FxPro Forex: Daily Technical Analysis before the European Market Opens on May 13, 2024

Check out today's market insights from the Global Research Department at the Trading Center. Explore new trading methods and opportunities among popular trading products.

EUR/USD   Spot Gold   GBP/USD   EUR/JPY   EUR/GBP   USD/CHF   Germany DAX Index Futures (Eurex)   Brent Crude (ICE)   UK FTSE 100 Index Futures  

Kind Reminder: Due to market fluctuations, prices may have crossed key levels, rendering strategies ineffective.

EUR/USD Intraday: Aiming for 1.0760.

Pivot Point:

1.0790

Trading Strategy:

Below 1.0790, bearish with target levels at 1.0760, then 1.0745.

Alternative Strategy:

Above 1.0790, bullish with target levels at 1.0805, then 1.0820.

Technical Commentary:

A break below 1.0760 could trigger a fall to 1.0745.

Spot Gold Intraday: Downtrend.

Pivot Point:

2371.00

Trading Strategy:

Below 2371.00, bearish with target levels at 2347.00, then 2339.00.

Alternative Strategy:

Above 2371.00, bullish with target levels at 2378.00, then 2384.00.

Technical Commentary:

RSI indicator is bearish, indicating further downside potential.

GBP/USD Intraday: Short-term key resistance at 1.2540.

Pivot Point:

1.2540

Trading Strategy:

Below 1.2540, bearish with target levels at 1.2500, then 1.2480.

Alternative Strategy:

Above 1.2540, bullish with target levels at 1.2560, then 1.2580.

Technical Commentary:

The upside may be capped by resistance at 1.2540.

EUR/JPY Intraday: Bearish, below 168.27.

Pivot Point: 168.27.

Trading Strategy:

Bearish, below 168.27.

Alternative Strategy:

If it breaks above 168.27, EUR/JPY targets 168.91 and then 169.29.

Technical Commentary:

The RSI is below the 50 neutral zone. The MACD is bearish and below its signal line. Moreover, the price is below its 20-day and 50-day moving averages (both located at 167.82).

EUR/GBP Intraday: Possibly bullish with a target at 0.8624.

Pivot Point set at:

0.8587

Trading Strategy:

Possibly bullish with a target at 0.8624.

Alternative Strategy:

A break below 0.8587 could lead to a downward trend, with targets at 0.8576 and then 0.8569.

Technical Commentary:

The RSI is below the 50 neutral zone. The MACD is bearish and above its signal line. Additionally, the price is below its 20-day and 50-day moving averages (located at 0.8600 and 0.8603 respectively).

USD/CHF Intraday: No significant change in trend.

Pivot Point:

0.9080

Trading Strategy:

Below 0.9080, bearish with target levels at 0.9050, then 0.9035.

Alternative Strategy:

Above 0.9080, bullish with target levels at 0.9095, then 0.9110.

Technical Commentary:

As long as the resistance at 0.9080 persists, there's a bearish trend in price fluctuations.

Germany DAX Index Futures (Eurex) (M4): Intraday: Bullish.

Pivot Point:

18830.00

Trading Strategy:

Above 18830.00, bullish with target levels at 18965.00, then 19038.00.

Alternative Strategy:

Below 18830.00, bearish with target levels at 18760.00, then 18690.00.

Technical Commentary:

Investors should remain cautious as these support or resistance levels may trigger profit-taking.

Brent Crude (ICE) (N4): Intraday: Under Pressure.

Pivot Point:

83.05

Trading Strategy:

Below 83.05, bearish with target levels at 82.10, then 81.70.

Alternative Strategy:

Above 83.05, bullish with target levels at 83.50, then 84.00.

Technical Commentary:

The RSI indicator is moving downwards.

UK FTSE 100 Index Futures Intraday: Bullish above 8400.00.

Pivot Point:

8400.00

Trading Strategy:

Above 8400.00, bullish with target levels at 8455.00, then 8470.00.

Alternative Strategy:

Below 8400.00, bearish with target levels at 8364.00, then 8323.00.

Technical Commentary:

Investors should remain cautious as these support or resistance levels may trigger profit-taking.