In today’s Traders Edge Market Briefing, Tomasz found these unique setups that we thought you’d find interesting.
The markets await the job data from US.
WTI dropped to pre-invasion levels and trades below 92 USD/bbl.
Gold keeps pushing higher and advances above the resistance on 1780 USD/oz.
Indices advance on Friday despite a not so successful Thursday.
EURUSD stays inside of the rectangle pattern.
EURJPY used the 50% Fibonacci as a support in order to get resistance on the next Fibo – 38,2%.
GBPAUD stays inside a long-term rectangle pattern. Seems that we’ll be waiting a bit more for the breakout.
The same goes with the GBPCHF, where luckily the rectangle is a bit smaller. That means the breakout can happen a bit faster.
Trading FX/CFDs on margin bears a high level of risk, and may not be suitable for all investors. Before deciding to trade FX/CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. You can sustain significant loss.
Follow us on Telegram
Stay updated of all the news
EUR/USD defends 1.0700 amid weaker US Dollar, EU data eyed
EUR/USD is trading modestly flat above 1.0700, finding support from a broad US Dollar weakness and the hawkish ECB expectations ahead of the mid-tier EU data this Tuesday. The market mood remains cautious, limiting the upside in the major.
GBP/USD bears on the prowl at resistance
GBP/USD started the week off by dropping below 1.24, approaching a two-month low of 1.2306 reached on May 25th, as investors perceive a narrowing interest rate gap between the US and the UK. However, the Pound recovered those losses on the back of the weaker US dollar and data that put the Fed back into the spotlight on a dovish tip.
Gold gyrates within $1,955-73 trading zone
Gold price aptly portrays the sluggish markets heading into Tuesday’s European session, after an indecisive week. The XAU/USD highlights a lack of major data/events on the economic calendar, as well as mixed concerns about the Federal Reserve’s (Fed) moves and the diplomatic ties between the US and China.
Is the metaverse hype back in action?
Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.
Plotting the slope for the Fed's final glide path
Given that investors have very strong recession priors and it's well understood the services sectors are driving the bulk of the post-Covid cross-asset recovery, the negative services print was viewed a tad pessimistic on a multi-cross-asset level as the summer lull beckons.