What to trade on June 2?
Let’s look what moves the market today.
Daily News: interesting moves
- The US dollar index has been fighting to return to the previous highs but it has been failing. The index is trying to stick above the psychological level at $94.50. However, risks of the fall are high. No important economic data is anticipated today. Supports lie at $94.50 and $94. Today Mr. Trump will meet with the President of the European Commission to discuss trade tensions. The US dollar may be supported even by the negative news as it is considered as the safe-haven currency. The resistance is still at $95.
Let’s see what they will agree on.
- The Australian economic data have been released. The CPI figure appeared to be weaker than the forecast, trimmed mean CPI data was neutral. However, the market expected more and as a result, the AUD/USD has fallen.
AUD/USD surged to the resistance at 0.7465 but the weak data pulled it down to the support at 0.7390. The trading isn’t extensive and it shows the uncertainty of traders. If the USD weakens, the pair will be able to recover. Otherwise, it will go down. The trading within the 0.7390-0.7465 channel is anticipated.
- The Turkish lira strongly depreciated on Tuesday after the release of the interest rate. The market was sure about the rate hike, however, the Central Bank kept the interest rate on hold. As a result, USD/TRY surged above 4.90. Up to now, the shock has slowed down and the USD has been weakening, so the pair has been going down. The support lies at 4.78. However, if the USD strengthens, the pair will turn around to 4.93. MAs are moving up and signaling the further rise of the pair.
- The oil market shows mixed moves. Brent has been rising when WTI has been depreciating. The crude oil inventories data (17:30 MT time) will determine the further direction of the oil benchmarks. The forecast is encouraging (there is a decline in the number of crude oil inventories), however, the actual data will play the most important role. If there is a greater decline, Brent and WTI will move up. Otherwise, there are risks of the fall.
Up to now, Brent has been trading near $74. 100-day MA is the support for the price. Positive economic data will pull the price to $75.15. Otherwise, there are risks of the fall to the pivot point at $73.15.
WTI can’t leave the $67.25-69 channel. 50-day MA is the strong resistance for the oil benchmark. Positive news will pull the price above the resistance at $69. The next one will lie at $70.55. Otherwise, the oil benchmark will fall to the pivot point at $67.25. The next support will lie at $64.85.
There are no significant changes in moves of the currencies.
That’s all for today! Follow market news with FBS!
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Latest news
What to trade on June 2?
Let’s look what moves the market today.
How to trade EUR after the ECB rate statement?
The European Central Bank will publish the main refinancing rate and make a statement on Thursday, June 4, at 14:45 MT time. Also, the ECB press conference will be later at 15:30 MT time.
How US protests affect market?
EUR and gold moved up
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