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Technical Analysis 29/5/2017 -EUR/USD GBP/USD

May 29, 2017
By Antonis Vasloos
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EUR/USD: Dollar Recovery Undermines Euro Rally

Outlook: Neutral

After a month-long rally, the EUR/USD finds itself back below 1.12 as part of a broad consolidation trend. The pair is currently trading nearly 100 pips below last week’s swing high north of 1.1250, a level not seen since last fall. The common currency’s decline was accompanied by rare gains for the US dollar, which has rebounded from more than seven-month lows against a basket of other major currencies. The euro remains well supported in its current trading range, but faces declining momentum based on the MACD.

Technical Analysis 29/5/2017 - EURUSD1

GBP/USD: Cable Hits Monthly Lows After Rejection at 1.30

Outlook: Bearish

Cable’s fortunes quickly reversed last week after repeated attempts at 1.30 were quickly turned away. A subsequent 200 pip collapse pushed the pair deep into oversold levels, according to the Relative Strength Index (RSI) and 1-hour Bollinger Band formation. The pair is trading above 1.28 after crashing below that level last week. The outlook is tilted to the downside as traders look for fresh catalysts.

Technical Analysis 29/5/2017 - GBPUSD

WTI Oil: Crude Prices Regain Momentum After Volatile Selloff

Outlook: Bullish

Crude prices were back on the offensive Monday, with prices edging toward the psychological $50.00 a barrel plateau. US West Texas Intermediate (WTI) futures plunged below $48.50 a barrel last week before quickly rebounding toward the 23.6% Fibonacci retracement. A settlement above that level would lead to a rally back toward the 24 May swing high at $52.00 a barrel.

Technical Analysis 29/5/2017 WTI

Gold: Bulls Take Control of the Market

Outlook: Bullish

Gold’s quest for a 100% retracement of the 13 April swing high took another step in the right direction Friday after the metal closed above thee 61.8% Fibonacci level. Following a brief run in with overbought resistance, bullion remains supported above that critical level as the bulls set their sights on bigger gains. However, the yellow metal may face fresh resistance from the US dollar, which is riding a two-day winning streak against a basket of other major currencies.

Technical Analysis 29/5/2017 -GOLD1