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EURUSD continues to rebound with broad USD correction


EURUSD Pair
EURUSD continue to rebound with broad USD correction continues after yesterday news of ECB next week meeting are live to discuss end of QE issue which driven more short covering as well as new Italian Prime Minister Conte says has no plan to exit euro. Overall market remain cautious and technical driven move still dominate the intraday action. Today US MBA Mortage Applications, trade balance, unit labor cost and non-farm productivity together with stock/bond market move will direct the intraday action. Support at 1.1710-20 and resistance at 1.1800, still prefer keeping buy on dips with tight stop strategy.

USDJPY Pair
USDJPY higher on US DJI and Japan Nikkei higher together with steady UST yield which is stable around 2.92% effect. US data beat expectation and market looking further pricing of next week FOMC hike rate 0.25% effect with more talk of “dovish hike” this time. Today US data and stock/bond market move will have some intraday impact. Support at 109.30 and 109.80 and resistance at 110.30 and 110.70, current level still prefer sell on rallies with tight stop strategy.

GBPUSD Pair
GBPUSD following EURUSD rebound with more cross action dominate the movement. Broad USD retraces despite of higher US stock and stable UST yield. Better Service and Composite PMI data also support the GBP correction trend. Today US data and stock/bond market move will have some intraday impact. Support at 1.3380 and resistance at 1.3455, still prefer buy on dips with tight stop strategy.

USDCHF Pair
USDCHF lower as broad USD retracing as well as higher EUR effect despite of US stock and UST yield rather stable and US data beating expectation. Today Swiss May CPI higher slightly (m/m 0.4% cons 0.3% y/y 1% cons 0.9%) having little impact for the pair. Later US data and stock/bond market will have some intraday impact. Basically USDCHF still follows EUR and broad USD move recently. Support at 0.982 and 0.978 with resistance at 0.9880-90, still prefer sell on rallies with tight stop strategy.

EURJPY Pair
EURJPY higher on EUR rebound and USDJPY grids up gradually effect, improving risk sentiment after no further bad news out in the market and higher stock and UST yield still support those risk sentiment overall. Today US data and stock/bond market move will have some intraday impact, news of ECB meeting are live to discuss to end QE issue will support EUR overall and indirectly helping EUR cross but market remain cautious. Support 128.70-80 and resistance at 129.80-00 region, still prefer in range trading with tight stop strategy.

EURGBP Pair
EURGBP lower slightly but overall in slow and orderly move after better than expected UK PMI data. But news of next week ECB meeting are live to discuss end of QE will be helping broad EUR cross and supports EURGBP in short term. Technical base building remain and risk for further test of above 0.88 still exists. Today US data and stock/bond market move will have some intraday impact. Support at 0.8745-50 and resistance at 0.8820-30, still prefer keeping buy on dips with tight stop strategy.

Gold Bars
GOLD higher gradually after holding well around 1290-92 support region and broad USD retracement also helping the yellow metal’s recovery. Overall market remain cautious ahead of next week FOMC meeting despite more talk with “dovish hike” scenario. Today US data and stock/bond market move will have some intraday impact. Support at 1290-92 and resistance at 1302 and 1308, still prefer buy on dips with tight stop strategy.

Silver Bars
Silver higher slightly in the same direction with GOLD and broad USD retracement driven more demand on Silver in short term. Technical correction move also adding more support for the whit metal. Today US data and stock/bond market move will have some intraday impact. Support at 16.4 and resistance at 17.0, still prefer buy on dips with tight stop strategy.


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