May 26th 2022: Technical View Following FOMC Minutes

May 26th 2022: Technical View Following FOMC Minutes, FP Markets

Charts: Trading View

(Italics: Previous Analysis)


Technical Outlook:

Having seen daily price remain north of the $1.0638 pandemic low (March 2020), in addition to the weekly timeframe demonstrating scope to approach Quasimodo support-turned resistance at $1.0778, H1 Quasimodo resistance-turned support at $1.0631 could be an area the charts observe buyers display interest from, if tested. Bolstering the noted H1 support, of course, is H1 channel support, extended from the low $1.0349, together with a 50% retracement at $1.0639 and a 38.2% Fibonacci retracement.

However, it is important to note that in order for the H1 support to make a show, H4 supply-turned demand at $1.0655-1.0632 must have its lower edge taken.

 May 26th 2022: Technical View Following FOMC Minutes, FP Markets


Technical Outlook:

This remains a sellers’ market according to trend direction, placing a favourable light on daily resistance at $0.7170, which accommodates a 78.6% Fibonacci retracement at $0.7174 and a 38.2% Fibonacci retracement at $0.7149.

H4 trendline resistance-turned support, taken from the high $0.7661, is currently serving buyers relatively well. Though given $0.71 on the H1 chart is anticipated to deliver short-term resistance, aided by a 100% Fibonacci projection at $0.7102 and a trendline support-turned resistance, drawn from the low $0.6829, H4 buying could be problematic.

In light of the current trend, $0.71 offers sellers immediate resistance, with a break drawing light to daily resistance at $0.7170.

 May 26th 2022: Technical View Following FOMC Minutes, FP Markets


Technical Outlook: 

The secondary correction on the weekly timeframe demonstrates room to extend losses to support from ¥125.54. Having noted scope to discover deeper water on the bigger picture, and H4 price retesting resistance at ¥127.44, follow-through selling towards ¥126.00 (H4 double-top pattern profit objective) could be seen.

May 26th 2022: Technical View Following FOMC Minutes, FP MarketsGBP/USD:

Technical Outlook:

All eyes remain on weekly and daily resistance levels at $1.2719 and $1.2762, respectively.

Lower on the curve, H4 resistance is also in the spotlight between $1.2686 and $1.2614, which may be enough to entice a bearish showing prior to reaching higher timeframe resistances, if only for a brief period.

Note that this H4 resistance zone also sits just above $1.26 on the H1 scale—stop-run? A whipsaw above $1.26 that tags the noted H4 resistance zone, therefore, could be a setup that encourages a bearish scene, short term.

 May 26th 2022: Technical View Following FOMC Minutes, FP Markets


The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.

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Source - database | Page ID - 22629

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