The overall market sentiment seems cautious due to a lack of major data releases. Sideways movements are expected for most currencies, with potential reversals near support zones later in the week. Speeches from Fed representatives and global economic developments could impact market direction.
DXY (US Dollar Index):
- Trend: Upward since December 2023
- Key Levels:
- Resistance: 105.60/105.80
- Support: 104.80
Euro (EUR):
- Trend: Downward
- Key Levels:
- Resistance: 1.0870/1.0920
- Support: 1.0700/1.0650
- Forecast: Sideways movement expected, with a possible reversal near support and resumption of upward movement later in the week.
- Key Factors: Lack of major US data, possible impact from speeches by Fed representatives.
- Trading Strategy:
- Sell with reduced volume within individual sessions.
- Wait for reversal signals near support before buying.
British Pound (GBP):
- Trend: Downward
- Key Levels:
- Resistance: 1.2700/1.2750
- Support: 1.2400/1.2350
- Forecast: Sideways movement expected, with a potential reversal and uptrend later in the week.
- Key Factors: Employment data release in the UK, potential impact from Fed speeches.
- Trading Strategy:
- Limited selling potential with small volume.
- Wait for reversal signals in the support zone before buying.
Japanese Yen (JPY):
- Trend: Upward
- Key Levels:
- Resistance: 157.80/158.30
- Support: 155.58
- Forecast: Sideways movement expected, with a possible downward correction early in the week and upward movement later.
- Key Factors: BoJ intervention remains a possibility, impact of Fed speeches.
- Trading Strategy:
- High-risk selling with fractional volumes.
- Buy after confirmed reversal signals near support.
New Zealand Dollar (NZD):
- Trend: Downward
- Key Levels:
- Resistance: 0.6650/0.6700
- Support: 0.6014
- Forecast: Sideways movement expected, with a potential downward correction later in the week.
- Key Factors: RBNZ policy meeting on May 22nd.
- Trading Strategy:
- Premature to sell, wait for confirmation.
- Buying opportunity with reduced volume in coming days.
Australian Dollar (AUD):
- Trend: Downward
- Key Levels:
- Resistance: 0.6650/0.6700
- Support: 0.6500/0.6450
- Forecast: Sideways movement expected, with a possible downward correction later in the week.
- Trading Strategy:
- Premature to sell, wait for confirmation.
- Possible buying in coming days with reduced volume.
Swiss Franc (CHF):
- Trend: Upward
- Key Levels:
- Resistance: 0.9250/0.9300
- Support: 0.9000/0.8950
- Forecast: Sideways movement expected, with a possible reversal and upward movement later in the week.
- Trading Strategy:
- Selling has limited potential.
- Buy after confirmed reversal signals in the support zone.
Gold (XAU):
- Weekly Forecast: Sideways movement expected, with a possible downward correction followed by a reversal and upward movement later in the week.
Categories: Market News
