Weekly Forex Market Update & Key Levels May 11 – 15th

WEEKLY FOREX UPDATE

EURUSD – The Euro has broken through an important zone @ 1.10455 and printed a pin bar off this level. Another important zone to watch will be the 1.15291 level where the market will face further resistance. In the coming weeks ahead, it will be an important time for the overall market. As May typically acts as a reversal month for stocks going into the summer. “Sell in May, and go away”. A sell off in stocks in May will benefit the USD and add downward pressure to the Euro. Let’s see what happens.

EURUSDDaily-051015

AUDUSD – Unlike the Euro, the Aussie dollar was unable to break through 2 week’s ago important resistance level that we noted.

AUDUSDDaily-051015

WTI – Oil rallied rather nicely into spring. However, we noticed a daily pin being printed off a resistance zone, suggesting some overhead supply. As mentioned above, the markets appear to shifting as we approach the summer months.

WTIDaily-051015

 

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Chris Ferreira

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