ADS

Trading opportunities for May 5, 2021

 


AUD USD analysis May 5, 2021

On the daily chart, we can notice that the 50-day moving average continues to provide the necessary support for the pair to achieve further upside with the stability of the low of 0.75220 as a strong demand area, currently the pair is trading above the 50-day moving average with positivity on the RSI and above 23.6% Fibonacci, so we expect a return to target 61.8 % Fibonacci retracement of 0.7825 as a step on the way to reach the top of 0.8010 provided that trades remain stable above the support 0.75220


EUR USD analysis May 5, 2021

The pair continues to perform positively with trading remaining above the 50-day moving average and trades remaining above 50% Fibonacci. We have a strong demand area around 1.19793 then 1.19267, so we expect the pair to return to target the peak of 1.21496, taking advantage of the dollar's weakness, noting that the dollar index is currently exercising some corrective upward movement. However, we cannot deal with the movements of the dollar index as a bullish wave except in the case of a rise above 92.50


GBP USD analysis May 5, 2021

On the four-hour chart, it seems clear that trades remain stable above the 50-day moving average, with 1.3800 remaining as a strong support and demand area, so we always prefer to buy from every decline provided that trades remain above the bottom of the demand area 1.380, the pair can re-target the 1.40 high during the coming period, provided trades remain stable above The 50 day moving average while more targets can be observed around 1.42 on the chart today, with the 1.365 area remaining as a very strong demand area.


NZD USD analysis May 5, 2021

Despite the pair retreating below the 50-day moving average, we can notice a triple bottom at 0.7129, with 0.7114 levels remaining as a strong demand area and trading remaining above 23.6% Fibonacci, so with the positive data from New Zealand and the weakening of the US dollar, we can expect a further rise towards 61.8% Fibonacci 0.7220


USD CAD analysis May 5, 2021

Despite the negative performance of this pair, but the importance of 1.227 - 1.225 levels should be noted, as those levels gave the pair the opportunity years ago to return to positive trading, rising towards 1.39 regardless of oil prices. Therefore, we cannot advise from the current levels with the scenario of the support area remaining stable and turning into A current demand area on the chart today, this may lead to corrective waves targeting 23.6% Fibonacci 1.25376 and perhaps a further rise towards 38.2% Fibonacci 1.27, especially since the stability of trading above the bottom of the demand area on the daily chart coincided with the rise in oil prices to $ 66, With the continued weakening of the US dollar index, this scenario seems closer to the current occurrence

Trading opportunities for May 5, 2021 Trading opportunities for May 5, 2021 Reviewed by DR HISHAM M YOUNES on May 05, 2021 Rating: 5

No comments:

Note: Only a member of this blog may post a comment.

Powered by Blogger.