08 May, 2024
5 minutes
Daily Technical Analysis May 08th 2024
1. EUR/USD Analysis:
News Summary:
Societe Generale noted that euro zone growth will be 0.7% this year, calling it elastic stagnation, close to market consensus and ECB estimates. Specifically, Germany's economic growth rate in fiscal year 2024 is expected to be 0%, France's 0.8%, Italy's 0.7%, and Spain's 1.7%. But given that month-on-month growth this year is hovering around 0.2% compared to 0% last year, the trajectory is expected to be stronger this year than last year.
Trend Analysis:
We can see EUR/USD H4 level continues to decline and falls back to the 48 hours moving average. Moreover, the MACD double line and histogram bar continue to expand above the zero axis. The sell limit could be arranged, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.0650]
Key Resistance Levels: [1.0800]
Pivot Points [1.0770]
2. Gold Analysis:
News Summary:
The policy trends of the Federal Reserve have a profound impact on global financial markets. Market expectations for the Federal Reserve to cut interest rates later this year have been rising recently. Investors believe there is a 67% chance that the Fed will cut interest rates in September, according to tools from the Chicago Mercantile Exchange. The rising expectations of interest rate cuts have undoubtedly provided strong support for the gold market. Lower interest rates mean the opportunity cost of holding non-yielding gold will decrease, which generally increases gold's appeal.
Trend Analysis:
We can see gold H4 fluctuated downwards and moved near the 48 hours moving average on H4 chart. In addition, the MACD double line and the energy bar crossed near the zero axis. The sell limit could be employed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [2288]
Key Resistance Levels: [2346]
Pivot Points [2337]