FOREX: EURUSD Shows First Signs of Bearish Trend Exhaustion; Major Support and Resistance 30.05.2018

30.05.2018 / 15:28

Rating:

EUR/USD -- The pair is set for its worst quarter since 2016
as it completes an ABC correction of a 17-month move; close
above 1.1726 neutralizes short-term sentiment; has completed a
DeMark buy setup on the daily, and it is now at bar 13 of a buy
countdown series, while nine-day RSI is at three-year low, signs
that the dollar rally is set to pause if not retrace; at bar 7
on weekly buy setup
* 3rd resistance: 1.1670-76, conversion line-May 23 low
* 2nd resistance: 1.1640, May 29 high
* 1st resistance: 1.1608, May 28 low
* Spot: 1.1543
* 1st support: 1.1510, May 29 low
* 2nd support: 1.1487, pivot s1
* 3rd support: 1.1456, 21-MMA

GBP/USD -- Cable almost satisfies 1.31 double-top target;
completes a daily DeMark buy setup and buy countdown, signs of a
possible correction
* 3rd resistance: 1.3459, 21-DMA
* 2nd resistance: 1.3341, May 28 high
* 1st resistance: 1.3325, May 29 high
* Spot: 1.3252
* 1st support: 1.3205, May 29 low
* 2nd support: 1.3194, pivot s2
* 3rd support: 1.3109, midpoint of gains since October 2016
flash-crash

USD/JPY -- In a bearish short-term trend; risk of deeper
losses as DeMark sell setup completed on the weekly, 55-DMA
support in sight
* 3rd resistance: 110.14, pivot r2
* 2nd resistance: 109.73-76, 21-DMA, conversion and base lines
* 1st resistance: 109.47, May 29 high
* Spot: 108.68
* 1st support: 108.10-11, 55-DMA, May 29 low
* 2nd support: 107.98, midpoint of gains since March 26
* 3rd support: 107.78, April 13 high

AUD/USD -- On a monthly basis, Aussie is set to complete a
DeMark Buy Countdown; bulls see 21-DMA support giving in, as
slight upside bias neutralized
* 3rd resistance: 0.7632, 55-DMA
* 2nd resistance: 0.7553, May 29 high
* 1st resistance: 0.7524, 21-DMA
* Spot: 0.7491
* 1st support: 0.7476, session low
* 2nd support: 0.7447-48, May 16-15 lows
* 3rd support: 0.7412, May 9 low

Source Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: EURUSD Shows First Signs of Bearish Trend Exhaustion; Major Support and Resistance 30.05.2018

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