Technical Analysis (XAUUSD)

The price of gold (07th of May) was around 1814.7 USD/Ounce early today. Under 1-hour-chart technical analysis, the candlestick skyrocketed as predicted yesterday (6th). It is currently fluctuating slightly in the swing high after reaching the resistance level in the swing high, so it is likely to pullback from high.

Currently, the short-swing upper resistance level lies between 1820.0~1823.0. The current support level lies between 1795.0~1798.0. Investors who wish to sell short could consider selling between 1813.0~1815.0 in the short-term and setting the stop loss above 1818.0.

Technical Analysis (EURUSD):

The price of EUR/USD (07th of May) was around 1.20622 early today. Under 1-hour-chart technical analysis, the candlestick rebounded sharply from the bottom yesterday (6th). It is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to rise again after the pullback.

Currently, the short-swing upper resistance level lies between 1.21000~1.21100. The current support level lies between 1.20200~1.20300. Investors who wish to go long could consider buying between 1.20500~1.20600 in the short-term and setting the stop loss below 1.20350.

Technical Analysis (GBPUSD):

The price of GBP/USD (07th of May) was around 1.38871 early today. Under 1-hour-chart technical analysis, the candlestick fluctuated intensively yesterday (6th). It is currently rebounding and fluctuating around the middle Bollinger Band. The bands are contracting, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 1.39300~1.39400. The current support level lies between 1.38300~1.38400. Investors who wish to sell shrot could consider selling between 1.39050~1.39150 in the short-term and setting the stop loss above 1.39250.

Technical Analysis (AUDUSD):

The price of AUD/USD (07th of May) was around 0.77797 early today. Under 1-hour-chart technical analysis, the candlestick rebounded yesterday (6th). It is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to rebound again after the pullback.

Currently, the short-swing upper resistance level lies between 0.78100~0.78150. The current support level lies between 0.77500~0.77550. Investors who wish to go long could consider buying between 0.77650~0.77700 in the short-term and setting the stop loss below 0.77580.

Technical Analysis (USOUSD):

The price of USO/USD (07th of May) was around 64.85 this morning. Under 1-hour-chart technical analysis, the candlestick pulled back again after rebounding to the resistance level as predicted yesterday (6th). It is currently 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 65.50~65.70. The current support level lies between 63.30~63.50. Investors who wish to sell short could consider selling between 64.80~65.00 in the short-term and setting the stop loss above 65.25.

Technical Analysis (Nas100):

The NASDAQ (07th of May) was around 13627.9 this morning. Under 1-hour-chart technical analysis, the candlestick dropped again after rebounding to the resistance level as predicted yesterday (6th). It is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to rebound again after the pullback.

Currently, the short-swing upper resistance level lies between 13760.0~13790.0. The current support level lies between 13550.0~13580.0. Investors who wish to go long could consider buying between 13610.0~13630.0 in the short-term and setting the stop loss below 13580.0.

Economic Calendar (07th of May)

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

 TimeCurrencyDataImportance
1.02:45CHYCaixin Services PMI (Apr)★★
2.03:00CHYTrade Balance (USD) (Apr)★★
3.03:50CHYTrade Balance (USD) (Apr)★★
4.06:45CHFUnemployment Rate n.s.a. (Apr)★★
5.07:00EURGerman Industrial Production (MoM) (Mar)★★
6.07:00EURGemran Current Account Balance n.s.a (Mar)
7.07:00EURGerman Trade Balance (Mar)★★
8.07:45EURFrench Industrial Production (MoM) (Mar)
9.07:45EURFrench Trade Balance (Mar)
10.08:00CHYFX Reserves (USD) (Apr)
11.13:30CADFull Employment Change (Apr)
12.13:30USDUnemployment Rate (Apr)★★★
13.13:30USDNonfarm Payrolls (Apr)★★★
14.15:00USDWholesale Trade Sales (MoM) (Mar)

(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.