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Technical Outlook

  

-US30 is trading in an uptrend and inside the bullish channel. The price is at a confluence, touching the 50MA and the diagonal support. 

-GBPJPY is trading above both the 50 and 200MA, supporting trend continuation.

USA (USD): US CPI (YOY)

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. The US CPI increased to 5.0% last month, lower than the forecast of 5.2%.

The report is due Wednesday, 10 May 12:30 GMT

US30 Technical Analysis:

US30 is moving in an uptrend. The asset formed a current bottom at 31426. The price is moving in a bullish channel. While the price was low on 15th March 2023, the candles hit multiple rejections from the buyer showing bullish pressure.

On 17th April price formed a swing high followed by a short pullback forming a higher low. The next move was to form a higher high, but the price couldn’t break the previous high and instead formed a double-top pattern. Double bottom is a reversal pattern that signifies the price may be bearish. Moreover, the following move was bearish, as if it broke the previous swing low.

Currently, the price is trading above both the 50 and 200MA. The RSI line is at 54.07, showing a slight inclination towards overbought. Overall the asset looks bullish, trading between support & resistance of $31426 and $34122. Traders may opt to go Long if the price breaks above the resistance.                  

Pivot Points: US30

  Support  Resistance
S132918.4R133451.4
S232661.8R233727.8
S332385.4R333984.4

UK (GBP): UK GDP (YOY)

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.  The UK’s GDP rose to 0.6%, beating the forecast of 0.4%.

The report is due Friday, 12 May at 06:00 GMT

GBPJPY Technical Analysis:

GBPJPY is in an uptrend and trading inside the bullish channel. The Moving Average crossover formed a golden cross signaling the trend continuation. The price currently trades between two major support and resistance, $165.399 and $171.944. The RSI line is at 64.70, signaling an overbought condition.

The price formed a swing low at $158.205 on 24th March with multiple candle rejections by the buyers signaling the sellers did not have enough selling pressure. In the next few trading sessions, the buyers pushed the price up by 8.97%, forming a higher high and higher low, halting at a swing high of $172.334.

Traders may wait for the price to break above the resistance or below the support for their trade confirmation by considering that the overall trend is bullish.

Pivot Points: GBPJPY

  Support  Resistance
S1168.07R1169.55
S2167.32R2170.30
S3166.58R3171.04

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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