Medium-term analysis of exchange rates as of May 5, 2023

Hello. Below are some recommendations for trading in the Forex market on 05/05/2023


The EURUSD pair was formed something similar to the Rails pattern. The price did not update the highs and remains within the sideways trend. I'm here so far without deals, past attempts to sell almost all closed at breakeven, I'm waiting for some kind of directional development. If you look at the correlated instruments, then GBPUSD and USDCHF are updating highs/lows, the dollar index, on the contrary, is in no hurry to update their lows, there are already two of them compared to the rest. In general, continuous discrepancies in SMT and it is no longer clear who will go to catch up with whom. It is also in the statistics of deals of sentiment in sales, which does not push to look for deals down. But there is no mood to buy here either, I want to descend at least to the area of ​​​​1.0917 and there is already something to see. Today «nonpharmacy» maybe they will push somewhere stronger and bring clarity.


On the USDJPY pair, the Pin Bar pattern was almost completed. Downward movement turned out to be deeper than expected, but closed within FVG. I think it's worth looking at intraday signals to buy, with the expectation that the trend will continue up and break through the level of 138.17. Target above FVG around 140.00.

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