Weekly Forex Outlook: June 4-8

The USD index spiked to resistance at 95.00 but failed to hold there. There’s a shooting star candlestick on the weekly chart – a sign that the greenback may correct down to support at 93.35. Uncertainty over the US-North Korea summit next week and trade tensions between the United States and other countries represent the main negative factors for the USD. At the same time, data out on Friday showed that US jobs growth accelerated and wages rose in May, making a rate hike by the Federal Reserve in June a near certainty and increasing expectations of a fourth hike this year. So, despite the correction down, the USD still has a strong economy and central bank policy that supports it.

The upcoming days will be light on the news from America. The Reserve Bank of Australia will announce its interest rate decision early on Tuesday. This day of the week will also bring British services PMI, the speech of the ECB president Mario Draghi and the US ISM non-manufacturing PMI. On Wednesday, Australia will release its GDP, Canada will release trade balance and crude oil inventories will be out in the US. Highlights of Thursday include Australian trade balance and the speech of the bank of Canada’s Governor, while Japanese Prime Minister Shinzo Abe will meet with US President Trump at the White House to discuss the planned US summit with North Korea’s Kim Jong Un. The most interesting event of Friday will be the Canadian employment change and unemployment rate. In addition, the Group of Seven will start and the world’s leading economies will discuss trade issues.

To sum up, you can see that the AUD, the CAD, the EUR and the GBP will be the pairs to trade on news this week.

EUR/USD formed a hammer on the weekly chart. Support is at 1.1630 and as long as the euro is staying above this level we target 1.1750 and 1.1850. The euro took a breath after anti-establishment parties reached a deal on a coalition government – a solution that will help to evert potentially destabilizing elections. EUR/JPY may rise to 129.25. Investors will switch from Italy to the policy of the ECB. The European Central bank will be behind the Fed is raising rates, so euro’s recovery will likely be moderate and temporary.

AUD/USD has support at 0.7545 and can rise to 0.7690 and 0.7730. The RBA is not expected to raise rates but traders expect positive economic figures From Australia. USD/CAD is vulnerable to a decline to 1.2830 as long as it trades below 1.2940. GBP/USD may test resistance at 0.34 and 0.3460.

 

 

Similar

Jackson Hole, Gold, and Powell | Market News
Jackson Hole, Gold, and Powell | Market News

The gold has made a perfect retest, but will it hold against the rising dollar? Also, the Jackson Hole Symposium and Jerome Powell's speech may become critical for most assets, and finally, more economic releases and earnings reports await you.

Latest news

FOMC Meeting, Gold Plunge, and Pound Decrease | Market News
FOMC Meeting, Gold Plunge, and Pound Decrease | Market News

Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

 1
 93
 355
 213
 1684
 376
 244
 1264
 672
 1268
 54
 374
 297
 61
 43
 994
 1242
 973
 880
 1246
 375
 32
 501
 229
 1441
 975
 591
 387
 267
 55
 246
 673
 359
 226
 257
 855
 237
 1
 238
 1345
 236
 235
 56
 86
 61
 61
 57
 269
 242
 243
 682
 506
 225
 385
 53
 357
 420
 45
 253
 1767
 1809
 593
 20
 503
 240
 291
 372
 251
 500
 298
 679
 358
 33
 594
 689
 241
 220
 995
 49
 233
 350
 30
 299
 1473
 590
 1671
 502
 224
 245
 592
 509
 39
 504
 852
 36
 354
 91
 62
 98
 964
 353
 44
 972
 39
 1876
 81
 962
 7
 254
 686
 850
 82
 965
 996
 856
 371
 961
 266
 231
 218
 423
 370
 352
 853
 389
 261
 265
 60
 960
 223
 356
 692
 596
 222
 230
 262
 52
 691
 373
 377
 976
 382
 1664
 212
 258
 95
 264
 674
 977
 31
 599
 687
 64
 505
 227
 234
 683
 672
 1670
 47
 968
 92
 680
 970
 507
 675
 595
 51
 63
 64
 48
 351
 1787
 974
 262
 40
 7
 250
 590
 290
 1869
 1758
 590
 508
 1784
 685
 378
 239
 966
 221
 381
 248
 232
 65
 421
 386
 677
 252
 27
 500
 34
 94
 249
 597
 268
 46
 41
 963
 886
 992
 255
 66
 670
 228
 690
 676
 1868
 216
 90
 993
 1649
 688
 256
 380
 971
 44
 1
 1
 598
 998
 678
 58
 84
 1284
 1
 681
 2
 967
 260
 263
00:00
00:00
00:00
01:00
02:00
03:00
04:00
05:00
06:00
07:00
08:00
09:00
10:00
11:00
12:00
13:00
14:00
15:00
16:00
17:00
18:00
19:00
20:00
21:00
22:00
23:00
23:00
23:00
00:00
01:00
02:00
03:00
04:00
05:00
06:00
07:00
08:00
09:00
10:00
11:00
12:00
13:00
14:00
15:00
16:00
17:00
18:00
19:00
20:00
21:00
22:00
23:00

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera