Fundamental Analysis
United States: 30-year mortgage rate remained stable – 4,33%. Mortgage applications decreased by 3,3%.
Tomorrow, May 30th, the US national GDP is released. The forecast is close to the previous fact (+3,1%).
Technical analysis
On daily TF the trend is bullish – 200-EMA is moving up. The local trend line was heading down – the pair reached this line and trying to break it. The confirmation signal for the correction is a divergence between the price, which was falling down and MACD histogram, which is rising.
There are two Fibo-correction levels on this line:
• the 23,6% Fibo correction level from the movement down which started on 26-th April – 1,00625
• the 50% correction level from the movement up which started on 20-th March – 1,00657
Indicators are ready for the reversal. Parabolic SAR is close to the price. Williams %R reversed and broke the lower line up. MACD lines are approaching each other.
Summary: if the pair breaks the resistance zone 1,00625 – 1,00657 (the trend line) – the way up will be opened. The target for prices are – 1,01061; 1,01228; 1,01497.
United States: 30-year mortgage rate remained stable – 4,33%. Mortgage applications decreased by 3,3%.
Tomorrow, May 30th, the US national GDP is released. The forecast is close to the previous fact (+3,1%).
Technical analysis
On daily TF the trend is bullish – 200-EMA is moving up. The local trend line was heading down – the pair reached this line and trying to break it. The confirmation signal for the correction is a divergence between the price, which was falling down and MACD histogram, which is rising.
There are two Fibo-correction levels on this line:
• the 23,6% Fibo correction level from the movement down which started on 26-th April – 1,00625
• the 50% correction level from the movement up which started on 20-th March – 1,00657
Indicators are ready for the reversal. Parabolic SAR is close to the price. Williams %R reversed and broke the lower line up. MACD lines are approaching each other.
Summary: if the pair breaks the resistance zone 1,00625 – 1,00657 (the trend line) – the way up will be opened. The target for prices are – 1,01061; 1,01228; 1,01497.