Personal opinions today:

 

Trade war tensions between China and the United States, non-farm payrolls slowed sharply in May, with companies hiring fewer jobs. The government's labor department said nonfarm payrolls fell to 75,000 in May. Non-farm payrolls fell sharply in May compared with April. But investors expect the U.S. economy to continue to slow if the trade war continues. However, the us unemployment rate and average wages remained unchanged in May, bullish the dollar, limited the losses for the time being following the weak US non-farm payrolls data in May. But it should not be forgotten that the Fed is considering a rate cut, according to several voting Fed officials, which could extend the dollar decline.

 

There are no major U.S. data releases today, and the market is waiting to see U.S. PPl results tomorrow. The market expects the US PPl to be down just 0.1 percent in May, down from the previous month. In addition, UK data today, also note UK unemployment rate and employment changes tomorrow.

 

[Important financial data and events concerned]

UK quarter adjusted trade account for April

UK  industrial and manufacturing output in April

UK GDP for three months in April

 

Today suggestion:

 

EURUSD 

1.1330/1.1345 resistance

1.1285/1.1270 support

The President of the European central bank said the central bank could consider cutting interest rates if the economy turns downward, giving the news an opportunity to limit the euro's rise. In addition, the US non-farm payroll in May declined, but still did not affect the unemployment rate and average wages in May. The dollar fell last week and the euro tested important resistance at 1.1345. But after the U.S. jobs data, the dollar is expected to rise, the euro adjustment, short term looking support level 1.1270 important support level.

 

GBPUSD 

1.2725/1.2740 resistance

1.2685/1.2670 support

Weak U.S. jobs data and expectations of an interest rate cut by the federal reserve had been bullish. However, Brexit and policy preferences among the nominees during the election of the prime minister's next successor could weigh against the pound and limit its rise. Technically, the preliminary estimate of GBPUSD support is 1.2670. resistance 1.2740 and key resistance 1.2760.

 

AUDUSD 

0.6995/0.7010 resistance

0.6965/0.6950 support

After the reserve bank of Australia cut interest rates, the market assessed a 0.70 resistance, limited the AUDUSD. However, the U.S. non-farm payrolls data weak, the federal reserve and officials said they will consider cutting interest rates, believe bullish the Australian dollar. If the future U.S. economic data shows weakness, the U.S. dollar fell, the Australian dollar rose against, but estimated the short-term Australian dollar into the adjustment time. Technically, focus on 0.6995 and 0.7010 resistance, and the reference support 0.6950.

 

USDJPY 

108.55/108.75 resistance

108.00/107.80 support

Weak U.S. non-farm payrolls data in May, anticipated by the market, have been bearish on the dollar and the Dow. The market quickly digested the bad news after the data, with the Dow rising and the dollar testing resistance of 108.55 and 108.75 yen. If the Dow falls again today, the dollar could try 108.00 or 107.80 support, depending on the depth of the Dow and Nikkei fall. Keep an eye out for how the U.S. Dow and Nikkei affect the USDJPY trend.

 

USDCAD 

1.3240/1.3225 support

1.3345/1.3365 resistance

Fed officials said the rate cut boosted economic confidence and crude oil futures prices reversed, rising to $54, indirectly bullish the Canadian dollar. The U.S. dollar traded at 1.3250 Canadian dollars after breaking through the 1.34 level. It is recommended to pay attention to the trend of crude oil futures price and look for the reverse trend performance of USDCAD and crude oil futures price. If crude continues to rise to $55 - $56, watch out for a reversal in crude prices, as well as a bearish the Canadian dollar.

 

Us crude futures USOIL 

55.35/55.85 resistance

52.75/51.95 support

Fed officials cut interest rates, lifted economic and investment sentiment, stabilized crude oil prices and boosted the prices. The US President's comments are likely to have a negative impact on the rebound in oil prices amid a gloomy economic outlook. In general, US presidents are happy to accept lower oil prices, and their comments can affect the crude oil price. Technically, refer to the 55.85 resistance and 51.95 support ranges.

 

XAUUSD 

1336/1340 resistance

1328/1324 support

Fed officials speech Fed fund rate should be cut, and weak U.S. nonfarm payrolls data have boosted gold prices. But the rate cut, a positive for the stock market, lifted the Dow future, led the Dow rebound, gold price adjustment, from $1,346 decline. Assuming, Dow fell again that could push up gold prices. Reference resistance at $1336 and $1340 and reference support $1328 and $1324.

 

U.S. Dow Jones industrial average futures US30

26185/26255 resistance

25855/25735 support

The Dow future continued to rise as the market expected the federal reserve fund rate-cutting comments lifted the investment mood. Positive comments from the federal reserve, though, boosted a rebound in U.S. stocks. However, the continued trade war tensions between China and the us has affected the economic outlook, and corporate profits have fallen, which is bad for the stock market. Suggest attention in the short term reversal the trend, the reference resistance 26185 and 26255, support 25855 and 25735.

 

BTCUSD:

8000 / 8250 resistance

7300 / 7050 support

Trade tension, US data showed slow down. Expected Fed fund rate will cut, probably increasingthe bitcoin demand. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend. 

 

Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

 

Information provided by AT Global Market, Chief Analyst of Asia Pacific: Martin Lam

Registered Australian Accountant/ Certified Professional Manager / Certified Financial Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices. 

Legal: AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.