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For the GBP/USD pair, the wave analysis remains quite complicated. A successful attempt to break through the 50.0% Fibonacci level in April indicated that the market was ready to build.
GBP/USD: trading plan for the US session on May 21st (analysis of morning deals). Buyers target the 1.2722 level
In my morning forecast, I paid attention to the 1.2720 level and planned to make decisions on entering the market based on it. Let's look at the 5-minute chart.
GBP/USD. May 21st. The pound awaits "dovish" statements from Bailey to continue its growth
On the hourly chart, the GBP/USD pair traded within the 1.2690–1.2705 range on Monday, and only today did it consolidate above this range. Since there was no rebound from this.
Trading Signals for GBP/USD for May 21-23, 2024: sell below 1.2685 (21 SMA - symmetrical triangle)
Our trading plan for the next few hours is to sell the British pound only in case it falls below 1.2685, with targets at 1.2620, 1.2573, and the psychological level.
Technical Analysis of Intraday Price Movement of AUD/CAD Cross Currency Pairs,Tuesday May 21, 2024.
If we look at the 4-hour chart of the AUD/CAD cross currency pair, we will see a deviation between the price movement which forms the Double Top and the Stochastic.
Technical Analysis of Intraday Price Movement of NZD/USD Commodity Currency Pairs, Tuesday May 21, 2024.
Even though on the 4-hour chart the NZD/USD 20 EMA commodity currency pair is above the 50 EMA, which indicates that Buyers still dominate the current market, the appearance.
Forecast for EUR/USD on May 21, 2024
EUR/USD Yesterday, the euro closed slightly lower, clearly influenced by the stock market, which fell during the second half of the US session. Overall, the euro continues its attempts.
Outlook for GBP/USD on May 21. The pound managed to rise on Monday
GBP/USD spent almost the entire day in a flat range between 1.2691 and 1.2701. Yes, you read that correctly, the price stayed within a 10-point sideways channel throughout the European.
Trading Signals for EUR/USD for May 20-22, 2024: sell below 1.0864 (21 SMA - 6/8 Murray)
EUR/USD is trading around 1.0864, showing signs of exhaustion. The instrument has found strong resistance around 6/8 Murray. On the H4 chart, the euro was generating a strong bullish signal.
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This section is updated daily and contains market analysis prepared by professional analysts on behalf of InstaForex. Each of the specialists presents analytical reviews in accordance with his/her vision of the current situation on the foreign exchange and other markets. However, the outlooks below are neither recommendations nor instructions to any actions. They contain analysis of the current situation on financial markets. In some cases, analysts' opinions about current market conditions may differ.