Technical Analysis (XAUUSD)

The price of gold (20th of May) was around1869.5USD/Ounceearly today. Under 1-hour-chart technical analysis, the candlestick pulled back sharply after fluctuating slightly in the swing high as predicted yesterday (19th), it then rebounded sharply again. It is currently pulling back and fluctuating around the middle Bollinger Band. The bands are contracting, so it is likely to decline again after dropping below the middle band.

Currently, the short-swing upper resistance level lies between 1885.0~1888.0. The current supportlevel lies between1846.0~1849.0. Investors who wish to sell short could consider selling between 1875.0~1878.0in the short-term and setting the stop loss above1881.0.

Technical Analysis (EURUSD):

The price of EUR/USD (20th of May) was around 1.21750early today. Under 1-hour-chart technical analysis, the candlestick pulled back after fluctuating in the swing high yesterday (19th). It is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to continue dropping.

Currently, the short-swing upper resistance level lies between1.22100~1.22200. The current support level lies between1.21200~1.21300. Investors who wish tosell shortcould consider selling between 1.21700~1.21800in the short-term and setting the stop loss above1.22000.

Technical Analysis (GBPUSD):

The price of GBP/USD (20th of May) was around 1.41142early today. Under 1-hour-chart technical analysis, the candlestick declined sharply as predicted yesterday (19th). It is currently lying between the middle and lower Bollinger Bands. The bands continue dropping, it is likely to fall again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 1.41500~1.41600. The current support level lies between1.40100~1.40200. Investors who wish to sell short could consider selling between 1.41100~1.41200in the short-term and setting the stop loss above1.41350.

Technical Analysis (AUDUSD):

The price of AUD/USD (20th of May) was around 0.77223early today. Under 1-hour-chart technical analysis, the candlestick pulled back after surging to the resistance level yesterday (19th). It is currently forming a bearish pattern. 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 between0.77800~0.77850. The current support level lies between0.76800~0.76850. Investors who wish to sell short could consider selling between 0.77350~0.77400in the short-term and setting the stop loss above0.77480.

Technical Analysis (USOUSD):

The price of USO/USD (20th of May) was around62.32this morning. Under 1-hour-chart technical analysis, the candlestick plummeted after rebounded to the resistance level as predicted yesterday (19th). It is currently fluctuating around the middle Bollinger Band. The bands are facing upwards, so it is likely to rebound from deep.

Currently, the short-swing upper resistance level lies between64.40~64.60. The current support level lies between62.30~62.50. Investors who wish to go long could consider buying between 63.40~63.60in the short-term and setting the stop loss below63.20.

Technical Analysis (Nas100):

The NASDAQ (20th of May) was around 13221.9this morning. Under 1-hour-chart technical analysis,the candlestick plummeted after it rebounded to the resistance level as predicted yesterday (19th). It is currently lying above the middle Bollinger Band. However, there is the 240-day MA resistance level above the band, so it is likely to drop again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 13340.0~13360.0. The current support level lies between12950.0~12970.0. Investors who wish to go long could consider buying between13250.0~13280.0in the short-term and setting the stop loss above 13320.0.

Economic Calendar (20thof May)

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

 TimeCurrencyDataImportance
1.02:30CHY  PBoC Loan Prime Rate★★★
2.02:30AUDUnemployment Rate (Apr)★★
3.07:00EUR  German PPI (MoM) (Apr)★★
4.09:00EUR  Current Account (Mar)
5.11:00GBP  CBI Industrial Trends Orders (May)★★
6.13:30USD  Initial Jobless Claims★★★
7.13:30USD  Philadelphia Fed Manufacturing Index (May)★★★
8.15:00USD  US Leading Index (MoM) (Apr)
9.15:30USD  Natural Gas Storage

(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.