Daily Technical Analysis: May 29, 2024, Before European Market Opens

Check the market views of the global research department at the Trading Center today. Explore new trading methods and opportunities from popular trading products.

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

Please note: Due to market volatility, prices may have crossed key points, rendering the strategy ineffective.

EUR/USD Intra-day: Downward trend.

Pivot point:

1.0865

Trading strategy:

Short positions below 1.0865 with targets at 1.0840 and 1.0820.

Alternative scenario:

Long positions above 1.0865 with targets at 1.0885 and 1.0900.

Technical commentary:

Breaking below 1.0865 is a bearish signal, with the next target at 1.0840.

Spot Gold Intra-day: Ultra-short-term support around 2350.00.

Pivot point:

2350.00

Trading strategy:

Long positions above 2350.00 with targets at 2370.00 and 2377.00.

Alternative scenario:

Short positions below 2350.00 with targets at 2344.00 and 2338.00.

Technical commentary:

While a continued correction cannot be ruled out, its duration should be limited.

GBP/USD Intra-day: Downward trend.

Pivot point:

1.2770

Trading strategy:

Short positions below 1.2770 with targets at 1.2730 and 1.2710.

Alternative scenario:

Long positions above 1.2770 with targets at 1.2785 and 1.2800.

Technical commentary:

The RSI is bearish, indicating further downside potential.

EUR/JPY Intra-day: Bullish, supported at 170.10 with a target at 171.78.

Pivot point:

170.10

Trading strategy:

Long positions above 170.10 with a target at 171.78.

Alternative scenario:

Short positions below 170.10 with targets at 169.48 and 169.11.

Technical commentary:

RSI is above the neutral zone at 50. The MACD is below its signal line, indicating a bullish outlook. The price is below its 20-day moving average (170.66) but above its 50-day moving average (170.59).

EUR/GBP Intra-day: Potential for an upward move, targeting 0.8530.

Pivot point:

0.8497

Trading strategy:

Long positions above 0.8497 with targets at 0.8530.

Alternative scenario:

Short positions below 0.8497 with targets at 0.8484 and 0.8477.

The RSI is below the neutral zone at 50. The MACD is bearish and above its signal line. Additionally, the price is below its 20-day and 50-day moving averages (0.8508 and 0.8510, respectively).

USD/CHF Intra-day: Ultra-short-term support around 0.9100.

Pivot point:

0.9100

Trading strategy:

Long positions above 0.9100 with targets at 0.9140 and 0.9155.

Alternative scenario:

Short positions below 0.9100 with targets at 0.9085 and 0.9070.

Technical commentary:

Above 0.9100, it's a bullish signal with an upward target at 0.9140.

German DAX Index Futures (Eurex) (M4) Intra-day: Under pressure.

Pivot point:

18791.00

Trading strategy:

Short positions below 18791.00 with targets at 18660.00 and 18593.00.

Alternative scenario:

Long positions above 18791.00 with targets at 18839.00 and 18885.00.

Technical commentary:

The RSI is below the 50% neutral zone.

Brent Crude Oil (ICE) (Q4) Intra-day: Upward trend.

Pivot point:

83.50

Trading strategy:

Long positions above 83.50 with targets at 84.75 and 85.30.

Alternative scenario:

Short positions below 83.50 with targets at 83.10 and 82.75.

Technical commentary:

The RSI exhibits a complex trend, leaning towards an upward movement.

UK FTSE 100 Index Futures Intra-day: Downward trend.

Pivot point:

8291.00

Trading strategy:

Short positions below 8291.00 with targets at 8217.00 and 8190.00.

Alternative scenario:

Long positions above 8291.00 with targets at 8318.00 and 8356.00.

Technical commentary:

The RSI is bearish, indicating a further downward trend.