05 Jun, 2024
5 minutes
Daily Technical Analysis Jun 5th 2024
1. EUR/USD Analysis:
News Summary:
This week is European Central Bank week, and the bank is widely expected to cut interest rates at its meeting on Thursday. The bigger question may be what signal the central bank is sending following a possible rate cut. If the ECB emphasizes the possibility of another rate cut in the near term, euro bears may gain some traction. Speculators are betting heavily on its rise. While interest rate differentials are a drag on the euro, they appear confident of a sharp rebound.
Trend Analysis:
We can see EUR/USD fluctuated and rebounded; it ran above the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column shrank close to a dead cross. The sell limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.0790]
Key Resistance Levels: [1.0950]
Pivot Points [1.0900]
2. AUD/USD Analysis:
News Summary:
With the release of some of Australia's first-quarter GDP data, JP Morgan economists expect Australia to grow by 0.3% in the quarter. The net trade situation will drag down 0.9 percentage points on economic growth, but this will be offset to some extent by strong imports and the consequent inventory growth. The data will further confirm that Australia's economy has slowed significantly under the pressure of rising interest rates, surging costs due to inflation and an increasing income tax burden.
Trend Analysis:
We can see AUD/USD rebounded and moved above the 48 hours moving average. On the other hand, the MACD double line and histogram bar begins to converge near the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [0.6580]
Key Resistance Levels: [0.6740]
Pivot Points [0.6690