INTRADAY TECHNICAL ANALYSIS MAY 03rd (observation as of  08:30 UTC)

[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.10449

-        Support line of 1.10299

Commentary/ Reason:

1.      The price is on a strong uptrend on the dollar weakness.

2.      The Euro is gaining strength after US banking crisis that is expected to be hit harder as second wave of huge banking collapse ensues.

3.      There is multiple important macro data set to release today, so it is advisable for trader to stay on sideline or take higher precautionary measures.

4.      The price is expected to trade below after hitting a significant resistance level to support 1.10299 or lower into reversal candle ranges.

5.      If the price break above resistance however, it is expected that the price will move higher to 1.10671 as all current technical indicator is pumping buy signal even though RSI recently touch Overbought level.

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.88979

-        Support line of 0.88521

Commentary/ Reason:

1.      The pair have been in strong move downward on the greenback weakness.

2.      The price went through wide range consolidation before breaking upward and form a reversal pattern before reverse to the downside.

3.      There will not be any significant macro data from the Swiss and but an interest rate decision and labour market data from the US.

4.      The price is expected to move further downward but there is a small chance of rebound at support 0.88779 before continuing to support range between 0.88521 and 0.88609.

5.      Technical indicator is showing a selling opportunity across the board but RSI is warning that the price is oversold and might reverse to the upside in the near future.

[USDJPY]

Important Levels to Watch for:

-        Resistance line of 135.864

-        Support line of 135.527

Commentary/ Reason:

1.      The pair were previously appreciated to a strong uptrend but retraced to a strong selling position on weakening US dollar.

2.      The price is on a strong downtrend after losing 50% of its previous gain that seems to be forming reverse cup and handle pattern that is expected to push the price lower.

3.      The Japan household confidence reported higher than expected figure while US is awaiting the Fed interest rate decision.

4.      The price is expected to continue to break support and move lower to 135.124 but may rebound in the short term.

5.      The price could move higher to 136.313 to form inverse cup n handle pattern before continuing downward but it is unlikely if it does not happen before interest rate is announced.

[GBPUSD]

Important Levels to Watch for:

-        Resistance line of 1.25335

-        Support line of 1.25102

Commentary/ Reason:

1.      The pair have been on downtrend for a while but recently broke above its moving average and parallel range and is now can be considered as uptrend.

2.      The price now is retracing back to an important resistance become support (SBR) before it have enough momentum to the upside.

3.      There is lots of significant macro data from US including interest rate decision by the Fed and labour market data while UK are set to release Composite and Services PMI which will give an outlook into its industry.

4.      The price is expected to retraced to its SBR before have any chance to move upward, but it already touch upper limit of that range and possibly move upward anytime soon.

5.      However, some technical indicator is pumping sell signal which could mean that there is a slim chance that the price go lower into another support level if the price break below current support.