Trading plan for May 31

US dollar experienced a correction. The USD index ran into resistance at 95.00 and may form a bearish engulfing if it closes below 94.34. American GDP growth in the first three months of the year was slightly revised down from 2.3% to 2.2%. ADP employment report also disappointed.

German retail sales and inflation, on the other hand, turned out to be higher-than-expected. EUR/USD recovered from 1.1535. The single currency got support from the news that Italian politicians are trying to resolve the political crisis and avoid a new election. If the pair closes above 1.1620 on Wednesday, a bullish engulfing pattern will form on the daily chart allowing a recovery to 1.1675 and 1.1700. In this area, the euro will meet resistance of a downtrend line.

As expected, the Bank of Canada left monetary policy unchanged but was less dovish. USD/CAD slid to 1.2900. Below this level, the next downside target will be at 1.2813.

Resistance for NZD/USD lies at 0.6980, while AUD/USD has to overcome 0.7550 to get the strength to get to 0.7600.

On Thursday, the highlights will be ANZ business confidence in New Zealand, private Capital Expenditure in Australian flash CPI in the euro area, Canadian GDP, and US core PCE price index.


CPI May Hit 10%, What to Do?
CPI May Hit 10%, What to Do?

For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.

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?

NASDAQ, S&P500 crash?
NASDAQ, S&P500 crash?

It seems like most of the assets have joined Black Friday's sell-off with global indices, risky currencies, and commodities going down.

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.

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