FxPro: Daily Technical Analysis before European Market Open on May 23, 2024

Check out today's market insights from the Global Research Department at the Trading Center. Discover new trading methods and opportunities from popular trading products.

EUR/USD   Spot Gold   GBP/USD   EUR/JPY   EUR/GBP   USD/CHF   German DAX Futures (Eurex)   Brent Crude Oil (ICE)   UK FTSE 100 Futures

Attention: Due to market fluctuations, prices may have crossed key levels, making the strategies invalid.

Spot Gold Intraday: Under Pressure.

Pivot Point:

2377.00

Trading Strategy:

Below 2377.00, bearish with target prices at 2354.00 and then 2335.00.

Alternative Strategy:

Above 2377.00, bullish with target prices set at 2394.00 and then 2406.00.

Technical Commentary:

Breaking below 2354.00 will trigger a drop to 2335.00.

EUR/USD Intraday: Downtrend.

Pivot Point:

1.0845

Trading Strategy:

Below 1.0845, bearish with target prices at 1.0815 and then 1.0800.

Alternative Strategy:

Above 1.0845, bullish with target prices set at 1.0860 and then 1.0875.

Technical Commentary:

The RSI technical indicator shows a complex trend, leaning towards a downside.

GBP/USD Intraday: Correction.

Pivot Point:

1.2745

Trading Strategy:

Below 1.2745, bearish with target prices at 1.2700 and then 1.2685.

Alternative Strategy:

Above 1.2745, bullish with target prices set at 1.2760 and then 1.2780.

Technical Commentary:

As long as resistance at 1.2745 holds, price movements are inclined to be bearish.

EUR/JPY Intraday: Gradually Down, with 168.49 as the Target if 170.19 Limits the Upside.

Pivot Point: 170.19

Trading Strategy:

Gradually down, with 168.49 as the target if 170.19 limits the upside.

Alternative Strategy:

If breaking 170.19, EUR/JPY targets 170.85 and 171.23.

Technical Commentary:

The RSI technical indicator is below 50. The MACD indicator shows a bullish state but is below its signal line. Additionally, the price is below its 20-day moving average (169.69) but above its 50-day moving average (169.65).

EUR/GBP Intraday: Potential Uptrend, Target Price Set at 0.8529.

Pivot Point: 0.8498

Trading Strategy:

Potential uptrend, target price set at 0.8529.

Alternative Strategy:

A break below 0.8498 will lead to a continued downtrend, targeting 0.8486 and then 0.8479.

Technical Commentary:

The RSI technical indicator is below the neutral area of 50. The MACD indicator is above its signal line and bearish. Moreover, the price is below its 20-day and 50-day moving averages (at 0.8509 and 0.8514, respectively).

USD/CHF Intraday: Bullish Above 0.9130.

Pivot Point:

0.9130

Trading Strategy:

Above 0.9130, bullish with target prices at 0.9160 and then 0.9175.

Alternative Strategy:

Below 0.9130, bearish with target prices set at 0.9115 and then 0.9100.

Technical Commentary:

Even though we cannot rule out the possibility of further adjustments, the duration should be limited.

German DAX Futures (Eurex) Intraday: Short-Term Key Resistance at 18887.00.

Pivot Point:

18887.00

Trading Strategy:

Below 18887.00, bearish with target prices at 18730.00 and then 18665.00.

Alternative Strategy:

Above 18887.00, bullish with target prices set at 18965.00 and then 19018.00.

Technical Commentary:

As long as resistance at 18887.00 holds, price movements are inclined to be bearish.

Brent Crude Oil (ICE) Intraday: Downtrend.

Pivot Point:

82.05

Trading Strategy:

Below 82.05, bearish with target prices at 81.05 and then 80.30.

Alternative Strategy:

Above 82.05, bullish with target prices set at 82.50 and then 83.00.

Technical Commentary:

The RSI technical indicator is trending downwards.

UK FTSE 100 Futures Intraday: Short-Term Key Resistance at 8457.00.

Pivot Point:

8457.00

Trading Strategy:

Below 8457.00, bearish with target prices at 8377.00 and then 8331.00.

Alternative Strategy:

Above 8457.00, bullish with target prices set at 8489.00 and then 8507.00.

Technical Commentary:

As long as resistance at 8457.00 holds, price movements are inclined to be bearish.