Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
EUR/USD once again turned lower
Information is not investment advice
The key currency pair met the resistance of the 50-day MA. This line stopped the advance of the pair in April and has once again provided an obstacle for bulls this week around 1.1245. In addition, EUR/USD was limited on the upside by the declining resistance line for many months already.
On H4, we can see that the pair fixed below the line connecting the lows of April and May in the area of 1.1180. As a result, it’s possible to expect the euro to return to these lows which are located in the 1.1135/20 area.
Fundamentally the euro is under pressure as Italian Deputy Prime Minister Matteo Salvini said that right-wing League party will “tear apart” European Union rules if it gets good results at European parliamentary election on May 23-26.
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
In this article, you'll find the overview of stock indices and tech analysis of S&P 500.
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
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