Technical Analysis (XAUUSD)

The price of gold (05th of May) was around 1778.6 USD/Ounce early today. Under 1-hour-chart technical analysis, the candlestick surged as predicted yesterday (4th), it then plummeted. It is currently rebounding and lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 1786.0~1788.0. The current support level lies between 1762.0~1764.0. Investors who wish to sell short could consider selling between 1782.0~1784.0 in the short-term and setting the stop loss above 1786.0.

Technical Analysis (EURUSD):

The price of EUR/USD (05th of May) was around 1.20111 early today. Under 1-hour-chart technical analysis, the candlestick pulled back sharply as predicted yesterday (4th). It is currently rebounding and fluctuating around the middle Bollinger Band. The bands are facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 1.20500~1.20600. The current support level lies between 1.19900~1.20000. Investors who wish to go long could consider buying between 1.20150~1.20250 in the short-term and setting the stop loss below 1.20000.

Technical Analysis (GBPUSD):

The price of GBP/USD (05th of May) was around 1.38837 early today. Under 1-hour-chart technical analysis, the candlestick pulled back sharply as predicted yesterday (4th). It is currently rebounding and lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 1.39500~1.39600. The current support level lies between 1.38800~1.38900. Investors who wish to go long could consider buying between 1.39100~1.39200 in the short-term and setting the stop loss below 1.39000.

Technical Analysis (AUDUSD):

The price of AUD/USD (05th of May) was around 0.77109 early today. Under 1-hour-chart technical analysis, the candlestick pulled back as predicted yesterday (4th). It is currently forming a large descending channel, so it is likely to decline gain after rebounding the resistance level.

Currently, the short-swing upper resistance level lies between 0.77600~0.77650. The current support level lies between 0.76900~0.76950. Investors who wish to sell short could consider selling between 0.77350~0.77400 in the short-term and setting the stop loss above 0.77500.

Technical Analysis (USOUSD):

The price of USO/USD (05th of May) was around 66.18 this morning. Under 1-hour-chart technical analysis, the candlestick rebounded again after the pullback as predicted yesterday (4th). It is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 67.30~67.50. The current support level lies between 65.20~65.40. Investors who wish to go long could consider buying between 66.30~66.50 in the short-term and setting the stop loss below 66.10.

Technical Analysis (Nas100):

The NASDAQ (05th of May) was around 13540.2 this morning. Under 1-hour-chart technical analysis, the candlestick plummeted as predicted yesterday (4th). It is currently rebounding from deep and fluctuating around the middle Bollinger Band. The bands are facing downwards, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 13710.0~13730.0. The current support level lies between 13400.0~13420.0. Investors who wish to sell short could consider selling between 13620.0~13640.0 in the short-term and setting the stop loss above 13670.0.

Economic Calendar (05th of May)

(Source: uk.investing.com: https://uk.investing.com/economic-calendar/)

 TimeCurrencyDataImportance
1.07:30CHFCPI (MoM) (Apr)★★
2.08:50EURFrench Services PMI (Apr)★★
3.08:55EURGerman Services PMI (Apr)★★
4.09:00EURServices PMI (Apr)★★
5.10:00EURPPI (MoM) (Mar)
6.13:15USDADP Nonfarm Employment Change (Apr)★★★
7.14:45USDServices PMI (Apr)★★
8.15:00USDISM Non-Manufacturing PMI (Apr)★★
9.15:30USDEIA Refinery Crude Runs (WoW)

(Importance: maximum three stars★★★)

Risk Warning and Disclaimer:

The views or opinions as expressed in the above article represent the personal views or opinions of the author and do not represent those of IV Markets. IV Markets has no obligation to independently check or verify the author of the article and the information provided in the article. Accordingly, IV Markets does not take responsibility for such article.

This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. IV Markets is not authorised to provide investment advice. No opinion given in the material constitutes a recommendation by IV Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Trading with IV Markets can result in losses that exceed your deposits. Consumers should ensure they understand the risk and seek independent financial advice if necessary.