Logo

Daily Review: May 24

Vic He
Vic He
05-24

Key short-term area for the US dollar, focus on the battle between bulls and bears within the day.

Market Review

On Thursday, the preliminary US May S&P Global Composite PMI rose unexpectedly to 54.4, indicating the fastest pace of business activity in two years. Both the manufacturing and services PMIs were also above expectations. Following the data release, traders pushed back their projections for the first Federal Reserve rate cut from November to December, reducing their full-year rate cut bets in the interest rate futures market to 34 basis points. The US dollar index fluctuated, initially falling but then rising after the PMI data was released, ultimately closing at 105.03, marking a new high for the week.

8cc072506f7d48eabd5cf59b1ef38b3d173

Today's Focus

US Dollar Index: The price continues to hover within the 104.9-105.1 range. Today, focus on whether the price can close above 105.1 for a potential continuation of the bullish trend. If the price fails to break through the 105.1 resistance effectively, be cautious of a possible pullback.

8cc072506f7d48eabd5cf59b1ef38b3d274

EUR/USD: The price has found short-term support at 1.08, marking a critical level for a potential trend reversal. Consider taking some profits on short positions. Watch today's battle for the 1.08 level. If the price breaks below, further declines are likely; if not, a bullish reversal may ensue.

8cc072506f7d48eabd5cf59b1ef38b3d359

GBP/USD: The price remains volatile within the 1.27 level, presenting a potential opportunity for bearish continuation if it breaks below 1.268. However, if the price does not effectively break down, be cautious about taking aggressive short positions. Look for support around the 1.26 area.

8cc072506f7d48eabd5cf59b1ef38b3d436

USD/JPY: The price has rallied above the 157 level. Short-term resistance remains at the 157.5-158 area. With the current price near resistance, be cautious with pursuing long positions. Focus on potential buying opportunities around the 156.5 level.

8cc072506f7d48eabd5cf59b1ef38b3d518

AUD/USD: The price has broken below and then retreated to the 0.664 level, indicating a bearish continuation. Look for potential support around the 0.656 level and watch for a possible further drop if the price fails to reclaim the 0.662 area.

8cc072506f7d48eabd5cf59b1ef38b3d590

USD/CAD: After breaking above and retracing back to the 1.366 level, the price is approaching a previous resistance area. Be cautious with long positions if the price cannot effectively break through. Monitor for stability around the 1.37 level for potential buying opportunities.

8cc072506f7d48eabd5cf59b1ef38b3d673

Crude Oil: The price broke below the previous low yesterday but failed to sustain it. Today, focus on the 76.6 level. If the price closes below 76.6, the bearish trend may continue. If it fails to break effectively, expect another upward rebound. Short-term, it is advisable to wait for confirmation.

8cc072506f7d48eabd5cf59b1ef38b3d754

Gold: The short-term resistance lies in the 2370-2380 area. The price fell below 2370 yesterday, continuing the bearish trend. Currently, the price is around the previous neckline at the 2330 level. Monitor this support today; if it holds, a short-term rebound is possible.

8cc072506f7d48eabd5cf59b1ef38b3d843

S&P Index: Yesterday, the price pierced through the 5270-5290 area. Today, focus on the support at this range. A new low after a rebound would indicate the beginning of a short-term decline. If the price holds, continue to look for long opportunities. Strong support lies at the 5200 level.

8cc072506f7d48eabd5cf59b1ef38b3d933

Bitcoin: Major levels remain between 60000-73000. In the short-term, the price has retreated to a small range of the previous conversion area. Today, focus on support between 66000-67700. If the price holds in this area, expect another rebound. Short-term resistance lies around the 70000 level.

8cc072506f7d48eabd5cf59b1ef38b3d1027

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Wiki

Foreign Exchange Trading

Foreign exchange trading is a financial trading activity that seeks profit through the exchange rate differences between different countries' currencies. It is characterized by globalization, high liquidity, and leveraged trading. Participants include central banks, commercial banks, investment institutions, enterprises, and individual investors. However, it also involves potential risks such as market fluctuations and leverage risks.

Related News

Risk Warning

TraderKnows is a financial media platform, with information displayed coming from public networks or uploaded by users. TraderKnows does not endorse any trading platform or variety. We bear no responsibility for any trading disputes or losses arising from the use of this information. Please be aware that displayed information may be delayed, and users should independently verify it to ensure its accuracy.

Logo

Contact Us

Social Media

footer1