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Daily Market Overview and Trade Ideas

TraderTalk | USD pushing fresh highs in Asian session Monday | easyMarkets 21st May

-USD finishes strong on Friday, continues Monday

-GBP/USD breaking below 1.3450 range support

-AUD/USD outperforming on news US-China Trade War "on Hold"

Daily Trading Ideas

EURJPY facing strong bearish pressure, potential for further bearishness

EURJPY is seeing strong bearish pressure from our descending resistance line and bearish ichimoku cloud. Our 1st major resistance is at 132.05 (Fibonacci retracement, fibonacci extension, horizontal pullback resistance) where price might make a rally to before seeing it react off to continue on its bearish descent.

RSI (89) sees a long term descending resistance line add bearish pressure to our setup.

See enlarged at: https://www.tradingview.com/chart/AUDUSD/T236zeQR-EURJPY-facing-strong-bearish-pressure-potential-for-further-bea/

XAUUSD (Gold) testing major support, potential for a nice bounce!

XAUUSD (Gold) is testing major support at 1286.39 (Multiple Fibonacci extensions, Fibonacci retracement, bullish price action, bullish divergence) and a strong bounce could occur at this level to push price up to its first major resistance at 1302.80 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).

Stochastic (55,5,3) is seeing major support above 4.3% where a corresponding bounce could occur. We are also seeing strong bullish divergence vs price signalling that a bounce could be impending.

See enlarged at: https://www.tradingview.com/chart/XAUUSD/XSi9JRwU-XAUUSD-Gold-testing-major-support-potential-for-a-nice-bounce/

NZDUSD under immense bearish pressure, huge potential for further bearishness

NZDUSD is under strong bearish pressure and see our 1st resistance at 0.6920 (Fibonacci retracement, horizontal overlap resistance, bearish ichimoku cloud, bearish channel) and a strong reaction could occur at this level to push prices down further towards major 1 year swing low support at 0.6784.

See enlarged at: https://www.tradingview.com/chart/NZDUSD/humiy8FP-NZDUSD-under-immense-bearish-pressure-huge-potential-for-furthe/

USDCHF testing major resistance, potential for a strong reaction!

USDCHF is testing major resistance at 1.0040 (Fibonacci extension, Fibonacci retracement, major swing high resistance) and a strong reaction could occur at this level to push prices all the way down to first major support at 0.9731 (Fibonacci retracement, horizontal overlap support).

Stochastic (89,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.

See enlarged at: https://www.tradingview.com/chart/AUDUSD/sadpUBtW-USDCHF-testing-major-resistance-potential-for-a-strong-reaction/

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