INTRODUCTION:
having a clear-cut direction of what the market will do daily is very key in your trading journey.
It helps in maximizing profit and in your consistency in the market. Again, in your trading journey
it is very key for you to specialize in a few assets, this will improve performance. today we shall be looking
at a few assets as follows:
ANALYSIS OF EURUSD:
investors focus shifts to the US GDP and PCE inflation as the EURUSD drops down to the 1.08 zone.
Wednesday saw a retreat in the EURUSD pair to 1.0800 as risk appetite wanes. May’s mixed German inflation data tempered expectations of an ECB rate cut. PCE inflation and US GDP growth are this week’s major prints.
From our chart, EURUSD is currently at an institutional level or zone of 1.08194 and this zone also contains our daily
pivot zone or level of 1.08204. It has also broken our trendline resistance. if this zone holds may push down further to
our strong support level (big figure value) = 1.07999. Again, looking at our RSI which is oversold, we expect the market to break the current institutional level or zone of 1.08194 and push upward to our weekly pivot level of 1.08450.
GBPUSD ANALYSIS:
A stronger US dollar and higher US yield keeps the GBPUSD exchange rate below 1.2700. Due to the stronger dollar on Thursday, the GBPUSD trades down at 1.2695. On Thursday, investors will be watching the US Q1 GDP, which is predicted to grow by 1.3%. The BoE’s expectation of a rate drop was prompted by a lower outlook for UK inflation.
looking at GBPUSD, the market just retested our institutional level, weekly pivot and daily pivot zone (1.26999-1.26969). looking at our RSI indicator, which is currently overbought, we expect the market to break this zone and push further to test or trendline above. Again, if this zone holds, the market may test our strong support level of 1.26999.
GBPJPY ANALYSIS:
the GBPJPY pair pulls down from multi-decade highs above 200.75, but it remains at the upper end. GBPJPY retreated after reaching new 34-year highs. Deep in bullish territory, the GBPJPY is waiting Friday’s Japanese Tokyo CPI inflation report.
looking at the chart above, GBPJPY just tested our institutional level, weekly pivot level and our strong support level. this was accompanied by a strong, impulsive bullish candle. we expect GBPJPY to push further in the upside to our big figure value of 199.999. but the market is seeing some rejections at the current level which is indicative of the fact that it may continue its bearish movement in the short term.
OIL ANALYSIS:
Crude oil prices fall as investors lose confidence, trade flows in the middle of the week decrease as risk appetite is reduced by Treasuries.
Oil is at an institutional support level (83.200-83.00), if this zone holds will push back to the resistance zone of
(84.200-84.00) above. if it breaks will push down to the next zone of (82.200-82.00).
CONCLUSION:
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