Exchange rates were little changed, waiting for U.S. inflation indicators, or wait and see【May 9, 2023】
Fundamental Analysis
Major U.S. stock indexes were little changed, waiting for U.S. inflation indexes?
No major fluctuations as UK markets were closed
Currency markets were little changed
Possibility of large movement depending on tomorrow’s U.S. inflation indicator
Technical Analysis
The Oceania currencies are holding steady. The Australian dollar is above its 240-day moving average for the sixth day in a row, while the NZ dollar is also up for the fifth day in a row. The dollar and the euro were closed in London, so there was little significant movement, and the market is waiting for the U.S. inflation indicator to come out. Low volatility makes it difficult to trade, so trade cautiously.
Dollar-Yen (USDJPY)
Analysis of the hourly chart of the dollar-yen shows that it is above the range. Although it is difficult to get a sense of direction, we expect a rally to the JPY 135.60 area; at around JPY 136.00, we want to be cautious as a return sale may enter the market.
Estimated rangeJPY 133.78 – JPY 136.21Resistance lineJPY 135.60Support lineJPY 134.48
Ethereum (ETHUSD)
The 4-hour chart of Ethereum has broken below the 240 moving average. A large sell order is likely to have been placed, but the market is likely to remain range-bound for some time.
Estimated rangeUSD 1,748 – USD 1,945Resistance lineUSD 1,875Support lineUSD 1,790
Australian Dollar-Yen (AUDJPY)
The AUDJPY is steady, but the 240-day moving average is approaching. This is a moving average line that has been recognized at least three times so far, and there is a possibility that an adjustment will be made at least once this time. We expect JPY 92.15 to be the upper price target. While being aware of the buying rotation, we intend to take profits in small increments.
Estimated rangeJPY 90.62 – JPY 92.50Resistance lineJPY 92.150Support lineJPY 90.86
Today’s Important Economic Indicators
Economic Indicators and EventsJST (Japan Standard Time)None in particular–
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.
Risk Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
