Chart overview of May 9th for EURUSD, GBPUSD and NZDUSD

EURUSD chart analysis

The euro weakened against the dollar during Asian trading. The meeting of political representatives of EU member states continues today and a new package of sanctions against Russia will be discussed. The aim is to reach an agreement on the introduction of an embargo on oil imports by the end of this year. This could be a difficult day for the euro zone economy. As a result, the euro continues to tumble. The euro was exchanged for $1.05093, weakening the common European currency by 0.38% since the start of trading tonight. The pair has been hovering between 1.048000 and 1.064000 for the past week. We can see that the pressure on the support zone is increasing. This situation could lead to a break below this support zone. We will pay attention to the 1.04815 and 1.04693 levels; these are the 10-day lows so far. For the bullish option we need fresh positive consolidation and a return to the 1.05800 zone. We had the biggest hold on Friday and if there is a break at this level we can expect the EURUSD rally to continue. Our next targets are 1.06000 then 1.06418 5th May high.

GBPUSD chart analysis

The pound continues its negative consolidation that started on Friday. The pair started the day at the 1.32330 level; after that we see constant weakening of the pound and a drop to 1.22600. Downward pressure on the pound is growing as the sanctions the EU and UK have imposed on Russia also affect them. Inflation continues to rise along with energy prices resulting in a weaker sterling and euro. We can expect a continuation of the downtrend and a drop in the pound to the 1.22000 level soon. We need fresh positive consolidation for the bullish option and return above the 1.23800 zone first. After that, GBPUSD-money could rally to the 1.24500 level where the MA200 moving average awaits us as additional resistance at this level. The next bullish targets are 1.25000, 1.25750 and 1.26360.


NZDUSD chart analysis

NZDUSD pair made fresh lower this year low at 0.63370; the last time we were at this level was June 2020. Last Thursday NZD weakened sharply; the high at the time was 0.65570. Very soon the pullback set in and the pair dropped to the 0.63930 level on the same day. Friday was dull and the pair moved in a sideways consolidation with slight evidence of a continuation of the bearish trend this week. This happened because the NZD has lost 0.90% of its value against the dollar since the start of trading. We are looking for potential support in the current lower zone of 0.63300-0.63500. NZD could return to positive territory if it consolidates and climbs above 0.64000. Such a move would erase the previous losses and set a solid chart bottom for the NZD to rally further.


Market Overview

We have Euro-Zone Investor Confidence data ahead of us, which could turn into a positive day for European economic news. Other news: Norway’s Statistical Office releases industrial production data for March, external trade and current account data are provided by France, and Czech Statistical Office releases industrial production and external trade (output is expected to decline by 2.6% annually year in March , after a minus of 0.3% in February), foreign trade reports come from Slovakia and Hungary.

The Bank of Japan report

This morning, the Bank of Japan released the minutes of its March 17-18 monetary policy meeting. At that meeting, the bank voted to keep monetary policy stimulus and leave the interest rate on current accounts of financial institutions at -0.1% at the central bank. The bank will continue to buy the required amount of Japanese government bonds, without capping it, to keep 10-year JGB yields around zero%.

BONUS VIDEO: Weekly news roundup from the markets

  • support

  • platform

  • Spread

  • trading instrument

Get the latest business news, trading news and forex news financial intermediation. Check out our comprehensive trading education and list of the best forex brokers here. If you are interested in following the latest news on this topic, please follow Finance Brokerage Google news. Chart overview of May 9th for EURUSD, GBPUSD and NZDUSD

Callan Tansill

InternetCloning is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button