Instaforex Daily Analysis – 18th May 2020

By | May 18, 2020
InstaForex
Instaforex Daily Analysis - 18th May 2020

Relevance up to 03:00 2020-05-19 UTC–5

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Today we take a look at AUDUSD and see how we are going to play the bounce!

We use Fibonacci retracements, extensions, support/resistance, momentum and trend lines to identify trading opportunities in this exciting pair today!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Dean Leo,
Analytical expert
InstaForex Group © 2007-2020

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DXY testing 1st resistance , potential drop!

We turned bearish as price is approaching 1st resistance where the horizontal swing high and 100% fibonacci extension are. Price is likely to reverse off 1st resistance towards 1st support. Stochastics is also showing bearish pressure is coming.

AUDUSD further rise towards descending trendline resistance expected!

AUDUSD reacted above recent graphical swing low. With price now above moving average and stochastics reacting above support, we can expect a push up above 1st support at 0.64248 towards 1st resistance at 0.64734. 1st resistance also falls at a key level.

EURUSD bounced off support, potential for further upside!

Price is approaching our first support in line with our 78.6% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce to our first resistance. Stochastic is approaching support as well.

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