Daily reviews

The GBP/USD pair continues to move around the 1.2500 support level after it rebounded from the 1.2590 resistance.

In general, the price moves above an ascending trend line that forms a path for the price and a support level for it, and if the price succeeds in breaking the trend …

The EUR/USD pair achieved its first ascending target and reached the resistance 1.0750. Where the price continues to move within the ascending channel, which constitutes the initial path of the price and the limits of the price movement.

We are likely to see some bearish correction to the 1.0645 support …

The trend is descendant. The descendant wave structures are truncated. Awesome Oscillator indicates bearish divergence, and Stochastic Oscillator signals overbought conditions. The support level of 0.7128 restrains buyers.

Trading idea:

Sell when the descendant wave structure forms, where the wave (A) breaches through the inclined channel of the ascendant truncated …

News of the day, Tuesday, May 24

Oil prices decreased more than $1 today as concerns over recession possibility and China’s COVID-19 strict lockdowns outweighed expectations of tight supply and an increase in fuel demand in the USA.

European shares decreased sharply today at the open, joining the global selloff. …

Gold continues its upward movement after breaking the resistance level 1845.60 and settling above it and reaching the initial target 1860.00 with the upper line of the ascending channel within which it is moving.

Therefore, the bullish scenario continues, the strongest of the current ones, and the price continues its …

There is nothing new about the movement of the pound against the dollar, as the price continues to rise after it managed previously to break the resistance 1.2495 and consolidate the bullish scenario with the start of trading this week, thus opening the way to start an ascending path towards …

The euro against the dollar was able to break the resistance level 1.0645, to continue the bullish movement after that, and reached the first target at the upper line of the ascending channel within which it is moving, which appears on the chart. This is provided that it remains above …

The trend is descendant. The ascendant wave structure is truncated. The currency pair is traded between 365 and 135 moving averages. Awesome Oscillator indicates bearish divergence, and Stochastic Oscillator signals overbought conditions.

Trading idea:

Sell when the descendant wave structure forms, where the wave (A) breaches through the inclined channel …

News of the day, Monday, 23 May

The U.S. dollar decreased on Monday, as China is set to lift its Shanghai lockdown and return to normal starting from June 1. Additionally, Beijing performed a large rate cut last week that hints at further support for the Chinese economy.

Oil prices …

Gold broke the resistance level 1845.60 and reached the next resistance 1857.60, which is forming near the upper line of the ascending minor channel, within which the price is moving after rebounding from the support 1850.00.

Therefore, the price started giving signals to form an ascending path after it managed …