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Forex Daily Trading Strategy (22.05.2024)
Gold XAUUSD
Gold continued to hit new highs in the short term, mainly affected by geopolitical risk aversion and commodity resonance. The market has been desensitized to Fed rate cut expectations due to a longer vacuum period. Although gold broke above $2,400, it may move higher and lower in the short term, as there is no further change in fundamentals. The overall structure is more, the 4-hour level long and short watershed is near $2,400, if it is not broken back, the long structure is unchanged, and the above pressure is near 2450.
U.S. dollars
The US dollar index fluctuated slightly, consolidating around the bottom of the uptrend channel. With no further change in fundamentals, there is a high probability that markets will wait for this week's Fed minutes before taking a new direction. Intra-day oscillations, waiting for direction selection.
EUR/USD
The euro swung down yesterday, closing down slightly on the day, and the current exchange rate is around 1.0860. The dollar index rose on the back of hawkish comments from Fed officials and market risk aversion, putting pressure on the euro to weaken. Comments from the president of the European Central Bank about a rate cut in June and weak eurozone economic data also weighed on the euro. Watch the pressure around 1.0950 today, with support below near 1.0750.
U.S. WTI crude
Despite rising geopolitical tensions, the oil market is still showing signs of weakness. Futures are trading in a tight range and implied volatility is near its lowest level since 2019. Previous Opec + production cuts had pushed crude prices up about 9 percent, but Brent crude futures have retreated since mid-April. Investors are looking ahead to the Opec + meeting in early June, which will set supply policy for the second half of the year, with market watchers mostly expecting an extension of existing curbs. Crude oil is oscillating back at the H4 level and running near the 48-day long/short boundary, with the MACD double line and the energy column forming a dead cross expanding downward above the zero axis.
GBP/USD
The pound swung sideways yesterday, closing slightly higher on the day, and the current exchange rate is around 1.2720. Technical buying around the 1.2700 mark supported the pair, and recent UK economic data showed that the UK economy has come out of recession, which is also the main reason to support the pair continued to close higher. However, the weak economic data in the United Kingdom and the US dollar index on the support of multiple positive factors limited the upside of the pair. Watch the pressure around 1.2800 today, with support below around 1.2650.
USD/JPY
Japanese manufacturers want the Bank of Japan to focus more on stabilizing money markets than pursuing stable inflation and economic growth, according to a Bank of Japan survey of companies. The survey showed that about 64 percent of manufacturers want policies to keep money markets stable. The survey is part of an assessment of monetary easing over the past 25 years. Usdjpy bounced at the H4 level and came above the 48-day long/short boundary, the MACD energy bar and double line expanded near the zero axis. A growing number of corporate executives are urging the Bank of Japan to act to put a floor under the yen, which pushes up the cost of imported raw materials.
Trading strategy sharing community:https://t.me/jrfxasia2024
Foreign exchange trading platform bonus collection channels:https://www.jrfx.com/2024/april/en/?396
Gold XAUUSD
Gold continued to hit new highs in the short term, mainly affected by geopolitical risk aversion and commodity resonance. The market has been desensitized to Fed rate cut expectations due to a longer vacuum period. Although gold broke above $2,400, it may move higher and lower in the short term, as there is no further change in fundamentals. The overall structure is more, the 4-hour level long and short watershed is near $2,400, if it is not broken back, the long structure is unchanged, and the above pressure is near 2450.
U.S. dollars
The US dollar index fluctuated slightly, consolidating around the bottom of the uptrend channel. With no further change in fundamentals, there is a high probability that markets will wait for this week's Fed minutes before taking a new direction. Intra-day oscillations, waiting for direction selection.
EUR/USD
The euro swung down yesterday, closing down slightly on the day, and the current exchange rate is around 1.0860. The dollar index rose on the back of hawkish comments from Fed officials and market risk aversion, putting pressure on the euro to weaken. Comments from the president of the European Central Bank about a rate cut in June and weak eurozone economic data also weighed on the euro. Watch the pressure around 1.0950 today, with support below near 1.0750.
U.S. WTI crude
Despite rising geopolitical tensions, the oil market is still showing signs of weakness. Futures are trading in a tight range and implied volatility is near its lowest level since 2019. Previous Opec + production cuts had pushed crude prices up about 9 percent, but Brent crude futures have retreated since mid-April. Investors are looking ahead to the Opec + meeting in early June, which will set supply policy for the second half of the year, with market watchers mostly expecting an extension of existing curbs. Crude oil is oscillating back at the H4 level and running near the 48-day long/short boundary, with the MACD double line and the energy column forming a dead cross expanding downward above the zero axis.
GBP/USD
The pound swung sideways yesterday, closing slightly higher on the day, and the current exchange rate is around 1.2720. Technical buying around the 1.2700 mark supported the pair, and recent UK economic data showed that the UK economy has come out of recession, which is also the main reason to support the pair continued to close higher. However, the weak economic data in the United Kingdom and the US dollar index on the support of multiple positive factors limited the upside of the pair. Watch the pressure around 1.2800 today, with support below around 1.2650.
USD/JPY
Japanese manufacturers want the Bank of Japan to focus more on stabilizing money markets than pursuing stable inflation and economic growth, according to a Bank of Japan survey of companies. The survey showed that about 64 percent of manufacturers want policies to keep money markets stable. The survey is part of an assessment of monetary easing over the past 25 years. Usdjpy bounced at the H4 level and came above the 48-day long/short boundary, the MACD energy bar and double line expanded near the zero axis. A growing number of corporate executives are urging the Bank of Japan to act to put a floor under the yen, which pushes up the cost of imported raw materials.
Trading strategy sharing community:https://t.me/jrfxasia2024
Foreign exchange trading platform bonus collection channels:https://www.jrfx.com/2024/april/en/?396
