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DAILY MARKET INSIGHT
26th
MAY 2023
DAILY MARKET
INSIGHT
26th
MAY 2023
DAILY MARKET INSIGHT
26th
MAY 2023
Economic Calendar
Time Currency News Impact Expectation
05:30 AM AUD Retail Sales MoM Prel High 0.3%
10:00 AM GBP Retail Sales MoM High 0.3%
04:30 PM USD Personal Spending MoM High 0.3%
04:30 PM USD Personal Income MoM High 0.3%
04:30 PM USD Durable Goods Orders MoM High -1.1%
04:30 PM USD Core PCE Price Index MoM High 0.3%
DAILY MARKET INSIGHT
26th
MAY 2023
AUD/USD TREND: BEARISH
The AUD/USD pair takes round near 0.6500 on Friday, at the lowest level on Friday. The risk-
perceived asset is under selling pressure following Australian Retail Sales data and a broader USD
recovery.
Indicators
Daily chart Status
RSI 34 Bearish
STOCHASTIC 6 Bearish
MACD Below midline Bearish
200 EMA 0.6769 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6525 0.6495 0.6465 0.6555
DAILY MARKET INSIGHT
26th
MAY 2023
NZD/USD TREND: NEUTRAL
Following two-day of selling, the NZD/USD pair picked up some momentum on the last trading day
of the week. However, the recovery looks deceptive as the spot took hint from the Reserve Bank of
New Zealand (RBNZ) easing of lending restrictions on Friday.
Indicators Daily chart Status
RSI 35 Bearish
STOCHASTIC 6 Bearish
MACD Above midline Bullish
200 EMA 0.6254 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6070 0.6040 0.6010 0.6100
DAILY MARKET INSIGHT
26th
MAY 2023
EUR/USD TREND: NEUTRAL
The EUR/USD pair holds the grounds near 1.0740 on the daily chart. The pair justifies the broad US
Dollar strength following Germany’s negative revision to Q1 GDP. A range bound session is expected.
Indicators Daily chart Status
RSI 36 Bearish
STOCHASTIC 9 Bearish
MACD Below midline Bearish
200 EMA 1.0685 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.0740 1.0710 1.0680 1.0770
.
DAILY MARKET INSIGHT
26th
MAY 2023
GBP/USD TREND: NEUTRAL
The GBP/USD pair prints mild gains while trading near it lowest levels in seven week after falling in
the last four consecutive days. Further, traders remain cautious ahead of today’s UK Retail Sales and
a slew of the US data.
Indicators Daily chart Status
RSI 39 Bearish
STOCHASTIC 5 Bearish
MACD Above midline Bullish
200 EMA 1.2242 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.2345 1.2315 1.2285 1.2375
DAILY MARKET INSIGHT
26th
MAY 2023
USD/JPY TREND: BULLISH
The USD/JPY pair losses part of its upside momentum on Friday, following a correction in USD. The
pair touched the psychological 140.00 mark with a receding bullish momentum. However, any
surprise in US data could spur buying in the spot.
Indicators Daily chart Status
RSI 69 Bullish
STOCHASTIC 93 Bullish
MACD Above midline Bullish
200 EMA 134.37 Bullish
Outlook BULLISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 139.60 139.90 140.20 139.30
DAILY MARKET INSIGHT
26th
MAY 2023
USD/CAD TREND: NEUTRAL
The USD/CAD pair trades near its highest level in a month amid a three-day winning streak. A risk-off
mood weighs on Oil prices, allows US Dollar to remain firmer despite latest pullback.
Indicators Daily chart Status
RSI 61 Bullish
STOCHASTIC 95 Bullish
MACD Below midline Bearish
200 EMA 1.3410 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.3625 1.3655 1.3685 1.3595
DAILY MARKET INSIGHT
26th
MAY 2023
USD/CHF TREND: NEUTRAL
The USD/CHF pair displays a sideways performance above 0.9050 ahead of slew of US economic
data. The market mood still remains cautious as investors are worried that the US economy could
announce a default.
Indicators Daily chart Status
RSI 57 Bullish
STOCHASTIC 87 Bullish
MACD Below midline Bearish
200 EMA 0.9293 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.9055 0.9025 0.8995 0.9085
DAILY MARKET INSIGHT
26th
MAY 2023
GOLD TREND: NEUTRAL
Gold price bounced from the low of $1,936 in the previous session. However, the precious metal is
still under the bear’s dominance. Gold buyers opted to wait for further directional bias ahead of the
critical US PCE inflation data.
Indicators Daily chart Status
RSI 39 Bearish
STOCHASTIC 9 Bearish
MACD Above midline Bullish
200 EMA $1,882 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,955 $1,945 $1,935 $1,965

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Daily Market Insight-26 May.pdf

  • 1. DAILY MARKET INSIGHT 26th MAY 2023 DAILY MARKET INSIGHT 26th MAY 2023
  • 2. DAILY MARKET INSIGHT 26th MAY 2023 Economic Calendar Time Currency News Impact Expectation 05:30 AM AUD Retail Sales MoM Prel High 0.3% 10:00 AM GBP Retail Sales MoM High 0.3% 04:30 PM USD Personal Spending MoM High 0.3% 04:30 PM USD Personal Income MoM High 0.3% 04:30 PM USD Durable Goods Orders MoM High -1.1% 04:30 PM USD Core PCE Price Index MoM High 0.3%
  • 3. DAILY MARKET INSIGHT 26th MAY 2023 AUD/USD TREND: BEARISH The AUD/USD pair takes round near 0.6500 on Friday, at the lowest level on Friday. The risk- perceived asset is under selling pressure following Australian Retail Sales data and a broader USD recovery. Indicators Daily chart Status RSI 34 Bearish STOCHASTIC 6 Bearish MACD Below midline Bearish 200 EMA 0.6769 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6525 0.6495 0.6465 0.6555
  • 4. DAILY MARKET INSIGHT 26th MAY 2023 NZD/USD TREND: NEUTRAL Following two-day of selling, the NZD/USD pair picked up some momentum on the last trading day of the week. However, the recovery looks deceptive as the spot took hint from the Reserve Bank of New Zealand (RBNZ) easing of lending restrictions on Friday. Indicators Daily chart Status RSI 35 Bearish STOCHASTIC 6 Bearish MACD Above midline Bullish 200 EMA 0.6254 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6070 0.6040 0.6010 0.6100
  • 5. DAILY MARKET INSIGHT 26th MAY 2023 EUR/USD TREND: NEUTRAL The EUR/USD pair holds the grounds near 1.0740 on the daily chart. The pair justifies the broad US Dollar strength following Germany’s negative revision to Q1 GDP. A range bound session is expected. Indicators Daily chart Status RSI 36 Bearish STOCHASTIC 9 Bearish MACD Below midline Bearish 200 EMA 1.0685 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.0740 1.0710 1.0680 1.0770 .
  • 6. DAILY MARKET INSIGHT 26th MAY 2023 GBP/USD TREND: NEUTRAL The GBP/USD pair prints mild gains while trading near it lowest levels in seven week after falling in the last four consecutive days. Further, traders remain cautious ahead of today’s UK Retail Sales and a slew of the US data. Indicators Daily chart Status RSI 39 Bearish STOCHASTIC 5 Bearish MACD Above midline Bullish 200 EMA 1.2242 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.2345 1.2315 1.2285 1.2375
  • 7. DAILY MARKET INSIGHT 26th MAY 2023 USD/JPY TREND: BULLISH The USD/JPY pair losses part of its upside momentum on Friday, following a correction in USD. The pair touched the psychological 140.00 mark with a receding bullish momentum. However, any surprise in US data could spur buying in the spot. Indicators Daily chart Status RSI 69 Bullish STOCHASTIC 93 Bullish MACD Above midline Bullish 200 EMA 134.37 Bullish Outlook BULLISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy 139.60 139.90 140.20 139.30
  • 8. DAILY MARKET INSIGHT 26th MAY 2023 USD/CAD TREND: NEUTRAL The USD/CAD pair trades near its highest level in a month amid a three-day winning streak. A risk-off mood weighs on Oil prices, allows US Dollar to remain firmer despite latest pullback. Indicators Daily chart Status RSI 61 Bullish STOCHASTIC 95 Bullish MACD Below midline Bearish 200 EMA 1.3410 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.3625 1.3655 1.3685 1.3595
  • 9. DAILY MARKET INSIGHT 26th MAY 2023 USD/CHF TREND: NEUTRAL The USD/CHF pair displays a sideways performance above 0.9050 ahead of slew of US economic data. The market mood still remains cautious as investors are worried that the US economy could announce a default. Indicators Daily chart Status RSI 57 Bullish STOCHASTIC 87 Bullish MACD Below midline Bearish 200 EMA 0.9293 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.9055 0.9025 0.8995 0.9085
  • 10. DAILY MARKET INSIGHT 26th MAY 2023 GOLD TREND: NEUTRAL Gold price bounced from the low of $1,936 in the previous session. However, the precious metal is still under the bear’s dominance. Gold buyers opted to wait for further directional bias ahead of the critical US PCE inflation data. Indicators Daily chart Status RSI 39 Bearish STOCHASTIC 9 Bearish MACD Above midline Bullish 200 EMA $1,882 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,955 $1,945 $1,935 $1,965