0.9%).
Technically, we are at an interesting time on the higher timeframes. In a decisive bear market since 2021, the weekly resistance of the Quasimodo support at $1.0778 is tested. Although on the other side of the close, the price action on the daily time frame rebounded from support at $1.0638. This highlights support-facing upside resistance from the $1.0340 low. The Relative Strength Index (RSI) retesting (and now) its centerline of 50.00, echoing the possibility of support, is also particularly relevant on the daily chart.
On the lower frames, H4 price rebounded from the supply-side demand of $1.0655 to $1.0632, while the H1 frame rebounded from a bullish AB=CD formation that matched with support turned by Quasimodo resistance at $1.0631 as well as a number of nearby Fibonacci numbers. ratios. Above it, H4 resistance is at $1.0758 and H1 resistance can be seen at $1.0762.
With weekly resistance ($1.0778) active, as well as a clear downward price trend, and H1/H4 price close to resistance at $1.0762-1.0758, a bearish scene could be in store. unfold from the weaker resistances noted in the coming sessions.
AUD/USD technical analysis:
Upbeat risk sentiment and limited USD demand boosted the Aussie dollar’s appeal on Thursday. AUD/USD ended the session up 1.3%, on track for a third consecutive weekly gain. Quasimodo daily support turned resistance at $0.7245 greeted the price action, a level benefiting from the 200-day simple moving average at $0.7256 (dynamic resistance). Upstream calls attention to the Fibonacci resistance between $0.7364 and $0.7322. Of note on the daily scale, of course, is the cementing position of the Relative Strength Index (RSI) north of its center line of 50.00 (positive momentum).
For those who read recent tech writing, you might recall the following, covering the weekly structure:
In recent weeks, AUD/USD has established a lower low (beyond 28e January low at $0.6968) and then a 2-week recovery (3.2%). Although a prolonged pullback is on the table, this remains a seller’s market in line with a clear downtrend since August 2011 (check monthly scale) and weekly flow capping at $0.8007 in early February 2021. The weekly support structure remains between $0.6632 and $0.6764, included a 100% Fibonacci projection, price support and a 50% retracement.
Further down the curve, H4 price finds some grip above resistance at $0.7246 (support now possible), with further interest in the bright light to the upside on H4 channel resistance, taken from the high of $0.7041 followed by H4 resistance at $0.7349. Lower down, the demand is between $0.7147 and $0.7204. On the H1, the rise has 5e May $0.7266 as resistance after breaking above $0.72.
With daily resistance active at $0.7245 on top of the 200-day simple moving average, as well as H1 price approaching $0.7266, H4 sellers could put on a show from channel resistance, extended from the high of $0.7041.
USD/JPY Technical Analysis:
Bullish momentum slowed on Thursday and closed the session largely muted. This follows consecutive dominant days for USD/JPY. With that, here’s where we left off the higher timelines in recent studies:
Leaving the weekly support of ¥125.54 unopposed, USD/JPY is trading down 2.4% on the week and threatening to refresh multi-year pinnacles. We also remain clearly entrenched in a primary uptrend, although the daily price is now poised to re-enter supply at ¥131.93-131.10. The relative strength index (RSI) for the daily time frame bounced back strongly from the 40.00 support to 50.00 (a zone representing an oversold zone since May 2021) to help the bullish picture.
Coming from the H4 period, the price is again testing a support-turned-resistance of Quasimodo at ¥129.67. Observance of the aforementioned level paves the way for H4 Quasimodo resistance at ¥130.58. In conjunction with base H4, H1 has crossed swords with a request at ¥129.21-129.55, but remains south of ¥130, at the time of writing.
Overall, it remains a buyers’ market, with near-term flow likely to pull north of ¥130 and target H4 Quasimodo resistance at ¥130.58.
GBP/USD technical analysis:
Fibonacci support between $1.2451 and $1.2471 served short-term flow well on Thursday, allowing first-half players to clear $1.25 in early Europe amid improving market conditions. risk appetite. The ensuing price move dethroned H1 resistance at $1.2554, echoing possible support in the upcoming trade and caught the light towards $1.26. Tucked above the noted psychological level is the H4 resistance between $1.2686 and $1.2614, comprised of a number of technical resistances.
Meanwhile, on the big picture, this market is entrenched in a strong primary downtrend since the start of 2021, emphasizing weekly resistance at $1.2719 and daily resistance of Quasimodo support at $1.2762 as a possible ceiling. Interestingly, the daily-period Relative Strength Index (RSI) is trying to find acceptance above the 50.00 center line: positive momentum.
Following the current analysis, a higher time resistance is seen between $1.2762 and $1.2719. Although on the lower timeframes, a circular saw above $1.26 in the H4 resistance ($1.2686-1.2614) could emerge and encourage a short-term bearish phase.
BTC/USD technical analysis:
H1 Quasimodo turned support from $29,885 embraced the price action on Thursday, resisting a number of lower attempts. $30,485-30,861 warrants attention, as does the psychological barrier of $31,000. In the end, the direction is favored downward, according to the current direction of the trend (towards the south since November 2021 [primary bear trend]).
Therefore, traders are likely to note H1 period resistance at $30,485-30,861, as well as resistance at $31,000 in further trade.
Looking further ahead, the daily support remains in the spotlight at $28,849. A breach in this barrier could clear the river all the way south to the $20,000 region.
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