Analysis of GBP/USD on May 6, 2021. Results of the Bank of England meeting came as no surprise
Analysis of GBP/USD on May 6, 2021. Results of the Bank of England meeting came as no surprise
For the Pound/Dollar instrument, such movements continue, which are very difficult to attribute to any particular wave structure.
Forex Analysis & Reviews
EUR/USD. Dollar lost its trump cards, bulls won a situational victory
Bulls of the EUR/USD pair, following the results of the two-day confrontation, won the positional struggle and defended the 20th piece. In order to develop the succeeding upward movement, the bulls need to settle above 1.2070
Is Ethereum overheated?
Over the past seven days, Ethereum has grown by 25% (for comparison, Bitcoin is only 5%). In early May, it updated its historical values, reaching $3,500 per coin. This is not the first update of all-time highs for the second cryptocurrency.
ETH continues to gain momentum, altcoins are approaching important milestones: reasons and forecasts
The sixth month of 2021 began for the cryptocurrency market with conflicting indicators, which were exacerbated by talks about the introduction of taxes and tougher legal regulation. At the same time, the indicators of main assets continue to slowly but surely rise.
May 6, 2021 : EUR/USD daily technical review and trade recommendations.
Now, the price zone of 1.1990 stands as a prominent SUPPORT-Zone for the EURUSD pair.
More upside movement was expected to pursue towards 1.2110 (backside of the broken trendline) where price action was watched cautiously. Signs of bearish rejection were manifested on the chart.
May 6, 2021 : GBP/USD Intraday technical analysis and trade recommendations.
By the end of last week, temporary signs of bullish breakout above 1.3950 were witnessed. However, this turned out to be a bullish trap once the EURUSD pair returned below 1.3950 again.
Currently, bearish persistence below 1.3880 will be needed to allow more bearish decline. Initial bearish target.
Email Subscription
Do you want to receive Forex analytics newsletter to your email?
Subscribe to analytics newsletter and get fresh daily reviews prepared by InstaForex professional analysts. You can choose which type of analysis and from what analysts you wish to recieve to your email address daily. Be on top of the Forex market events with InstaForex!
May 6, 2021 : EUR/USD Intraday technical analysis and trade recommendations.
As the price levels were quite overpriced recently, bearish persistence below the current price zone of 1.2050-1.2000 was needed to establish a short-term downtrend.
Hence, more bearish decline was expected towards 1.1970 which is providing quite significant bullish rejection so far.
Technical Analysis of EUR/USD for May 06, 2021
The EUR/USD pair is trading a few pips above the 38.6% retracement of its latest bullish run after repeatedly meeting buyers on approaches to the 50% retracement of the same rally. The near-term picture offers a mildly bullish stance, as, in the 1-hour chart, technical indicators are entering.
USDJPY still expected to move lower
As we mentioned in previous analysis, USDJPY is expected to make a reversal from the 109.60 area. Today we take a look at smaller time frames in order to identify as soon as possible any weakness that might lead prices lower.
Trading Signal for Dow Jones 30 #INDU for May 06 - 07, 2021: Buy above 34,115
Our recommendation for now is to buy the #INDU, at the current price levels, due to the upward trend and the weakness of the dollar.
Short-term technical analysis on SPX for May 6, 2021.
SPX is trading near all time highs around 4160. Price is showing signs of a reversal. After the sharp rise from 3800 level, SPX is justified to make a pull back correction. Our first pull back target is at 4075 area.
The news background is conducive to growth, but BTC continues to fluctuate: reasons and forecasts
The main cryptocurrency can confidently bring the first months of 2021 to its asset, as its indicators jumped by 97%. At the same time, the coin started the second quarter of this year very uncertainly and was mired in constant corrections.
Trading Signal for EUR/USD, for May 06 - 07, 2021: Sell below 1.2085
The level of 1.2085 where strong resistance of 6/8 of murray is located that on previous occasions pressed the pair down. Besides, the same level coincides with the 61.8% retracement of the fibonacci.
Investors are moving their capital from bitcoin to other cryptocurrencies.
Bitcoin is still unable to resume the upward trend. The efforts of the bulls are not enough, and the influx of new investments is not enough to update the highs of the value.
Trading Signal for Gold XAU/USD for May 06 - 07, 2021: Buy above $1,796
The 1,796 level is the key because on previous occasions gold has tried to break it without any results. In practice, in daily sessions there have been 6 occasions, which shows that a break and consolidation above this level could...
Forecast for GBPUSD and EURUSD: unexpected results of the Bank of England meeting and the growth of the pound
The British pound managed to maintain its strong position before the publication of the Bank of England's decision on interest rates thanks to a good report on the services sector. It also continued to grow immediately after the publication of the results of the meeting. The European currency today.
Bitcoin challenges important Fibonacci resistance.
Last time Bitcoin was trading around $58,000 we warned that price was at an important Fibonacci resistance area and we were expecting a downward reversal. Price turned lower and fell as low as $52,900 but now bulls have pushed price again close to the resistance area.
Ichimoku cloud indicator analysis of EURUSD for May 6, 2021
EURUSD is bouncing higher from the recent low of 1.20. Short-term trend remains bearish in ichimoku cloud terms but soon we will see a test of it. Price has broken above the tenkan-sen and kijun-sen resistance indicators and is now approaching the Kumo (cloud).
Show more
We present to you the daily updated section of market analysis prepared by professional analysts of InstaForex Company. Each of the specialists represented in this section, carries out analytical reviews in accordance with his/her vision of the current situation on foreign exchange and other markets. However, the outlooks below are only recommendations and not instructions to any actions; they contain analysis of the current situation on the currency market. In some cases the analysts' opinions to changes in the current market situation can differ, in this way, we recommend you to follow the publications of only one analyst, who in your view most clearly and correctly evaluates the situation on the international Forex market.
