Forex Technical Update

Wednesday May the 5th, 2021


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.


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.


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


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


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.

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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