Trends in Forex for May, 2024 – First Week, Will it Continue to Make New Record Profitable?

As the global economy continues to navigate through various uncertainties, the forex market remains a dynamic arena where traders closely monitor the movements of major currency pairs. Each week brings its own set of trends, challenges, and opportunities for traders to analyze and capitalize on. In this week’s analysis, we’ll delve into the key movements, support, and resistance levels observed in the seven main currency pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, USD/CHF, and NZD/USD.


The EUR/USD pair kicked off the week with a bullish tone, breaking above the 1.1500 level amid improved market sentiment and optimism surrounding the European economic recovery. However, as the week progressed, concerns over inflationary pressures in the Eurozone and the possibility of a more hawkish stance from the European Central Bank (ECB) weighed on the euro, leading to a pullback towards the 1.1400 level. Key support is now seen around the 1.1350 level, while resistance remains firm near 1.1550.


The USD/JPY pair experienced a volatile week, initially rallying towards the 114.00 level as risk appetite improved. However, renewed concerns over the global economic outlook and geopolitical tensions in the Asia-Pacific region dampened investor sentiment, leading to a reversal in the pair’s fortunes. The 112.00 level emerged as a key support zone, with resistance seen around 113.50. Traders will closely monitor any developments in risk sentiment and Japanese economic indicators for further direction.


Sterling saw mixed performance against the US dollar this week, as conflicting factors influenced the GBP/USD pair. On one hand, upbeat economic data and expectations of a faster-than-anticipated rate hike by the Bank of England (BoE) lent support to the pound. On the other hand, lingering Brexit uncertainties and a resurgence of COVID-19 cases in the UK capped the upside. Support is now seen around 1.3750, while resistance remains strong near 1.3950.


The Australian dollar faced downward pressure against the US dollar this week, primarily driven by concerns over the economic impact of China’s regulatory crackdown on various industries. Additionally, the Reserve Bank of Australia’s (RBA) dovish stance and speculation of potential rate cuts further weighed on the Aussie. The pair found support around the 0.7350 level, with resistance seen near 0.7500. Traders will continue to monitor developments in China and Australia’s economic data for clues on future direction.


The USD/CAD pair exhibited strength this week, supported by higher oil prices and concerns over the economic impact of ongoing wildfires in Canada. The pair tested the 1.2800 level, with further upside potential if bullish momentum persists. However, the Canadian dollar could find support from rising commodity prices and expectations of a robust economic recovery. Key support levels to watch include 1.2650, while resistance is seen near 1.2900.


The USD/CHF pair saw a choppy week of trading, with the Swiss franc benefiting from its safe-haven status amid geopolitical tensions and market uncertainties. However, the pair found support around the 0.9150 level, buoyed by safe-haven flows and the greenback’s resilience. Resistance remains firm near 0.9300, with further upside potential contingent on market sentiment and US economic data releases.


The New Zealand dollar struggled against the US dollar this week, as risk aversion stemming from geopolitical tensions and concerns over the global economic recovery weighed on the Kiwi. The pair found support around 0.6850, with further downside risks if market sentiment deteriorates. However, any signs of improvement in risk appetite could see the pair testing resistance near 0.7050.

In conclusion, the forex market witnessed notable movements and developments across the main currency pairs this week. While geopolitical tensions, economic data releases, and central bank decisions continue to influence market sentiment, traders will closely monitor support and resistance levels for potential trading opportunities in the days ahead.


  1. Andre Josh

    Thanks for Analyzing !

  2. Tom croler

    Good One best luck for trading ๐Ÿ’น

  3. gold killer

    what about AUXUSD (Gold) , Please update #

  4. forex lover

    please also update crude and metals

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