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Daily Technical Analysis May 09th 2024
09 May, 2024
5 minutes
Daily Technical Analysis May 09th 2024
1. GBP/USD Analysis:
News Summary:
By late summer, the Bank of England may have more evidence that underlying pressures have eased, but for now it may only see a short-term pullback in UK inflation, JPMorgan said. Although overall inflation is falling, medium-term domestic inflation measures remain above the Bank of England's 2% target. If the economy was slowing, core inflation would be expected to slow as well, but this is not currently the case.
Trend Analysis:
We can see GBP/USD H4 level fluctuated weakly and is still running below the 48 hours moving average. In addition, the MACD double line and energy bar are shrinking near the zero axis. The sell limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.2370]
Key Resistance Levels: [1.2600]
Pivot Points [1.2550]
2. Crude Oil Analysis:
News Summary:
Goldman Sachs commodity research analysts said that OPEC+ may extend the production reduction agreement in June, and they no longer expect the organization to announce a partial cancellation of voluntary production cuts in June. First, inventories have unexpectedly risen recently, leading Goldman Sachs' model to estimate only a 37% chance of increasing production in June. Other reasons include recent data on compliance with the production cut deal suggesting that cutting Saudi output by 1 million barrels per day as part of a planned 2.2 million barrels per day cut would support the kingdom's short-term oil profits.
Trend Analysis:
We can see crude oil rose from a low level and returned to near the 48 hours moving average on H4 chart. On the other hand, MACD double line and energy column continued to expand below the zero axis. The buy limit could be arranged, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [77.00]
Key Resistance Levels: [81.50]
Pivot Points [78.50]