Forex today: the USD is lower and lower

Forex today: the USD is lower and lower

  • Traders will look at the G7 summit that will take place on June 8-9 in Quebec to get clues on the world economic growth. However, there are worries about a G7 statement. The France President Mr. Macron has signaled that a progress on tariffs, Iran nuclear agreement and Paris climate accord must be made before he'll be willing to sign a joint statement. Let’s see whether an agreement will be achieved.
  • The US dollar index continues its downward movement. It is trading below $93.30. The next support lies at $93. No important economic data will be released today. As a result, the further fall is anticipated.
  • The pound continues to rise. On Wednesday, GBP/USD managed to close above 1.34. Up to now, the pair has tested the next resistance at 1.3460. 50-week MA weighs on the pair. No more important economic data will be released either today or tomorrow. As a result, there is a risk that GBP/USD won’t be able to break the resistance. A pullback to the pivot point at 1.33 may be anticipated.

GBPUSDWeekly.png

  • Today’s Australian trade balance data was at the same level as anticipated (0.98B), however, it didn’t support the AUD. The AUD/USD pair couldn’t break the resistance at 0.7660 again, 100-week MA weighs on it. Up to now, the pair is moving to the support at 0.7640. No more significant economic data will be released today. As a result, the fall may continue.

AUDUSDDaily.png

  • Oil goes down as crude oil inventories data was greater than anticipated (2.1M vs -2.0M). 50-hour MA doesn’t let Brent go up. However, the trading isn’t extensive. Brent is anticipated to trade within $74.60-76.65. WTI couldn’t break the resistance at $65.20 (100-day MA) and it’s moving down. The support lies at $64.60. An interesting comment on future oil prices. According to an analyst of the Andurand Commodities Fund, oil can reach the level of $100 this year and $150 in 2020-2021. The point is that oil traded at $100, and even $150 in a much weaker economic environment of 2008.
  • As a result, the Canadian dollar is unstable. USD/CAD trading isn’t extensive. Oil weigh on the CAD, at the same time, the US dollar is weakening. Traders will take into consideration a speech of the BOC Governor Mr. Poloz (18:15 MT time). If the Governor gives any positive clues on the future monetary policy, the CAD will appreciate. The support is at 1.2930 (50.0 Fibo level). Otherwise, the USD/CAD pair will go up. The resistance is at 1.2975.

USDCADH4.png

  • Bitcoin is near the resistance at $7,600 again. 50-day MA is crossing the 100-day MA. It’s a positive signal for the cryptocurrency. If Bitcoin is able to break the resistance, the further aim is at $8,000.

BitcoinDaily.png

That is all for today. Follow markets news with us!

Similar

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

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