Jun 03 2021 0

The overall market is pretty boring. Today's session could continue like that as the market is still waiting for the US nonfarm payrolls data tomorrow.

Latest updates:

  • The US manufacturing activity index rose more than expected, adding to the overall impression that the US economy is recovering strongly. It could push the Fed to normalize monetary policy more quickly than it currently has.
  • Australia's economy expanded faster than forecast in the first three months of the year. Gross domestic product grew 1.8% from the last quarter of 2020. Previously, economists had forecast an increase of just 1.5% in the first quarter.
  • Crude oil prices continued to rise on Wednesday, after OPEC+ expressed optimism about a strong recovery in energy demand from the United States and China, the world's two largest oil consumers.

USD/JPY

USD/JPY Jun 3

USD/JPY closely followed the movement of USD, recovered strongly in the first half of the session then lost momentum, fell sharply. This price action has continued to generate a bearish signal on the daily frame, hence, we can continue with our current view. Expect the price to retest the 109 confluence, this is where the bulls can wait for bullish signals to buy.

EUR/USD

EUR/USD Jun 3

The price continues to accumulate in the range 1.215-1.225. Although there are bullish signals on both H4 and daily, we should not trade at this time, the RR ratio is not good. There are two possibilities: If the price breaks above the range, it will confirm the uptrend; If the price breaks below the range, the multi-top pattern will be confirmed. Please wait patiently!

GBP/USD

GBP/USD Jun 3

The price fell to the lower end of the range as expected, but then without a breakout, the price bounced back up and is now in the middle of the range. This is also a condition that we should not trade, similar to many other currency pairs, we need a clear breakout signal before making a decision.

USD/CAD

USD/CAD Jun 3

USD/CAD falls back after the previous bullish signal, now approaching the 1.20 support area once again. This is clearly a negative signal for the buyers as the previous long orders after many days have not been able to approach the 1.22 target. Reversal traders need to prepare for the worst situation, place SL carefully below 1.20, need to give up buying strategy when price breaks this zone. If the 1.20 support level is successfully broken, it will confirm the continuation of the mainstream downtrend, sellers can consider new orders, however a clear trigger is needed to avoid false- break, it is best to wait for the signal on the daily frame.

AUD/USD

AUD/USD Jun 3

There is not much to say about AUD/USD, the price is still showing a tug-of-war between buyers and sellers and is stuck in the range of 0.77-0.78. We should wait for the signal to break this range before making a trading decision.

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