Hi Traders! US Session technical analysis May 10th 2017 is here. Its time to find out the best trade setups that market has provided for us. My analysis of some of the important currency pairs are as follows:
USDJPY H4 Chart:
In this pair the price has reached above the key level 113.3. We have higher highs in this pair and we may expect the price to move higher and reach the 115.03 resistance level. Currently we have a small bearish momentum and if this momentum continues we may expect the price to move lower from this 113.3 key level. We also have a uptrend line near the 112.6 support level hence if a breakout of this trendline happens we may expect the price to move lower and reach the 111.1 support zone.
EURGBP H4 Chart:
In this pair the price which was above the resistance level 0.845 has now reached the support level 0.838. Currently a bullish divergence has formed and we may expect the price to move higher and reach 0.845 key level again. Whereas If this bearish momentum continues we may expect the price to move lower further and reach 0.824 support level.
NZDUSD H4 Chart:
In this pair the price was moving inside a triangle pattern and currently it has broke out at the top of this pattern and we may expect this bullish momentum to continue and the price to move higher and reach 0.696 resistance zone. Whereas if this appears to be a false break and if the momentum changes then we may expect the price to move lower and reach 0.690 support zone. Until this 0.690 support zone holds we can look for buys.
Silver H4 Chart:
In this commodity the bearish cycle which started in the mid of April still continues. Currently the price is moving inside a range between 16.08 – 16.34. If a breakout happens at the top of this range then we may expect the price to move higher and reach the 16.36 resistance level. Whereas if a breakout happens at the bottom of the range then we may expect the price to move lower and reach the 15.9 support level.
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