30 May, 2024
5 minutes
Daily Technical Analysis May 30th 2024
1. EUR/USD Analysis:
News Summary:
ING economists said in a report that Germany's rise in inflation in May was a good reminder of how difficult it will be for the European Central Bank to get inflation back to the last mile of 2% sustainably. While anything short of a quarter-point rate cut next week would be a major surprise, the debate has shifted further toward what happens after a rate cut.
Trend Analysis:
We can see EUR/USD H4 level failed to sustain rebound and then dropped, and gradually moved away from the 48 hours moving average. In addition, the MACD double line and volume column continued to expand. Currently, the buy limit could be placed for short term tactic, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [0.6500]
Key Resistance Levels: [0.6700]
Pivot Points [0.6550]
2. USD/JPY Analysis:
News Summary:
While USDJPY is still leaning toward further gains, the yen may get relief from the Fed rather than the Bank of Japan in two weeks. In the short term, the yen still faces carry trade pressure, and the pressure on the yen against the dollar will not change until US Treasury yields fall lower. In addition, US PCE price index or employment data are unlikely to be the catalyst for the yen's reversal, and these data are expected to show that US inflation remains stubborn.
Trend Analysis:
We can see USD/JPY rebounded slightly and it is still running above the 48 hours moving average. However, the MACD energy column and double line has formed divergence near the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [156.00]
Key Resistance Levels: [158.50]
Pivot Points [157.70]