Forex analysis review

---

• May 10, 2021 : EUR/USD daily technical review and trade recommendations.
• May 10, 2021 : EUR/USD Intraday technical analysis and trade recommendations.
• May 10, 2021 : GBP/USD Intraday technical analysis and trade recommendations.
• Dollar collapse: New targets for EUR/USD and GBP/USD
• Trading Signal for Nasdaq 100 #NDX for May 10 - 11, 2021: Key level 13,606
• Trading Signal for GBP/USD for May 10 - 11, 2021: Sell Below 1.4160
• Elliott wave analysis on Dogecoin suggests a new low ahead below $0.41
• USDJPY supported
• Gold continues its climb towards $1,868
• Trading Signal for EUR/USD for May 10 - 11, 2021: Sell Below 1.2170
• EURUSD bearish divergence in Daily chart
• XRP/USD still below key resistance, vulnerable to a move towards $1.30
• BTC analysis for May 10,.2021 - Rising wedge in creation and potential drop towards $53.000
• EUR/USD analysis for May 10 2021 - Bear flag in creation and potential for drop towards 108.35
• Analysis of Gold for May 10,.2021 - Extreme upside reading and potential for downside correction towards $1.815
• Wave analysis for the EUR/USD on May 10, 2021
• EUR/USD Trading Plan for 10 May
• NZD/USD Further Growth Confirmed!
• USD/JPY Trading Plan for 10 May
• GBP/USD Hot Forecast for 10, May
• Bitcoin Imminent Upside Breakout!
• Daily Video Analysis: XAUUSD facing bearish pressure, potential for further downside!
• BTCUSD pulling back to ascending trendline support! Drop incoming
• Forex forecast 05/10/2021 on EUR/USD, USDX, SP500, Dow Jones and Ethereum from Sebastian Seliga
• GBPNZD facing bearish pressure, potential for further downside!

May 10, 2021 : EUR/USD daily technical review and trade recommendations. Posted: 10 May 2021 02:38 PM PDT By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found. Since then, the current downtrend has been initiated. Shortly after, the price zone around (1.1990) provided some temporary buying pressure. However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum. Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750 which provided BUYING Pressure while being tested. Hence, an upside pullback was expected to pursue towards 1.1840 & 1.1990. Both levels failed to provide sufficient bearish pressure. More upside movement was expected to pursue towards 1.2175 (backside of the broken trendline) where bearish price action was demonstrated. Currently, any upside movement towards 1.2175-1.2200 should be considered for SELLING the EURUSD pair. Estimated target levels are projected towards 1.2070 & 1.1990. The material has been provided by InstaForex Company - www.instaforex.com

May 10, 2021 : EUR/USD Intraday technical analysis and trade recommendations. Posted: 10 May 2021 02:29 PM PDT Recently, failing to apply sufficient bearish pressure around 1.2000, has allowed more bullish movement to pursue towards higher price levels ( 1.2100 - 1.2150 ) where bearish rejection was previously anticipated. Although transient bullish breakout above this level was temporarily expressed, significant bearish momentum has emerged bringing the EURUSD pair back below 1.2050. As the price levels were quite overpriced recently, bearish persistence below the current price zone of 1.2050-1.2000 was needed to establish a short-term downtrend. Hence, more bearish decline was expected towards 1.1970 which has provided quite significant bullish rejection so far. Bearish breakout below 1.1970 was needed to enable more bearish decline initially towards 1.1925. However, the EURUSD achieved a recent bullish breakout above 1.2130. The price level of 1.2155 has recently applied significant bearish rejection. Currently, the pair looks quite overbought. That's why, we should be waiting for signs of bearish rejection. Bearish closure below 1.2100 is needed for bearish confirmation with estimated target around 1.2050. The material has been provided by InstaForex Company - www.instaforex.com

May 10, 2021 : GBP/USD Intraday technical analysis and trade recommendations. Posted: 10 May 2021 02:21 PM PDT Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article. Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600. Hence, Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400. However, the GBPUSD pair was contained above the demand level of (1.3660) and below the key-level around 1.3900 before a temporary bullish spike could reach the price level of 1.4000 earlier last week. This failed bullish spike above 1.3900 has re-tested the backside of the depicted broken channel which applied significant bearish pressure on the pair. By the end of last week, temporary signs of bullish breakout above 1.3950 were witnessed. However, this turned out to be a bullish trap once the GBPUSD pair returned below 1.3950 again. By the end of last week, the GBPUSD was trapped between the depicted two price levels ( 1.3880 and 1.3950 ) until bullish breakout occurred earlier. Further bullish advancement should be anticipated towards 1.4050 then 1.4100 where the lower limit of the recently-broken channel is located. The material has been provided by InstaForex Company - www.instaforex.com

Dollar collapse: New targets for EUR/USD and GBP/USD Posted: 10 May 2021 09:41 AM PDT The shock report on the US labor market best explains why Fed officials are reluctant to start talking about the upcoming rollback of monetary stimulus. The economic recovery in the United States is impressive, and at some point, it may seem that America is on the path of growth and is confidently on course, but this is not so. The growth is to some extent illusory, without additional injections, the recovery will come to an end, and this fact should be taken into account by dollar traders. In this scenario, the US currency will be under pressure, and it is probably worth tuning in to a downward trend in the near future. In response to the reduction in the risks of an imminent rate hike by the Fed, the dollar index dipped below the April lows. The corrective recovery from the recession appears to be over. Sellers have perked up and may push the US currency to the level of the beginning of the year when it traded against a basket of competitors in the 89.50 area. Cautious speculators will probably want to wait for confirmation of the impulse to weakening the dollar before transforming into bears on the dollar. For this, the US currency index must fall below 89.7 and 89.15. Greenback can quickly pass these local levels. In this regard, it is worth paying attention to the USD/CAD pair, which is confidently updating its lows. At the opening of the Monday trading, the Canadian strengthened to 1.2100, which corresponds to a 3-year high. The Canadian dollar was able to rise against the US dollar, even though labor statistics for Canada, released on Friday, were gloomy. Traders ignored the Canadian report as that of the US was much worse. Markets are completely immersed in the US data because it indicated the confidence that the Fed will not raise the rate until 2023, while the Bank of Canada has already decided to change the course. Despite internal problems, the Canadian dollar will look attractive, supported by a weakening US counterpart. Thus, the bearish rally in USD/CAD to the area of 1.2000 and below may continue. An additional positive factor for the Canadian dollar is the growth of oil and improved forecasts for the growth of the Canadian economy. The growth beneficiary is now the pound sterling, which has managed to take full advantage of the weakening dollar. At first, the GBP/USD pair rose sharply, breaking through and consolidating above the first target - 1.3975. After breaking through the round level of 1.4000, buyers quite quickly dragged the pound into the territory of the 41st figure. The growth momentum was added today by the political news from Scotland. On Sunday, the British authorities once again ruled out the possibility of a new independence referendum in Scotland. Recall that last week, this question was again raised bluntly - supporters of Scottish independence spoke about the desire to hold a referendum in 2021. However, without the consent of London, they will not be able to do anything. For the bulls, the GBP/USD pair can rewrite the February highs at 1.4240 this month. Further, buyers without an obvious negative will go straight to the round level of 1.5000. The area of 1.2350 will be targeted by euro buyers in May. This is two figures above the current levels. The confident growth of the EUR/USD pair to the indicated mark, as in the case of the pound, will open the way to the round level of 1.3000. It's worth noting that the euro and pound are heading for areas they haven't been in for many years. They are untradeable, so flying up to the round mark won't cause many obstacles in the way. Meanwhile, now, according to analysts, the growth of the euro may be limited by the policy of two large regulators - the ECB and the Fed. If the Fed's policy is aimed at lowering the dollar, which should help the euro, then the ECB's positioning does not give euro buyers confidence in the future. The fact is that the regulator does not provide any specifics, and uncertainty is an anti-ally of the euro. The ECB has pledged to accelerate the pace of bond purchases in the second quarter. At the June meeting, they can announce the beginning of the curtailment of the program. Investors will perceive this as the beginning of tightening, which will help the euro. Among the representatives of the ECB, there are those who oppose this approach. For example, Olli Rehn is impressed by the Fed's approach. He believes that it would be more correct to adopt the method of the American regulator, allowing inflation to exceed the target level of 2% to compensate for the previous weakness. This indirectly speaks of maintaining a soft policy for a longer time and is a negative factor for the euro. Considering that the epidemic situation is improving on both sides of the Atlantic, the main driver of the EUR/USD pair may be speculation on the next steps of the Fed and the ECB. The material has been provided by InstaForex Company - www.instaforex.com

Trading Signal for Nasdaq 100 #NDX for May 10 - 11, 2021: Key level 13,606 Posted: 10 May 2021 07:55 AM PDT Wall Street opened this Monday with mixed trading. One of the benchmark stock indices, the Dow Jones Industrial Average, rose 0.66% and exceeded 35,000 points for the first time, driven by the energy sector, while technology companies are weighed down the Nasdaq index 100, #NDX. The Nasdaq technology index, which brings together the most important technology companies, is trading at 13,660 at the time of writing this article, within a downtrend channel in 4-hour charts and with the last support at the 200 EMA zone located 13,603. The #NDX technology sector is showing a downward bias, causing this downward movement due to some doubts due to its high valuation in some technology companies after the months of the pandemic and its attractiveness in the economic reactivation, when inflation is expected to increase. So we see a drop in Intel, Apple and Microsoft. On a technical level, we can see that the Nasdaq 100, #NDX, is trading within its bearish channel, there could be a bullish rebound at 13.603, there is the SMA of 21 and also the EMA of 200, both offer good support to the Nasdaq. This 6/8 murray level is strong support, as it had previously formed a double bottom, and if the Nasdaq fails to break to the downside there could be a bullish rebound. Conversely, a break below the 21 SMA and 200 EMA, there could be a continuation of the downward movement to the 13.437 (6/8) support zone. A 6/8 break of murray could take it to the 13.194 support area of the bearish channel support. Our recommendation is to wait for the breakout and consolidation below 6/8 so you can sell to 13,194. Support and Resistance Levels for May 10 - 11, 2021 Resistance (1) 13,671 Resistance (2) 13,704 Resistance (3) 13,823 Support (1) 13,596 Support (2) 13,478 Support (3) 13,370 The material has been provided by InstaForex Company - www.instaforex.com

Trading Signal for GBP/USD for May 10 - 11, 2021: Sell Below 1.4160 Posted: 10 May 2021 07:15 AM PDT In the American pre-market, the GBP / USD pair is trading at 1.4110 at the time of writing this article. The bias is still strongly bullish. Until the 8/8 zone of murray, there is the strong resistance of 1.4160. The triple top of the GBP / USD pair has finally been broken, and the British pound is now moving above the psychological barrier of 1.40. In addition, we could see how the symmetrical triangle was broken on Friday, which could end up paying at 1.4160. British Prime Minister Boris Johnson will issue a statement announcing new measures related to the reopening of Britain. The vaccination campaign has drastically reduced COVID-19 cases, and some speculate that the government could speed up the deadline for reopening. This data could give more bullish momentum to the GBP / USD pair in the medium term. Observing the 4-hour chart, we notice a strong resistance at 8/8 of murray, which should undoubtedly stop its bullish rally of the British pound. At this level, we can find a good selling opportunity. The technical reading of the eagle indicator shows that it is approaching a key overbought level. The indicator signal is approaching 90-95, which would imply an imminent downward correction in pair as long as it does not break 1.4160. Furthermore, a return below the 7/8 murray level around 1.4099 will also be a good opportunity to sell in the correction to the 6/8 murray support level. The 6/8 of murray is a strong support as it is located above the psychological level of 1.40, and it could give the GBP / USD again, a new bullish momentum, at this level we recommend buying. Support and Resistance Levels for May 10 - 11, 2021 Resistance (1) 1.4136 Resistance (2) 1.4168 Resistance (3) 1.4268 Support (1) 1.4081 Support (2) 1.4063 Support (3) 1.4035 *********************************************************** Trading tip for GBP/USD for May 10 - 11, 2021 Sell if pullback 1.4156 (8/8 of murray and zone of reversion) with take profit at 1.4110 and 1.4040 (6/8), stop loss above 1.4191. Sell below 1.4099 (7/8) with take profit at 1.4040 (6/8), stop loss above 1.4136. Buy if rebound 1.4038 (6/8 of murray) with take profit at 1.4099 (7/8) stop loss below 1.4000. The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis on Dogecoin suggests a new low ahead below $0.41 Posted: 10 May 2021 07:06 AM PDT Dogecoin has moved in an impulsive pattern from the beginning of its up trend to recent all time highs. Now it is time for a correction and so far we have seen most probably only the first part of the correction. Dogecoin has so far retraced up to the 50% Fibonacci retracement and this could very well be wave a of a three wave pull back correction. Wave b most probably is finished but until we break below wave a low, we can not say with certainty that wave b is over. A new higher high above $0.59 is not out of the question yet. Wave c should complete the entire correction with a new low below wave a low and most probably close to the 61.8% Fibonacci retracement. So if you are a fan of Dogecoin, I would still keep away and wait for a deeper correction before buying.The material has been provided by InstaForex Company - www.instaforex.com

USDJPY supported Posted: 10 May 2021 06:47 AM PDT USDJPY has turned lower from the 109.60 level as expected. Price has reached the upward sloping important support trend line and so far traders respect it. In order for price to continue lower towards 106, bears will need to break this trend line support. Red line - support trend line Black lines - expected size of decline USDJPY short-term trend is bearish. Price is now testing major support trend line at 108.75-108.60. Holding above this area of support is key for the short-term trend. If price respects support, we could next see a strong bounce above 109.60 towards 110-11. If the red trend line is broken, I expect price to first test the important low at 107.50. The material has been provided by InstaForex Company - www.instaforex.com

Gold continues its climb towards $1,868 Posted: 10 May 2021 06:42 AM PDT Gold price after breaking above $1,797 resistance has not looked back. Price has exploded higher and has already reached the first target area of $1,837. Now price is above $1,840 and is heading towards our next target of $1,868. Green lines - bearish channel Gold price is approaching the upper channel boundary of the downward sloping medium-term bearish channel. Since the break of $1,740 we have been talking about reaching the upper channel boundary. Recently price provided another bullish signal at $1,800 and so far one of our targets has been reached. Next target is $1,868. The upper channel boundary is around $1,880. Support is found at $1,800. If price falls below this level, then we will have a trend reversal. The material has been provided by InstaForex Company - www.instaforex.com

Trading Signal for EUR/USD for May 10 - 11, 2021: Sell Below 1.2170 Posted: 10 May 2021 06:41 AM PDT In the New York pre-market, the EUR / USD pair is trading at 1.2163, above 7/8 of murray and above the SMA of 21 in 4-hours charts. The currency pair is showing some exhaustion of the bullish momentum after the recovery from last week's lows at the 1.20 psychological level. Market participants are poised to sell the US dollar with the weekly opening, even discounting in the terrible US employment report that was released on Friday. This week, in the United States, the inflation figures for April will be released and the annual Consumer Price Index is expected to be 3.6%, well above the average. EUR / USD is forecast to continue to be bullish as long as it trades above the 21-day SMA, today at 1.2079. At that level, there could be a technical bounce for a further bullish move to the 1.2207 area. The Euro is likely to find strong resistance at 8/8 Murray, as the key 1.2207 level is located there. Above this level, the February high at 1.2243 emerges as immediate resistance for the euro. The 6/8 murray level will now be a strong support located at 1.2085. This level is crucial for a break of the EUR / USD pair below this level. The price could have a fall to the 200 EMA at 1.1974. If it does not break that level, there could be a good opportunity to buy at 6/8 murray, as that would mean that the pair has finished its correction and would resume the uptrend. Our recommendation is to sell below 1.2146. Alternatively, if there is a pullback to 1.2207, sell below this level, as a downward correction is imminent. The eagle indicator is reaching the overbought level, so a downward correction is imminent. Support and Resistance Levels for May 10 - 11, 2021 Resistance (1) 1.2205 Resistance (2) 1.2227 Resistance (3) 1.2247 Support (1) 1.2128 Support (2) 1.2106 Support (3) 1.2086 *********************************************************** Trading tip for EUR/USD for May 10 - 11, 2021 Sell if pullback 1.2207 (8/8 of murray and strong resistance) with take profit at 1.2146 and 1.2085 (6/8), stop loss above 1.2241. Sell below 1.2146 (7/8) with take profit at 1.2085 (6/8), stop loss above 1.2185. Buy if rebound 1.2085 (EMA 200 and 6/8) with take profit ate 1.2146 (7/8) stop loss below 1.2048. The material has been provided by InstaForex Company - www.instaforex.com

EURUSD bearish divergence in Daily chart Posted: 10 May 2021 06:38 AM PDT Despite the new higher high in price of EURUSD, the RSI is not following and has provided us with the first bearish divergence in the Daily chart. This is not a reversal signal but an important warning for bulls to be cautious. Green lines - bearish divergence EURUSD remains in a bullish trend making higher highs and higher lows. Recently price made a strong pull back from 1.2150 to 1.1985 and is now making new higher highs. 1.1985 is crucial support that if broken will signal the end of the upward move from 1.17. It will signal the start of a pull back if not a new downward move. The bearish divergence in the Daily chart should not be taken lightly. The price range above 1.2150 towards 1.23 I believe is a good area to look for short positions with stops at 1.2350. The material has been provided by InstaForex Company - www.instaforex.com

XRP/USD still below key resistance, vulnerable to a move towards $1.30 Posted: 10 May 2021 06:32 AM PDT XRP/USD is still trading below $1.55-$1.65 resistance. Bulls are still unable to break above the resistance are in order to continue higher towards $1.80-$2. As we mentioned in our previous analysis on XRP/USD, as long as price is below $1.60, it is vulnerable to a deeper pull back. Red rectangle - resistance area Green line - trend line support XRP/USD has also broken the green support trend line. Another sign of weakness. However price did not make a lower low than $1.31. Resistance at $1.63-$1.66 if broken will push price towards $1.75-$1.85. On the other hand if price continues to be weak, we should expect it to move lower towards $1.30 maybe break it. Next target would be $1.18. Concluding, as long as price is below the red rectangle area, price is vulnerable to a move lower. If bulls manage to recapture $1.63-$1.70, then I expect $1.97 to be broken with $2.10-$2.20 first target area. The material has been provided by InstaForex Company - www.instaforex.com

BTC analysis for May 10,.2021 - Rising wedge in creation and potential drop towards $53.000 Posted: 10 May 2021 04:46 AM PDT Technical analysis: BTC has been trading sideways at the price of $58.000. Potential exhaustion on the upside and chance for the downside ration. Trading recommendation: Watch for potential selling opportunities if you see the breakout of the rising wedge pattern. Downside targets are set at the price of $55.350 and $53.000. Additionally, there is the bearish divergence on the Stochastic oscillator, which is good indication for the downside movement.Resistance set at $59.000 The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD analysis for May 10 2021 - Bear flag in creation and potential for drop towards 108.35 Posted: 10 May 2021 04:38 AM PDT Technical analysis: USD/JPY has been trading downside last week and I see potential for the downside continuation today. Trading recommendation: Watch for potential selling opportunities on the rallies with the downside targets at 108.35 and 107.50. Based on the 4H time-frame, there is the bearish flag pattern in creation, which is good sign for further downside continuation. There is bear flag pattern based on the last drop, which is good sign for downside movement.Resistance set at 109.00 The material has been provided by InstaForex Company - www.instaforex.com

Analysis of Gold for May 10,.2021 - Extreme upside reading and potential for downside correction towards $1.815 Posted: 10 May 2021 04:32 AM PDT Technical analysis: Gold has been trading sideways at the price of $1.837. There is potential for the downside rotation due to extreme upside condition. Trading recommendation: Watch for potential selling opportunities on the rallies with the downside targets at $1.815 at the price of $1.801. There is bear flag pattern based on the last drop, which is good sign for downside movement. Key resistance is set at $1.843 The material has been provided by InstaForex Company - www.instaforex.com

Wave analysis for the EUR/USD on May 10, 2021 Posted: 10 May 2021 04:00 AM PDT EUR/USD, H4 time frame: There is a high possibility that the bearish correction wave 4, which is part of the global impulse, was completed earlier than what was expected in previous reviews. It took a double zigzag form [W]-[X]-[Y], and not a triple one, as assumed. Therefore, if our hypothesis is right, then the market has been forming the initial part of a bullish wave 5 since the beginning of April, which can take the form of an impulse. Like all impulses, it will consist of five sub-waves [1]-[2]-[3]-[4]-[5]. It seems that the first two sub-waves from this indicated construction were already done with their development, that is, we are talking about waves [1] and [2]. Now, let's take a look at the marking of the last section of the chart in a smaller time frame. EUR/USD, H1 time frame: Looking at the hourly time frame, it shows the internal structure of the upward impulse wave [1]. It is a bullish five-wave impulse consisting of sub-waves (1)-(2)-(3)-(4)-(5). The last sub-wave (5) took the form of the final diagonal 1-2-3-4-5. According to Elliott's diagonal rules, the second wave does not go beyond the end of the first wave, and the fourth wave ends between the ends of the first and second waves. Another rule is that all five waves are corrective. If we look at the structure of our wave (5), these rules can be traced, that is, all waves are corrective, and we see the end of wave 4 between the ends of waves 1 and 2. It is possible that the descending wave [2] is also already done with its pattern. It has the formation of a simple three-wave zigzag (A)-(B)-(C). In the near future, market participants may expect a price growth and the development of an impulse wave (1), consisting of sub-waves 1-2-3-4-5, which will initiate a larger impulse [3]. The end of wave (1) is expected at the level of 1.2254, from which the bundle wave [X] of the bearish correction 4 was completed. Currently, opening buy deals can be considered in order to take profit at the high of 1.2254. The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD Trading Plan for 10 May Posted: 10 May 2021 03:21 AM PDT EUR/USD pushes higher and advances to new highs near 1.2180. The weakness around the dollar props up the upside in spot. Yields of the German 10-year Bund climb to the -0.20% area. EUR/USD manages to leave behind the earlier dip to the 1.2130 region and retakes the upper end of the range in the 1.2170/80 band, or new monthly peaks.EUR/USD looks to extend the recent breakout of the key hurdle at 1.2100 the figure amidst the broader rebound from monthly lows in the vicinity of 1.1980 recorded during last week. The recent upside in the pair gathered extra steam on the back of the increasing selling pressure in the greenback, particularly after the big miss in April's Payrolls published last Friday (+266K vs. 978K exp.). EUR/USD extended a further bounce off the 1.1985/80 band and faltered in the 1.2180 region which coincides with a Fibo level (of the November-January rally). The revival in the sentiment about the single currency stays constructive on the back of the investors' shift to the improved growth outlook. The material has been provided by InstaForex Company - www.instaforex.com

NZD/USD Further Growth Confirmed! Posted: 10 May 2021 03:06 AM PDT NZD/USD has increased as expected and now it has jumped above the former high signaling strong buyers in the short term. I've told you in my previous analysis that the pair should extend its growth as long as it stays above the uptrend line. The pair has started to increase after passing above the minor black downtrend line. The current breakout above 0.7272 former high indicates that NZD/USD could continue to increase. Trading Conclusion! Passing and stabilizing above 0.7272 is seen as a buying opportunity. The next upside targets are represented by 0.73 and 0.74 levels. The material has been provided by InstaForex Company - www.instaforex.com

USD/JPY Trading Plan for 10 May Posted: 10 May 2021 03:01 AM PDT USD/JPY regained positive traction on Monday and recovered a major part of the post-NFP losses. The risk-on mood undermined the safe-haven JPY and remained supportive of the positive move. A pickup in the US Treasury yields eased the USD bearish pressure and remained supportive. The US dollar is attempting to move higher against the Japanese yen currency after bears failed to gain traction below the 109.00 psychological level which coincides with the 50% retracement level, which is the neckline of a bearish head and shoulders pattern. It is possible that the USD/JPY pair could be headed towards the 110.00 area if the 108.40 level continues to hold. A break above the 109.30 level should increase technical buying pressure towards the USDJPY pair. The USD/JPY pair is only bullish while trading above the 109.00 level, key resistance is found at the 109.30 and 110.00 levels. The USD/JPY pair is only bearish while trading below the 109.00 level, key support is found at the 108.40 and further below awaits 107.5 levels. The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD Hot Forecast for 10, May Posted: 10 May 2021 02:48 AM PDT Broad-based US dollar weakness has helped to lift the cable back above the 1.4000 level with the pair moving back towards the end of February high at 1.4237. The pound has also received a modest boost following the news that the SNP fell just short of winning a majority in Scottish parliamentary elections. In the view of economists at MUFG Bank, independence risks are too far in future to have lasting impact on the sterling. Major resistance above the psychological level is between 1.4000 and 1.4009, which has rejected upward moves earlier this year. Price appears to be testing that limit into the weekend. On the other hand, the Relative Strength Index is nearing the 70 level, indicating overbought conditions. The next level to watch on the upside is 1.4080, which provided support in late February. It is followed by 1.4140, a battle line, and then by 1.4180, a swing high before the cable began its move down. The 2021 peak of 1.4240 is next. Support is at 1.4010, the broken triple top, followed by 1.3980, 1.3930 and 1.3860. The material has been provided by InstaForex Company - www.instaforex.com

Bitcoin Imminent Upside Breakout! Posted: 10 May 2021 01:35 AM PDT Bitcoin drops at the moment of writing, but the bias is bullish after failing to confirm a deeper drop. It's traded near a strong dynamic resistance, a valid breakout could signal more gains. The bias is bullish despite the current decline. The bullish pressure is high, so BTC/USD could jump higher anytime again after ending its drop. It could come back to test and retest the immediate support levels. Bitcoin has recovered after its last corrective phase, sell-off, and now is trying to consolidate its gains before moving higher. BTC/USD Bulls In Control! Bitcoin increased after registering only a false breakdown through the weekly pivot of 56,956. Now it has decreased a little after failing to hit the upper median line (uml) of the descending pitchfork. Still, technically, I'm expecting the rate to reach the upper median line (uml) in the end. The bias is bullish as long as the price stays above the uptrend line. Forecast! A new higher high, a valid breakout above 59,499, and through the upper median line (uml) is seen as a bullish signal, buying opportunity with an upside target at 64,899 all-time high. The material has been provided by InstaForex Company - www.instaforex.com

Daily Video Analysis: XAUUSD facing bearish pressure, potential for further downside! Posted: 10 May 2021 01:29 AM PDT Today we take a look at XAUUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as we see Stochastics has reversed from the upper resistance level where it has reacted off before. We could see a reversal at sell entry, which is in line with 161.8% Fibonacci extension and descending trendline resistance, and further drop towards our take profit levels, in line with 38.2% and 61.8% Fibonacci retracement levels. The material has been provided by InstaForex Company - www.instaforex.com

BTCUSD pulling back to ascending trendline support! Drop incoming Posted: 10 May 2021 01:24 AM PDT BTCUSD reacting below recent swing high resistance. Stochastic is also reacting below resistance where price reacted in the past. A short term drop below 1st resistance at 59502 towards 1st support at 57534 could be possible. Trading Recommendation Entry: 59502 Reason for Entry: Graphical swing high resistance Take Profit: 57534 Reason for Take Profit: 50% Fibonacci retracement, ascending trendline support. Stop Loss: 60907 Reason for Stop Loss: -27.2% Fibonacci extension The material has been provided by InstaForex Company - www.instaforex.com

Forex forecast 05/10/2021 on EUR/USD, USDX, SP500, Dow Jones and Ethereum from Sebastian Seliga Posted: 10 May 2021 01:23 AM PDT Let's take a look at the technical picture of EUR/USD, USDX, SP500, Dow Jones and Ethereum at the daily time frame chart. The material has been provided by InstaForex Company - www.instaforex.com

GBPNZD facing bearish pressure, potential for further downside! Posted: 10 May 2021 01:23 AM PDT Prices are facing bearish pressure from horizontal swing high resistance, in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down towards 1st support in line with horizontal swing low support which coincides with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. If prices push up further, prices might face resistance from horizontal pullback resistance in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement. Stochastics is facing resistance from 90.29 level, potential for further downside. Trading Recommendation Entry: 1.93342 Reason for Entry: Horizontal swing high resistance, 127.2% Fibonacci retracement, 127.2% Fibonacci extension Take Profit: 1.92320 Reason for Take Profit: Horizontal pullback support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement Stop Loss: 1.93731 Reason for Stop Loss: Horizontal pullback resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension The material has been provided by InstaForex Company - www.instaforex.com

You are subscribed to email updates from Forex analysis review. To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States