Fundamental Analysis Report With Charting Trends - 06 June 2023
MARKETS CONSOLIDATE BEFORE THE CENTRAL BANKS
After a good week-ending, global markets had a day of consolidation yesterday, albeit at elevated levels. As investors considered next week’s Fed announcement, the major US indices experienced a mixed day, with the Dow losing 0.59%, the S&P declining 0.2%, and the Nasdaq closing just over flat. The ISM Service PMI came out weaker than expected at 50.3 versus the predicted 52.6, which caused the dollar to take a slight dip following the first significant data release of the week from the US. Oil dropped back after its OPEC-inspired spike, and WTI returned to trading around the $72/barrel level. Gold bounced off the $1,940 mark once more.
CENTRAL BANKS AND UPCOMING DATA
As there were few macroeconomic data releases on the calendar yesterday, the financial markets had a little break. Today, however, there are a few significant events coming up. The Australian market, where the RBA will publish its most recent rate decision, will be the center of attention throughout the Asian session. Investors are divided over their course of action. Major announcements are absent from the European session, but the US session is expected to shift attention to Canada when the Ivey PMI statistics are released as a preview of tomorrow’s Bank of Canada decision.
TECHNICAL OUTLOOK
GBPUSD
https://www.trade2win.com/proxy.php?...e53c29e058c654
The bullish momentum on the GBP/USD chart indicates an upward trend.
1.2377 is the initial support level, which is also known as overlap support. Price has already bounced off overlap support, showing that it is an important level where buyers may enter the market.
1.2306 is a swing low support and serves as the second level of support. During the most recent downward price movement, this price level served as support; it may do so once more.
1.2467 is the initial resistance level. The 50% Fibonacci retracement level and an overlap resistance level both indicate this level.
1.2536 is the second resistance level. As an overlap resistance level that is also at the 61.8% Fibonacci retracement level, this level is further strengthened. Resistance and a significant Fibonacci level together frequently signal a firm price ceiling.
Read Full Report - CAPITAL STREET FX
MARKETS CONSOLIDATE BEFORE THE CENTRAL BANKS
After a good week-ending, global markets had a day of consolidation yesterday, albeit at elevated levels. As investors considered next week’s Fed announcement, the major US indices experienced a mixed day, with the Dow losing 0.59%, the S&P declining 0.2%, and the Nasdaq closing just over flat. The ISM Service PMI came out weaker than expected at 50.3 versus the predicted 52.6, which caused the dollar to take a slight dip following the first significant data release of the week from the US. Oil dropped back after its OPEC-inspired spike, and WTI returned to trading around the $72/barrel level. Gold bounced off the $1,940 mark once more.
CENTRAL BANKS AND UPCOMING DATA
As there were few macroeconomic data releases on the calendar yesterday, the financial markets had a little break. Today, however, there are a few significant events coming up. The Australian market, where the RBA will publish its most recent rate decision, will be the center of attention throughout the Asian session. Investors are divided over their course of action. Major announcements are absent from the European session, but the US session is expected to shift attention to Canada when the Ivey PMI statistics are released as a preview of tomorrow’s Bank of Canada decision.
TECHNICAL OUTLOOK
GBPUSD
https://www.trade2win.com/proxy.php?...e53c29e058c654
The bullish momentum on the GBP/USD chart indicates an upward trend.
1.2377 is the initial support level, which is also known as overlap support. Price has already bounced off overlap support, showing that it is an important level where buyers may enter the market.
1.2306 is a swing low support and serves as the second level of support. During the most recent downward price movement, this price level served as support; it may do so once more.
1.2467 is the initial resistance level. The 50% Fibonacci retracement level and an overlap resistance level both indicate this level.
1.2536 is the second resistance level. As an overlap resistance level that is also at the 61.8% Fibonacci retracement level, this level is further strengthened. Resistance and a significant Fibonacci level together frequently signal a firm price ceiling.
Read Full Report - CAPITAL STREET FX