06 May, 2024
5 minutes
Daily Technical Analysis May 06th 2024
1. GBP/USD Analysis:
News Summary:
The latest data released by Standard & Poor's shows that the UK Manufacturing Purchasing Managers Index in April was 49.1, returning to contraction territory. Among the five major components of PMI, the four major indicators of UK manufacturing output, new market orders, employment recruitment and raw material procurement all fell into contraction in April. This decline made the expansion of the British manufacturing industry in March appear extremely short-lived, lasting only one month and ending.
Trend Analysis:
We can see GBP/USD oscillated downwards and returned to near the 48 hours moving average. Moreover, the MACD double line and histogram bar has formed a top divergence. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2420]
Key Resistance Levels: [1.2640]
Pivot Points [1.2570]
2. Crude Oil Analysis:
News Summary:
The Fed decided last week to keep interest rates steady while signaling that high inflation could delay a rate cut. The decision has important implications for the crude oil market, as higher interest rates could dampen economic growth and reduce oil demand. In addition, market expectations for the Federal Reserve's first interest rate cut in September have increased, which may have a further impact on future oil prices. The increase or decrease in geopolitical risks has always been an important factor affecting crude oil prices.
Trend Analysis:
We can see crude oil continues to fluctuate downward and runs below the 48 hours moving average on H4 chart. The MACD double line and the energy column form a bottom divergence below the zero axis. The buy limit could be arranged, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [76.00]
Key Resistance Levels: [81.00]
Pivot Points [77.50]