Get clues on the Tuesday moves of the NZD, EUR, and GBP!…
Trading plan for May 29
The US dollar managed to rebound after Monday’s morning fall. The US dollar index is at a new high of $94.40 now. On Tuesday, traders will take into consideration consumer confidence’s figures (17:00 MT time). If they are greater than the forecast ones, the greenback will be able to set new highs. Otherwise, the rise will slow down.
The single currency couldn’t recover. The EUR/USD pair tested the resistance at 1.17 based on the Italian news. The Italian President rejected a new Eurosceptic finance minister. It was positive news for the euro. However, a new government still isn't formed that put an additional pressure on the single currency. EUR/USD rebounded from the pivot point at 1.17. Up to now, the pair is moving to the support at 1.1580. The Ichimoku cloud is signaling a further fall of the euro. On Tuesday, traders will take into consideration money supply data (11:00 MT time). The forecast is greater than the previous data. If the actual one is greater than the forecast, the euro will have chances to rebound. The resistance will remain at 1.17. However, the trendline will put an additional pressure on the rising euro.
Although the US dollar managed to recover, the USD/JPY pair didn’t change its direction. Political and trade tensions are still actual. On the one hand, there is promising news that US-North Korea summit will take place as a US team has arrived in North Korea to make an agreement. On the other hand, Washington is pressing Beijing to enter into multiyear contracts to buy US agricultural and energy imports. As a result, the Japanese yen remains strong. The pair broke below the 50.0 Fibo level and 100-week MA. Up to date, it is falling further. 50.0 Fibo level and 100-week MA are resistances for the pair now. If the greenback is stronger on Tuesday and tensions ease, the pair will be able to break above them. Otherwise, the next support is at 108.90.
Thank you for your attention!