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DAILY MARKET INSIGHT
24th
,MAY 2023
DAILY MARKET
INSIGHT
24th
MAY 2023
DAILY MARKET INSIGHT
24th
,MAY 2023
Economic Calendar
Time Currency News Impact Expectation
02:45 AM NZD Retail Sales YoY Medium -2.0%
03:00 AM JPY Reuters Tankan Index Medium 1
06:00 AM NZD RBNZ Interest Rate Decision High 5.5%
07:00 AM NZD RBNZ Press Conference High -
10:00 AM GBP Inflation Rate YoY High 8.5%
10:00 PM USD FOMC Minutes High -
DAILY MARKET INSIGHT
24th
,MAY 2023
AUD/USD TREND: BEARISH
The AUD/USD pair has managed to climb back above 0.6600 amid subdued performance by the USD
index. The Aussie asset is looking to extend its recovery further as the US Dollar Index has displayed
a subdued performance.
Indicators
Daily chart Status
RSI 41 Bearish
STOCHASTIC 5 Bearish
MACD Below midline Bearish
200 EMA 0.6857 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6590 0.6560 0.6530 0.6620
DAILY MARKET INSIGHT
24th
,MAY 2023
NZD/USD TREND: NEUTRAL
The New Zealand dollar follows a dovish rate hike from the Reserve Bank of New Zealand (RBNZ), a
25 basis points (bps) Official Cash Rate (OCR) rate hike. The Kiwi asset fell more than 150-pip in the
session with a negative bias.
Indicators Daily chart Status
RSI 42 Bearish
STOCHASTIC 1 Bearish
MACD Above midline Bullish
200 EMA 0.6256 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6155 0.6125 0.6095 0.6185
DAILY MARKET INSIGHT
24th
,MAY 2023
EUR/USD TREND: NEUTRAL
The EUR/USD pair trades below the 1.0800 mark on Wednesday ahead of the FOMC Minutes.
Traders remains cautious amid a nervous market sentiment. Mixed momentum oscillators hints a
range bound market session.
Indicators Daily chart Status
RSI 38 Bearish
STOCHASTIC 7 Bearish
MACD Below midline Bearish
200 EMA 1.0685 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.0800 1.0770 1.0740 1.0830
.
DAILY MARKET INSIGHT
24th
,MAY 2023
GBP/USD TREND: NEUTRAL
The GBP/USD pair prints the first daily run-up three as it clings to mild gains near 1.2420 ahead of
the UK inflation data and a speech from Bank of England (BoE) Governor Andrew Bailey. A range
bound session is expected.
Indicators Daily chart Status
RSI 47 Bearish
STOCHASTIC 20 Bearish
MACD Above midline Bullish
200 EMA 1.2242 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.2450 1.2420 1.2390 1.2480
DAILY MARKET INSIGHT
24th
,MAY 2023
USD/JPY TREND: BULLISH
The USD/JPY pair remains quite around 138.60 amid a cautious market mood ahead of FOMC
Minutes. The USD is in an inventory adjustment phase after reclaiming the previous week’s high
above 103.60.
Indicators Daily chart Status
RSI 64 Bullish
STOCHASTIC 90 Bullish
MACD Above midline Bullish
200 EMA 133.90 Bullish
Outlook BULLISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 138.40 138.70 135.00 138.10
DAILY MARKET INSIGHT
24th
,MAY 2023
USD/CAD TREND: NEUTRAL
The USD/CAD pair oscillates near 1.3500 mark for the past few sessions. The pair remains illiquid for
the fourth straight day as it retreats from intraday high. Oil prices prods tow-day uptrend at the
highest levels in three weeks.
Indicators Daily chart Status
RSI 50 Bullish
STOCHASTIC 73 Bullish
MACD Below midline Bearish
200 EMA 1.3403 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.3500 1.3530 1.3560 1.3470
DAILY MARKET INSIGHT
24th
,MAY 2023
USD/CHF TREND: NEUTRAL
The USD/CHF pair lost the momentum of the previous session and trades slightly below 0.9020
mark. If the pair manages to hold around the 0.9000 mark, more gains can be expected in the spot.
Indicators Daily chart Status
RSI 53 Bullish
STOCHASTIC 76 Bullish
MACD Below midline Bearish
200 EMA 0.9293 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.9000 0.9030 0.9060 0.8970
DAILY MARKET INSIGHT
24th
,MAY 2023
GOLD TREND: NEUTRAL
Gold price remains prints mild gains, however trades still trades below $1,980. The yellow metal
hovers around key support as market await for Fed Minutes and US debt ceiling extension. A weaker
dollar led the gains in the asset.
Indicators Daily chart Status
RSI 45 Bearish
STOCHASTIC 26 Bearish
MACD Above midline Bullish
200 EMA $1,878 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,980 $1,970 $1,960 $1,990

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Daily Market Insight-24 May.pdf

  • 1. DAILY MARKET INSIGHT 24th ,MAY 2023 DAILY MARKET INSIGHT 24th MAY 2023
  • 2. DAILY MARKET INSIGHT 24th ,MAY 2023 Economic Calendar Time Currency News Impact Expectation 02:45 AM NZD Retail Sales YoY Medium -2.0% 03:00 AM JPY Reuters Tankan Index Medium 1 06:00 AM NZD RBNZ Interest Rate Decision High 5.5% 07:00 AM NZD RBNZ Press Conference High - 10:00 AM GBP Inflation Rate YoY High 8.5% 10:00 PM USD FOMC Minutes High -
  • 3. DAILY MARKET INSIGHT 24th ,MAY 2023 AUD/USD TREND: BEARISH The AUD/USD pair has managed to climb back above 0.6600 amid subdued performance by the USD index. The Aussie asset is looking to extend its recovery further as the US Dollar Index has displayed a subdued performance. Indicators Daily chart Status RSI 41 Bearish STOCHASTIC 5 Bearish MACD Below midline Bearish 200 EMA 0.6857 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6590 0.6560 0.6530 0.6620
  • 4. DAILY MARKET INSIGHT 24th ,MAY 2023 NZD/USD TREND: NEUTRAL The New Zealand dollar follows a dovish rate hike from the Reserve Bank of New Zealand (RBNZ), a 25 basis points (bps) Official Cash Rate (OCR) rate hike. The Kiwi asset fell more than 150-pip in the session with a negative bias. Indicators Daily chart Status RSI 42 Bearish STOCHASTIC 1 Bearish MACD Above midline Bullish 200 EMA 0.6256 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6155 0.6125 0.6095 0.6185
  • 5. DAILY MARKET INSIGHT 24th ,MAY 2023 EUR/USD TREND: NEUTRAL The EUR/USD pair trades below the 1.0800 mark on Wednesday ahead of the FOMC Minutes. Traders remains cautious amid a nervous market sentiment. Mixed momentum oscillators hints a range bound market session. Indicators Daily chart Status RSI 38 Bearish STOCHASTIC 7 Bearish MACD Below midline Bearish 200 EMA 1.0685 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.0800 1.0770 1.0740 1.0830 .
  • 6. DAILY MARKET INSIGHT 24th ,MAY 2023 GBP/USD TREND: NEUTRAL The GBP/USD pair prints the first daily run-up three as it clings to mild gains near 1.2420 ahead of the UK inflation data and a speech from Bank of England (BoE) Governor Andrew Bailey. A range bound session is expected. Indicators Daily chart Status RSI 47 Bearish STOCHASTIC 20 Bearish MACD Above midline Bullish 200 EMA 1.2242 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.2450 1.2420 1.2390 1.2480
  • 7. DAILY MARKET INSIGHT 24th ,MAY 2023 USD/JPY TREND: BULLISH The USD/JPY pair remains quite around 138.60 amid a cautious market mood ahead of FOMC Minutes. The USD is in an inventory adjustment phase after reclaiming the previous week’s high above 103.60. Indicators Daily chart Status RSI 64 Bullish STOCHASTIC 90 Bullish MACD Above midline Bullish 200 EMA 133.90 Bullish Outlook BULLISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy 138.40 138.70 135.00 138.10
  • 8. DAILY MARKET INSIGHT 24th ,MAY 2023 USD/CAD TREND: NEUTRAL The USD/CAD pair oscillates near 1.3500 mark for the past few sessions. The pair remains illiquid for the fourth straight day as it retreats from intraday high. Oil prices prods tow-day uptrend at the highest levels in three weeks. Indicators Daily chart Status RSI 50 Bullish STOCHASTIC 73 Bullish MACD Below midline Bearish 200 EMA 1.3403 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.3500 1.3530 1.3560 1.3470
  • 9. DAILY MARKET INSIGHT 24th ,MAY 2023 USD/CHF TREND: NEUTRAL The USD/CHF pair lost the momentum of the previous session and trades slightly below 0.9020 mark. If the pair manages to hold around the 0.9000 mark, more gains can be expected in the spot. Indicators Daily chart Status RSI 53 Bullish STOCHASTIC 76 Bullish MACD Below midline Bearish 200 EMA 0.9293 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.9000 0.9030 0.9060 0.8970
  • 10. DAILY MARKET INSIGHT 24th ,MAY 2023 GOLD TREND: NEUTRAL Gold price remains prints mild gains, however trades still trades below $1,980. The yellow metal hovers around key support as market await for Fed Minutes and US debt ceiling extension. A weaker dollar led the gains in the asset. Indicators Daily chart Status RSI 45 Bearish STOCHASTIC 26 Bearish MACD Above midline Bullish 200 EMA $1,878 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,980 $1,970 $1,960 $1,990