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DAILY MARKET INSIGHT
29th
MAY 2023
DAILY MARKET
INSIGHT
29th
MAY 2023
DAILY MARKET INSIGHT
29th
MAY 2023
Economic Calendar
Time Currency News Impact Expectation
No Economic data
DAILY MARKET INSIGHT
29th
MAY 2023
AUD/USD TREND: BEARISH
The AUD/USD gains momentum after bouncing off multi-day low of the previous day. An improved
market sentiment following US policymakers deal to avoid default and US trading holiday adds
strength to the corrective bounce.
Indicators
Daily chart Status
RSI 37 Bearish
STOCHASTIC 13 Bearish
MACD Below midline Bearish
200 EMA 0.6764 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6540 0.6570 0.6600 0.6510
DAILY MARKET INSIGHT
29th
MAY 2023
NZD/USD TREND: BEARISH
NZD/USD halts the fall near 0.6050 around the lowest levels since November 2022, retreats of late.
The US Dollar grinds higher amid uncertainty surrounding debt ceiling agreement’s passage through
US congress.
Indicators Daily chart Status
RSI 35 Bearish
STOCHASTIC 4 Bearish
MACD Below midline Bearish
200 EMA 0.6248 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6060 0.6090 0.6120 0.6030
DAILY MARKET INSIGHT
29th
MAY 2023
EUR/USD TREND: NEUTRAL
The EUR/USD pair picks up bids to print the first daily gain in five around 1.0730 on Monday. The
Euro pair consolidates the move amid the market’s cautious optimism about the US policymaker’s
ability to avoid the ‘catastrophic’ default.
Indicators Daily chart Status
RSI 35 Bearish
STOCHASTIC 10 Bearish
MACD Below midline Bearish
200 EMA 1.0685 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.0740 1.0770 1.0800 1.0710
.
DAILY MARKET INSIGHT
29th
MAY 2023
GBP/USD TREND: NEUTRAL
On the daily chart, the GBP/USD pair found support around 1.2350 as USD index after approval of a
raise in the US debt-ceiling. The US Dollar index has critically come under pressure as the approval of
a higher US debt-ceiling has faded fears of a spike in interest rates.
Indicators Daily chart Status
RSI 41 Bearish
STOCHASTIC 12 Bearish
MACD Above midline Bullish
200 EMA 1.2245 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.2345 1.2375 1.2405 1.2315
DAILY MARKET INSIGHT
29th
MAY 2023
USD/JPY TREND: BULLISH
The USD/JPY pair’s bull took breather near 140.50 as the Fed could raise rates ahead. The fears of a
default by the US economy have started fading as the $31.4trillion borrowing limit will get raise for
two years. Overbought momentum oscillators indicate a correction in the price.
Indicators Daily chart Status
RSI 70 Bullish
STOCHASTIC 94 Bullish
MACD Above midline Bullish
200 EMA 134.37 Bullish
Outlook BULLISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 140.40 140.10 139.80 140.70
DAILY MARKET INSIGHT
29th
MAY 2023
USD/CAD TREND: NEUTRAL
The USD/CAD pair started the fresh trading week on a muted note. The WTI crude oil price shoots up
following the US-Debt deal on weekend. A softer USD undermines the demand of the pair.
Indicators Daily chart Status
RSI 57 Bullish
STOCHASTIC 82 Bullish
MACD Below midline Bearish
200 EMA 1.3410 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.3600 1.3570 1.3540 1.3630
DAILY MARKET INSIGHT
29th
MAY 2023
USD/CHF TREND: NEUTRAL
The USD/CHF pair maintained a neutral stance as it started the new week on a lower note. The US
Dollar retreats from two-week high amid a calm market mood. A range bound session is expected.
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
29th
MAY 2023
GOLD TREND: NEUTRAL
Gold price holds ground near $1,945 on the daily chart. The precious metal lacks the buying interest
despite a successful US debt deal. Trading holiday in broader markets led the sluggish market mood
with no clear directional bias.
Indicators Daily chart Status
RSI 39 Bearish
STOCHASTIC 8 Bearish
MACD Below midline Bearish
200 EMA $1,882 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,950 $1,940 $1,930 $1,960

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Daily Market Insight-29 May.pdf

  • 1. DAILY MARKET INSIGHT 29th MAY 2023 DAILY MARKET INSIGHT 29th MAY 2023
  • 2. DAILY MARKET INSIGHT 29th MAY 2023 Economic Calendar Time Currency News Impact Expectation No Economic data
  • 3. DAILY MARKET INSIGHT 29th MAY 2023 AUD/USD TREND: BEARISH The AUD/USD gains momentum after bouncing off multi-day low of the previous day. An improved market sentiment following US policymakers deal to avoid default and US trading holiday adds strength to the corrective bounce. Indicators Daily chart Status RSI 37 Bearish STOCHASTIC 13 Bearish MACD Below midline Bearish 200 EMA 0.6764 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6540 0.6570 0.6600 0.6510
  • 4. DAILY MARKET INSIGHT 29th MAY 2023 NZD/USD TREND: BEARISH NZD/USD halts the fall near 0.6050 around the lowest levels since November 2022, retreats of late. The US Dollar grinds higher amid uncertainty surrounding debt ceiling agreement’s passage through US congress. Indicators Daily chart Status RSI 35 Bearish STOCHASTIC 4 Bearish MACD Below midline Bearish 200 EMA 0.6248 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6060 0.6090 0.6120 0.6030
  • 5. DAILY MARKET INSIGHT 29th MAY 2023 EUR/USD TREND: NEUTRAL The EUR/USD pair picks up bids to print the first daily gain in five around 1.0730 on Monday. The Euro pair consolidates the move amid the market’s cautious optimism about the US policymaker’s ability to avoid the ‘catastrophic’ default. Indicators Daily chart Status RSI 35 Bearish STOCHASTIC 10 Bearish MACD Below midline Bearish 200 EMA 1.0685 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.0740 1.0770 1.0800 1.0710 .
  • 6. DAILY MARKET INSIGHT 29th MAY 2023 GBP/USD TREND: NEUTRAL On the daily chart, the GBP/USD pair found support around 1.2350 as USD index after approval of a raise in the US debt-ceiling. The US Dollar index has critically come under pressure as the approval of a higher US debt-ceiling has faded fears of a spike in interest rates. Indicators Daily chart Status RSI 41 Bearish STOCHASTIC 12 Bearish MACD Above midline Bullish 200 EMA 1.2245 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.2345 1.2375 1.2405 1.2315
  • 7. DAILY MARKET INSIGHT 29th MAY 2023 USD/JPY TREND: BULLISH The USD/JPY pair’s bull took breather near 140.50 as the Fed could raise rates ahead. The fears of a default by the US economy have started fading as the $31.4trillion borrowing limit will get raise for two years. Overbought momentum oscillators indicate a correction in the price. Indicators Daily chart Status RSI 70 Bullish STOCHASTIC 94 Bullish MACD Above midline Bullish 200 EMA 134.37 Bullish Outlook BULLISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 140.40 140.10 139.80 140.70
  • 8. DAILY MARKET INSIGHT 29th MAY 2023 USD/CAD TREND: NEUTRAL The USD/CAD pair started the fresh trading week on a muted note. The WTI crude oil price shoots up following the US-Debt deal on weekend. A softer USD undermines the demand of the pair. Indicators Daily chart Status RSI 57 Bullish STOCHASTIC 82 Bullish MACD Below midline Bearish 200 EMA 1.3410 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.3600 1.3570 1.3540 1.3630
  • 9. DAILY MARKET INSIGHT 29th MAY 2023 USD/CHF TREND: NEUTRAL The USD/CHF pair maintained a neutral stance as it started the new week on a lower note. The US Dollar retreats from two-week high amid a calm market mood. A range bound session is expected. 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 29th MAY 2023 GOLD TREND: NEUTRAL Gold price holds ground near $1,945 on the daily chart. The precious metal lacks the buying interest despite a successful US debt deal. Trading holiday in broader markets led the sluggish market mood with no clear directional bias. Indicators Daily chart Status RSI 39 Bearish STOCHASTIC 8 Bearish MACD Below midline Bearish 200 EMA $1,882 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,950 $1,940 $1,930 $1,960