Forex Signals Brief June 5: Will the BOC or the RBA Hike Rates This Week?

Last Week’s Market Wrap

This Week’s Market Expectations

This week starts with the Swiss CPI inflation report today, which is expected to increase by 0.3%, followed by the US ISM Services PMI in the afternoon which are expected to show an improvement in activity. The Reserve Bank of Australia (RBA) meeting is on Tuesday and they are expected to keep rates unchanged at 3.85%, but we might get a surprise move. The Australian Q1 GDP report is expected to show a slowdown to 0.3% in Q1 on Wednesday morning, while in the afternoon we have the Bank of Canada (BOC) meeting, which is expected to hold rates at 4.50%, but we might also get a surprise move after the strong GDP figures last week.

This week started slow but the volatility picked up and we saw a couple f reversals which made trading a bit difficult. Although, we made some nice profit after opening 19 forex signals, 6 of which closed in loss while the rest hit the take profit target, with a couple remaining open.

 GOLD Rejected  by the 50 Daily SMA 

XAU/USD – Daily chart 

EUR/USD Resuming Downtrend 

Cryptocurrency Update

BITCOIN Bouncing Between 2 MAs

BTC/USD – Daily chart

The 50 SMA Hold As Support for [Ethereum]] 

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