TECHNICAL MARKET ANALYSIS 7th JUNE
EUR/USD is currently strengthened after the release of the weaker than expected U.S. jobs report. The Eurozone Retail Sales data released last Friday indicated a decline in consumer spending in April. The pair is testing the support zone of 1.21500 and the resistance will be at 1.23200, look for short-term buying opportunities of EURUSD if it rejects the support zone of 1.21500, overall we can say that the pair is ranging across.
The GBP/USD bounced up from the key level of 1.41 after the release of Lower than expected U.S jobs report. The UK construction PMI data which was released last Friday indicated the prolonged expansion of the construction sector in May at the fastest pace since data collection started. Currently, the pair is moving towards the key level of 1.42, its next support zone is at 1.40000 and the next resistance zone is at 1.43500. Look for short-term buying opportunities for the pair if it breaks above the key level of 1.42.
The pair trades on a muted tone on the first trading day of the new week extends the previous week’s losses and remains subdued. Yen suffers from its downbeat economic outlook. The pair broke below the key level of 110 after the NFP release. The Japanese Final GDP q/q data will be released tomorrow at 0750 (GMT+8). The pair’s next support zone is at 108.500 and the next resistance is at 110.800. Overall, the pair is trending upwards.
Gold extends early Asian pullback to refresh intraday low around 1887$, down 0.23% on a day, during Monday’s initial trading session. Gold ended 1.1% higher on Friday to $1,891.39 following a recovery from the $1,856.04 lows to a high of $1,896.24 highs after US Nonfarm Payrolls data showed hiring increased below what was expected. For gold specifically, it is worth taking into consideration waning demand flows from India and China.