Forex Insights- 24 May,2018

The Forex Insight for 24th May for major currency pairs are as follows:

EUR/USD

  • The EUR/USD pair held on to its modest recovery gains above the 1.1700 handle.

  • The ongoing US Dollar profit-taking slide, triggered by a dovish assessment of Wednesday's FOMC meeting minutes.

  • USD showed little signs of easing amid a sharp retracement in the US Treasury bond yields and following an unexpected rise in the US initial weekly jobless claims.

  • The pair would need to advance beyond 1.1790 to gain some further upward traction and retest the weekly high at 1.1829.

GBP/USD

  • GBP/USD: bulls capped by the 100-hr SMA, but if that were to give, opens risk towards key 1.3450 (50-W SMA).

  • GBP/USD is trading at 1.3387, with a high of 1.3422 and a low of 13349.

  • The technical readings lean bearish and are stacked up against the bulls. However, 1.3301 comes as the Dec 14 low and a potentially strong level of support.

  • 1.3040 is a key downside target as the Nov 3 low. On the upside, a break of the 100-hr SMA at 1.3410 eyes for a test of 1.3450 (50-W SMA) and that would open the scope towards the 10-D SMA at 1.3478.

USD/JPY

  • USD/JPY recovers after the slide that followed Trump’s announcement.

  • US President canceled a meeting with the North Korean leader and triggered risk aversion.

  • The USD/JPY pair dropped to 108.94 after US President announcement, reaching the lowest in two weeks.

  • The yen is rising for the third day in a row against the US dollar. From the weekly high USD/JPY lost more than 200 pips.

AUD/USD

  • The AUD/USD pair rose further during the US session and printed a fresh daily high at 0.7580.

  • The Aussie was unaffected following US President Trump cancellation of the meeting with Kim Jong-un.

  • AUD/USD continues to move with an upside bias supported by an uptrend line. If it manages to end the day at current levels it would be the highest close in a month.

  • To the upside, resistance levels might be seen at 0.7590, followed by 0.7605/10 (May 22 high) and 0.7650. On the flip side, supports could be located at 0.7545, 0.7530 (uptrend line from May 9 low) and 0.7490/95.

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