14 May, 2024
5 minutes
Daily Technical Analysis May 14th 2024
1. EUR/USD Analysis:
News Summary:
The euro zone economy is set to grow faster this year than previously expected as Germany, the euro zone's largest economy, emerges from more than a year of near stagnation. EU output will grow by 0.7% in 2024, up from the 0.5% forecast in the last monthly survey; Germany's GDP is expected to grow by 0.2%, compared with the previous forecast of 0.1%. The European Central Bank will cut its deposit interest rate three times this year, each time by 25 basis points. The current deposit interest rate is 4%.
Trend Analysis:
We can see EUR/USD H4 level is oscillating, still running above the 48 hours moving average. In addition, the MACD double line and energy column is about to form a dead cross near the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0660]
Key Resistance Levels: [1.0890]
Pivot Points [1.0830]
2. Gold Analysis:
News Summary:
Investors await key inflation data this week to provide more clues on US interest rate cuts this year. In addition, the chairman of the Federal Reserve will also give a speech, which investors need to pay attention to. The gold has retreated that may be a sign of speculators exiting the gold market ahead of some risk events later in the week, including the release of the Producer Price Index (PPI) and Consumer Price Index (CPI).
Trend Analysis:
We can see gold fluctuated within a narrow range on Tuesday, with gold prices falling 1% on Monday due to profit-taking. On the other hand, the MACD double line and histogram bar is converging, the buy limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [2315]
Key Resistance Levels: [2370]
Pivot Points [2330]