Trading plan for June 6

The US dollar index found support around 94.00. American data released on Tuesday was strong enough: ISM manufacturing PMI significantly exceeded the forecasts, the number of job openings in April was also quite solid. The only news from the United States on Wednesday will be the release of crude oil inventories at 17:30 MT time.

AUD/USD keeps having a lively trading. The pair was rejected down from 0.7660 as the Reserve Bank of Australia didn’t please buyers. This is a former long-term support and now resistance. It will be difficult for the Aussie to push above this level. Australia will release GDP for the first 3 months of the year at 04:30 MT time. The forecast is positive. A disappointment will pull the pair down to support at 0.7545. A good reading will help the Australian dollar but it will still have problems with pushing above 0.7660.   

Canadian dollar looks vulnerable versus other currencies. Consider short positions in CAD/CHF and long in AUD/CAD.

EUR/USD failed to break above 1.1720 for 4 days in a row. Support is at 1.1630. A return below his level will make the euro target 1.1550.

GBP/USD also had some difficulties. The pair’s upside is limited by resistance at 1.3400. The UK services PMI increased but the uncertainty related to Brexit keeps hurting the pound. A member of the Bank of England’s Monetary Policy Committee BoE Silvana Tenreyro will speak at 13:40 MT time. She has already said on Monday that although much of the weakness in Britain’s economy in early 2018 would probably prove temporary, the timing of rate hikes was an open question. GBP/USD may spend more time in the 1.34/1.33 range.

Similar

How Powell's hawkish speech will affect the USD and gold?
How Powell's hawkish speech will affect the USD and gold?

The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?

Latest news

Risk On: Market Outlook for May 16-20
Risk On: Market Outlook for May 16-20

Gold is about to break the most significant support. The US dollar index keeps gaining momentum. However, the situation might change this week, and we might see a tiny correction. Investors might return to risk-on and push the US stock market indices and cryptocurrencies to the upside. These and more trade ideas are in our new weekly video! Do not miss it!

IT CAN'T BE REAL | 5 assets to trade on May 9-13
IT CAN'T BE REAL | 5 assets to trade on May 9-13

This week is likely to be pivotal for many assets, including gold, USD, and several stocks. However, we need to be focused and react fast to the ever-changing environment to get the most from it.

Deposit with your local payment systems

Be on top of your game

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

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!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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