15 May, 2024
5 minutes
Daily Technical Analysis May 15th 2024
1. GBP/USD Analysis:
News Summary:
The latest UK wage figures were slightly higher than expected, but this appears to be mainly related to public sector pay. Private sector wage growth was more in line with expectations, which is what the Bank of England is watching closely. Nevertheless, the BOE has said it doesn't take the data as seriously as it once did, given that the data has been more volatile of late. Next week's service sector inflation data will be the final word on a rate cut in June, with the market currently pricing in a 50% possibility.
Trend Analysis:
We can see GBP/USD H4 level fluctuated upwards and ran above the 48 hours moving average. In addition, the MACD double lines and volume column shrank above the zero axis. The sell limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.2500]
Key Resistance Levels: [1.2680]
Pivot Points [1.2630]
2. Crude Oil Analysis:
News Summary:
On Tuesday, crude oil hit this week's low. Subsequently, OPEC's monthly report stated that it maintained its oil demand growth forecast unchanged and believed that the economy has potential upside, and oil prices rebounded. Investors are focused on upcoming US inflation data, which is expected to influence future pricing and demand forecasts. Crude oil has found some support, boosted by signs of increased demand from the United States and China, the world's two largest oil consumers.
Trend Analysis:
We can see crude oil continues to fluctuate and returns below the 48 hours moving average. On the other hand, the MACD double line and volume column shrink near the zero axis. The buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [76.00]
Key Resistance Levels: [81.00]
Pivot Points [77.60]