Our main focus today:
- German Markit Services PMI 9:55 GMT
- EU Markit Services PMI10:00 GMT
- EU PPI 11:00 GMT
- EU Retail Sales 11:00
- US ISM Non-Manufacturing PMI MAY 16:00 GMT
- EIA Crude Oil and Gasoline Stock Change 16:30 GMT
The Dollar Index is breaking the 97.00 support level. This is the fourth consecutive day the index is moving bearishly, and, besides being oversold it is at support levels, therefore we can expect a bounce during the day if the economic events help with the change in sentiment.
The EURUSD Daily chart sees the price continue bullish and with strength. the next goal is 1.1280 and then 1.1300.
GBPUSD has crossed over the 1.2700 key level, but it is finding resistance and we have yet to see if this price action holds and remains above that level. The 4H chart shows the candles with upper wicks, which is a sign of bears entering at these levels.
The Pair is affected by the dollar weakness and, after a consolidation day, today is moving downwards. The 4H chart shows an increase in the selling pressure and is heading to test the 107.860 support level.
Today Early morning Australia’s GDP Growth Rate QoQ came at 0.4%, while the YoY figure was 1.8%, both as expected. The Aussie keeps moving bullishly but the pair is entering a region of resistance and the chart shows signs of exhaustion at 0.7000.