Yesterday’s Market Wrap
Today’s Market Expectations
Today the economic calendar started with the Average Cash Earnings from Japan, which increased from the previous 1.3% on an annualized basis. The highlight of the day though was the Reserve Bank of Australia policy meeting, which was to keep the cash rate unchanged at 3.85%. The German Factory Orders are expected to have turned positive in May, while the UK Construction PMI is expected to slow. In the US session, the Canadian Ivey PMI is expected to show further improvement.
Yesterday started slow with the USD on a slight uptrend, as the sentiment was softly negative, apart from crude Oil which saw a surge higher in early Asian trading. Although later we saw a reversal and the USD fell lower as ISM services headed toward construction.
GOLD Bounces Off the 100 SMA Again
XAU/USD – Daily chart H4
EUR/USD Finds Resistance at the 50 SMA
Cryptocurrency Update
BITCOIN Falls Below the 100 SMA
BTC/USD – Daily chart
ETHEREUM Testing the 100 SMA
In recent weeks, the buying pressure for Ethereum has slowed down, and we have witnessed a retreat in its price over the last few days. However, the correction appears complete as the 100 SMA (green) held as support for ETH/USD and buyers pushed the price above the 50 SMA as well. Now it seems that this moving average has turned into support.
ETH/USD – Daily chart
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