INTRADAY TECHNICAL ANALYSIS MAY 30th (observation as of  08:00 UTC)

[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.06900

-        Support line of 1. 06729

Commentary/ Reason:

1.      The price are in a strong downtrend within the parallel bound but it recently fell into the lower bound which is a 2-month low.

2.      The pair face weakness from the strong USD while euro weakness stem from lower inflation in Spain.

3.      The Spanish cpi reported lower than expected into the negative territory while US Consumer confidence report is expected lower to be reported later.

4.      The price is expected to trade lower but rebound to about 1.07058 before going lower to 1.06669.

5.      Technical indicator saying sell across the board with some of more sensitive indicator pointing to buy while most moving average pointed to sell.

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.90740

-        Support line of 0.90457

Commentary/ Reason:

1.      The pair are in a strong uptrend but eased into a consolidation pattern before breaking toward the upside.

2.      The price does not have enough momentum to continue, and it is pulling back.

3.      There is positive GDP report from the Swiss, beating expectation, while US Consumer Confidence is expected later in the day.

4.      The price is expected to fell to support at 0.90457 before rebounding but historically, it would continue downward because the breakout from consolidation that pullback usually does not continue into the direction it breaks off.

5.      Technical indicators is mixed with some saying sell but most are holding at neutral while moving average for longer term is still holding buy signals while shorter term are at sell.

[USDJPY]

Important Levels to Watch for:

-        Resistance line of 140.512

-        Support line of 139.850

Commentary/ Reason:

1.      The pair were on a strong uptrend, and it went on to the upper parallel price channel before making a double top signifying the end of the rally.

2.      The price halted after a strong pullback before rebounding to half of the pullback before reversing to the downside.

3.      There was lower unemployment rate from Japan and industrial production is expected to report lower while the US have consumer confidence report later in the day.

4.      The price is expected to be in strong downtrend after a reversal pattern emerged and the price is expected to go lower to 139.704 as suggested by price support and Fibonacci retracement for the recent market structure.

5.      Technical indicators are mixed with most sell than neutral while moving average are actively moving into all-sell territory.

[GBPUSD]

Important Levels to Watch for:

-        Resistance line of 1.23790

-        Support line of 1.23616

Commentary/ Reason:

1.      The pair have been on steady downtrend, but it failed to create a lower low and move in a consolidation pattern and a breakout, pullback, and reversal into the other direction.

2.      The price is on a strong short-term uptrend after a continuation into the direction of breakout from consolidation phase.

3.      There is no significant economic data from the UK but US consumer confidence report are incoming.

4.      The price is expected to continue upward and would probably break above resistance at 1.23790.

5.      Technical indicator is blaring with buying signal but some indicators are overbought while the all moving average are sending buying signal.