Home Forex Forex Market Analysis Forex and Indices – Daily Update May 17th, 2018

Forex and Indices – Daily Update May 17th, 2018

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Hot Topics: 


  • Main currencies consolidate levels against the Dollar.
  • Is a new strength cycle to the Euro upcoming?
  • Indexes continue rising

Main currencies consolidate levels against the dollar.

EURUSD

EURUSD continues to move laterally in a potential reversal zone. We still expect the price to visit the level 1.1737 as a cheat pattern (see 2B Pattern), before making a new bullish cycle.

Daily Forex Market Update


GBPUSD

GBPUSD continues to consolidate around the 1.35 level; we foresee that the price could create a false break down to 1.3423, from where it should make a connector and start a bullish process, probably as an ABC.


USD/CHF

USDCHF continues to move laterally in the parity zone without showing signs of change. By its correlation with EURUSD, we cancel the scenario proposed of the potential double top, and we project a last bullish movement, which could reach 1.0101.


 


Is the new cycle of strength for the Euro upcoming?

EURCAD

After breaking down its bullish trend line, we expect that the EURCAD can make a new lower low in the area between 1.5037 to 1.4866. In case it falls below 1.4818, which corresponds to our level of invalidation of the main upward cycle, we could see deeper declines to the 1.4519 level.

Daily Forex Market Update


EURAUD

EURAUD continues consolidating at its potential reverse zone, as in the case of EURCAD. We anticipate that the cross could make a new lower low at 1.5610 before returning to create a new bullish move. If EURAUD goes below 1.5467, the price could see more drops in the area between 1.5037 and 1.5159.


 


Indexes continue upwards.

FTSE

FTSE 100 continues its bullish rally for the eighth consecutive week and is approaching record highs reaching 7,788.2 points. It is likely that we will see the British index reach the psychological barrier of 8,000 points and may even reach 8,155 points.


 

DAX

As we mentioned yesterday, DAX broke up the consolidation structure and goes towards the 13,250 points, pending bullish objective level to reach. While the index does not complete its bullish cycle, all indices will continue with the bullish momentum.

 


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