Forex Technical/Fundamental Analysis & Forecast by RoboForex

Japanese Candlesticks Analysis 14.05.2024 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”
EURUSD has formed a Shooting Star reversal pattern near the resistance level on H4. Currently, the instrument is going by the reversal signal in a descending wave. The decline target could be the 1.0740 support level. However, the price could rise to 1.0845 and continue its upward momentum after testing the support.



USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed a Harami reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be the 157.50 mark. However, the price could correct to 155.50 and maintain its upward trajectory after pulling back to the support level.



EURGBP, “Euro vs Great Britain Pound”
EURGBP has formed a Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be the 0.8620 mark. After testing this level and breaking above it, the price might continue the uptrend. However, the quotes could pull back to 0.8575 before rising.



Read more - Japanese Candlesticks Analysis (EURUSD, USDJPY, EURGBP)

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

EURUSD has reached a new five-week peak. Overview for 15.05.2024

The primary currency pair is advancing on Wednesday. The current EURUSD exchange rate stands at 1.0822.

Upbeat comments from Jerome Powell, the US Federal Reserve chair, regarding the state of the US economy weighed on the US dollar. He gave a relatively confident outlook on GDP growth rates. Powell believes that the economy is still growing more vigorously than the trend. Additionally, he is convinced that inflationary pressures will ease. Despite recent statistics that could challenge this confidence, Powell remains steadfast in his optimistic views.

This year, high consumer prices have prompted the Federal Reserve to alter its monetary policy trajectory, compelling it to abandon its monetary easing strategy to gather more data.

Investors anticipated six interest rate cuts in January, but now, only one is expected. According to the CME FedWatch monitor data, the interest rate may be lowered by a maximum of 45 basis points this year, with the first cut expected in September.

Today is crucial as the market awaits inflation and retail sales data for April.

Fundamental analysis for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Murrey Math Lines 16.05.2024 (USDCHF, XAUUSD)

USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI is testing the support line. In this situation, the price is expected to surpass the 6/8 (0.9033) level and rise to the resistance at 8/8 (0.9277). The scenario could be cancelled by a breakout of the 5/8 (0.8911) level. In this case, the pair might decline to the 4/8 (0.8789) level.



On M15, the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.



XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI has rebounded from the support line. In this situation, the price is expected to rise further to 4/8 (2500.00). The scenario could be cancelled by a breakout of the 3/8 (2375.00) level. In this case, Gold prices might fall to the support at 2/8 (2250.00).



Read more - Murrey Math Lines (USDCHF, XAUUSD)

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

JPY is declining again. Overview for 17.05.2024

The Japanese yen, paired with the US dollar, is retreating at the end of the week. The current USDJPY exchange rate stands at 155.77.

Morning data showed that the Bank of Japan had kept the volume of bond purchases the same, refraining from taking action after reducing the volume earlier in the week.

Investors speculated that the Japanese regulator kept the amounts unchanged, believing that the JPY had already received support from the recent weakening of the US dollar. Meanwhile, traders continue to bet that the BoJ will decide to lower bond purchase parameters at its upcoming meeting.

It is worth noting Bank of Japan governor Kazuo Ueda’s statement that the central bank has no plans to sell its assets.

This week’s statistics showed a slowdown in the Japanese economy. The country’s GDP in Q1 contracted by 2% y/y, falling short of expectations. Private consumption has declined for four consecutive quarters, dragging down the entire system.

Such a report presents significant challenges for the Bank of Japan, which must balance supporting the economic system and protecting the weak yen.

Fundamental analysis for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Japanese Candlesticks Analysis 20.05.2024 (XAUUSD, NZDUSD, GBPUSD)

XAUUSD, “Gold vs US Dollar”
Gold has formed a Hammer pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target might be 2485.00. After testing the resistance level, the price could break above it and continue its upward momentum. However, the quotes could correct to 2420.00 before rising.



NZDUSD, “New Zealand Dollar vs US Dollar”
NZDUSD has formed a Harami reversal pattern on H4. Currently, the instrument might continue to go by the reversal signal in a corrective wave. The pullback target might be 0.6100. After rebounding from the support level, the quotes might continue their upward trajectory. However, the price could rise to 0.6175 without testing the support.



GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has formed a Shooting Star reversal pattern on H4. Currently, the instrument could go by the reversal signal in a descending wave. The correction target might be 1.2665. However, the price could rise to 1.2765 and continue the uptrend without testing the support level.



Read more - Japanese Candlesticks Analysis (XAUUSD, NZDUSD, GBPUSD)

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

GBP is rising higher. Overview for 21.05.2024

The British pound is strengthening its position against the US dollar. The current GBPUSD exchange rate stands at 1.2709.

The pound appears steady, supported by the local decline in the US dollar and comments from monetary policymakers. In his speech yesterday, Bank of England Deputy Governor Ben Broadbent did not rule out a summer interest rate cut.

However, Broadbent provided no specific information indicating that this scenario is inevitable. Market expectations show the likelihood of lowering the interest rate to 5.00% from the current 5.25% at the next meeting in June.

The Bank of England continues to gather information and data on the state of the UK’s economic system. If the situation continues to develop in line with its forecasts, the bank rate will likely change.

On Wednesday, the UK will release inflation statistics, crucial for understanding the BoE’s future actions. According to the consensus forecast, the consumer price index decreased to 2.1% in April from 3.2% in March. The Bank of England’s CPI target is precisely 2.0%.

Fundamental analysis for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Japanese Candlesticks Analysis 22.05.2024 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs US Dollar”
EURUSD has formed a Hammer reversal pattern near the support level on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be the 1.0910 resistance level. However, the price could pull back to 1.0835 and continue its upward momentum after testing the support.



USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed an Inverted Hammer reversal pattern on H4. Currently, the instrument is going by the reversal signal in an ascending wave. The growth target could be the 157.50 mark. However, the price could correct to 155.65 and maintain its upward trajectory after pulling back to the support level.



EURGBP, “Euro vs Great Britain Pound”
EURGBP has formed a Hammer reversal pattern on H4. Currently, the instrument might go by the reversal signal in an ascending wave. The growth target could be the 0.8665 mark. After testing this level and breaking above it, the price might continue the uptrend. However, the quotes could pull back to 0.8525 before rising.



Read more - Japanese Candlesticks Analysis (EURUSD, USDJPY, EURGBP)

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Murrey Math Lines 23.05.2024 (USDCHF, XAUUSD)

USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes on the D1 period are above the 200-day Moving Average, indicating the prevailing upward trend. The Relative Strength Index has overcome the resistance line. In this situation, we expect the 7/8 (0.9155) level to be surpassed, followed by a price increase to the resistance at 8/8 (0.9277). The scenario could be invalidated by a breakout of the 6/8 (0.9033) support level. In this case, the price may decline to 5/8 (0.8911).



In the M15 period, the upper line of the VoltyChannel indicator was breached, confirming the upward trend, and increasing the likelihood of further price growth.



XAUUSD, “Gold vs US Dollar”
XAUUSD quotes on the D1 are above the 200-day Moving Average, indicating the prevailing upward trend. However, there is a divergence in the Relative Strength Index indicator. Consequently, a 3/8 (2375.00) breakout is anticipated in this situation, leading to a subsequent price decline to the support at 2/8 (2250.00). A breakout above the 3/8 (2375.00) could nullify the scenario, with the quotes potentially reaching the 4/8 (2500.00) resistance level.



Read more - Murrey Math Lines (USDCHF, XAUUSD)

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

EURUSD shows no resistance. Overview for 24.05.2024

The primary currency pair continues to weaken at the end of the week. The current exchange rate for EURUSD stands at 1.0805.

May statistics showed that business activity in the US accelerated to the highest level in two years. The preliminary value of the Markit Services PMI increased to 54.8 points in May from 51.3 points previously, and the Manufacturing PMI in May rose to 50.9 points from 50.0 points.

At the same time, several manufacturers reported an increase in prices for a range of resources, providing one of the reasons for revising expectations regarding the US Federal Reserve interest rates. Such signals are pro-inflationary and are negative news for the Fed.

According to CME's FedWatch monitor, the timing for the Fed's first interest rate cut has now been pushed from November to December.

Fundamental analysis for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Murrey Math Lines 27.05.2024 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”
EURUSD quotes have broken above the 200-day Moving Average on D1, indicating the potential development of an uptrend. The RSI has breached the resistance line. In this situation, the price is expected to surpass the 5/8 (1.0864) level and rise to the resistance at 6/8 (1.0986). The scenario might be cancelled by a breakout of the 4/8 (1.0772) level, which might lead to a trend reversal, pushing the pair to the 3/8 (1.0620) support level.



On M15, the upper line of the VoltyChannel is broken, which increases the probability of a price rise.



GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI is approaching the overbought area. In this situation, the price is expected to test the 5/8 (1.2817) level, rebound and drop to the support at 4/8 (1.2695). The scenario could be cancelled by a breakout of the 4/8 (1.2695) level. In this case, the pair might decline to the support at 3/8 (1.2573).



Read more - Murrey Math Lines (EURUSD, GBPUSD)

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team