Forex Technical Update

Wednesday May the 5th, 2021

EURUSD

While capped by resistance at 1.2060/80 the EURUSD remains under pressure.

Support is now at 1.1980/60 the next downside target and should give the single currency a base, after breaking 1.2000.

Sellers can now be found at 1.2020/30.

Only a recovery back over 1.2060 will reverse the correction from 1.2140.

GBPUSD

Strong GBP Support is at 1.3820/1.3800 keeping pressure to the upside.

Day trades will try to buy dips to 1.3850/60 looking to take some profits back above 1.3900.

However, resistance at 1.3940 and 1.3980/1.4000 looks difficult to break for now.

USDJPY

The USDJPY is Consolidating its gains ahead of resistance at 109.60/80.

A break of 109.80 will see 110.20 tested, and possibly 110.60/80 in extension.

Dip Buyers will be found in the 109.20/109.00 region.

Only below 108.80 will see a bearish return to 108.40/108.20

USDCHF

Trying to break resistance at 0.9160/80 which will lead the USD to try 0.9200 possibly 0.9220.

Failure at 0.9160/0.9180 will see a return to 0.9100/0.9120

USDCAD

Strong selling pressure at 1.2360/80 continues to cap the USDCAD

1.2280/60 looks vulnerable to a test soon. A break here would see 1.2220 possibly 1.2180

Only above 1.2380 would lift the pressure and see the USDCAD test 1.2440.

http://www.eightdragonscapital.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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