Weekly Technical Analysis Report (May 11 - May 17)

I. Forex Market

US Dollar Index (USDX)

Market Analysis The dollar index has maintained a strong upward trend and firmly stood above 99. Solid U.S. economic data has delayed the Fed’s rate cut timetable, sustaining steady buying demand for USD. Short-term pullbacks are merely technical corrections, and the bullish structure remains intact.

Key Levels

Support: 98.80, 98.50, 98.00

Resistance: 99.50, 100.00, 100.46

Sources & Analyst Teams

1. Global Forex Research Team, FXDailyReport
2. Macro Technical Analysis Group, Investing.com

EUR/USD

Market Analysis The currency pair has broken below major moving averages with persistent bearish momentum. Widening monetary policy divergence between Europe and the United States keeps the euro under continuous pressure. Rebound momentum stays weak, and further downside moves are highly likely in the near term.

Key Levels

Support: 1.1580, 1.1500, 1.1360

Resistance: 1.1710, 1.1820

Sources & Analyst Teams

1. Global Market Strategy Team, RoboForex
2. Senior Forex Strategist Team, TradingView

GBP/USD

Market Analysis Sterling posted a sharp weekly decline amid sluggish UK economic recovery. Market participants are pricing in early BoE rate cuts, triggering massive sell-offs. Bearish moving average arrangement dominates the chart, and the downtrend will likely continue.

Key Levels

Support: 1.2400, 1.2350, 1.2280

Resistance: 1.2550, 1.2620

Sources & Analyst Teams

1. European Currency Research Team, FXDailyReport
2. Short-term Trading Strategy Team, InstaForex

USD/JPY

Market Analysis The pair rebounded back above 159, supported by stable US-Japan interest rate gaps. The overall bullish trend remains solid. However, upward momentum slows down near the 160 threshold amid potential official intervention concerns, leading to range-bound consolidation.

Key Levels

Support: 158.20, 157.50, 156.80

Resistance: 160.00, 160.80

Sources & Analyst Teams

1. Asian Session Forex Analysis Team, Investing.com
2. JPY Special Research Group, RoboForex

II. Commodity Market

XAU/USD Gold

Market Analysis Gold suffered a drastic slump this week. Strengthened US dollar and rising Treasury yields heavily weighed on bullion prices, breaking multiple vital support levels. The market has officially shifted to a bearish bias with limited room for short-term rebounds.

Key Levels

Support: 4500, 4400, 4300

Resistance: 4564, 4610, 4700

Sources & Analyst Teams

1. Global Precious Metals Analyst Team, TradingView
2. Commodity Research Center, FXDailyReport

WTI Crude Oil

Market Analysis Crude oil keeps firm uptrend amid escalating geopolitical tensions in the Middle East, which brings solid safe-haven premiums. Favorable inventory data and stable demand outlook underpin bullish sentiment. Dips are viewed as ideal trend-following opportunities.

Key Levels

Support: 103.00, 101.40, 100.00

Resistance: 109.80, 112.00, 116.00

Sources & Analyst Teams

1. Energy Market Research Team, Investing.com
2. Energy Commodity Strategy Group, RoboForex

Brent Crude Oil

Market Analysis Brent moves in tandem with WTI, driven by global energy supply-demand dynamics and regional risk sentiments. Price action remains steady with strong underlying bullish bias.

Key Levels

Support: 105.70, 104.20

Resistance: 110.50, 112.00

Sources & Analyst Teams

Global Energy Market Analysis Team, FXDailyReport

III. Global Indices Market

S&P 500

Market Analysis The index entered technical correction after prior sharp gains, driven by profit-taking activities. Higher bond yields dampened market risk appetite. The market is undergoing range consolidation, while the long-term bullish trend stays valid above core support zones.

Key Levels

Support: 6496, 6428, 6350

Resistance: 6680, 6720, 6760

Sources & Analyst Teams

1. US Equity Trend Research Team, Dorsey Wright
2. Global Index Analysis Team, TradingView

Nasdaq 100

Market Analysis The tech-heavy index retreated alongside major US benchmarks. Growth stocks face notable pressure from fluctuating interest rates with short-term capital outflows. Price is likely to stabilize and rebound after testing key support areas.

Key Levels

Support: 18050, 17800, 17550

Resistance: 18320, 18500

Sources & Analyst Teams US Tech Sector Analysis Team, Investing.com

Hang Seng Index

Market Analysis Affected by external market volatility and weak local market sentiment, the Hang Seng Index trended downward continuously. Technical patterns deteriorated gradually with sluggish buying sentiment, and weak consolidation is expected to persist.

Key Levels

Support: 25200, 24800, 24500

Resistance: 25734, 26100

Sources & Analyst Teams Asia Pacific Index Research Team, FXDailyReport