04 June 2020

ECB Rate Decision: Thursday, 11:45. Policymakers are expected to maintain interest rates at a flat 0.00%. Investors will be keenly interested in the rate statement, given the severe economic conditions gripping the eurozone.

US Unemployment Claims: Thursday, 12:30. Unemployment claims have been falling, but the numbers remain staggering. Last week, 2.1 million new claims were made, and the upcoming reading could show a slight improvement if the recent trend continues.

EUR
ECB Rate Decision

USD
US Unemployment Claims

  • EURUSD

The chart above shows that the pair is trading below a strong resistance level that is 1.1350. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.1300 followed by 1.1280.

Resistance levels: Support levels: Recommended:
▪ 1.1400
▪ 1.1380
▪ 1.1350
▪ 1.1300
▪ 1.1280
▪ 1.1240
We are bearish as long as the pair is trading below the level of 1.1350.
  • GBPUSD

As could be seen on the chart above that the pair is trading below a strong resistance level 1.2600. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.2170. On the other hand, if the level of 1.2600 is broken, we can go long targeting the level of 1.2650

Resistance levels: Support levels: Recommended:
▪ 1.2750
▪ 1.2700
▪ 1.2650
▪ 1.2550
▪ 1.2500
▪ 1.2480
We are bearish as long as the pair is trading below the level of 1.2600.
  • GOLD

As could be seen on the chart above that the pair is trading above a strong support level that is 1669. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1750 followed by 1760. We still have a chance if the pair goes downwards again to the support level of 1669.

Resistance levels: Support levels: Recommended:
▪ 1735
▪ 1730
▪ 1715
▪ 1669
▪ 1655
▪ 1640
We are bullish as long as the pair is trading above the level of 1669.
  • AUDUSD

As could be seen on the chart above that the pair is trading below a strong resistance level that is 0.7000. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.6880 followed by 0.6820

Resistance levels: Support levels: Recommended:
▪ 0.7500
▪ 0.7300
▪ 0.7000
▪ 0.6880
▪ 0.6820
▪ 0.6800
We are bearish as long as the pair is trading below the level of 0.7000
  • GBPJPY

As could be seen on the chart above that the pair is trading above a strong support level that 137.00. Therefore, we are bullish as long as the pair is trading above it. Our first target is 138.00 followed by 139.00.

Resistance levels: Support levels: Recommended:
▪ 139.00
▪ 138.50
▪ 138.00
▪ 137.00
▪ 136.50
▪ 136.20
We are bullish as long as the pair is traded above the level of 137.00.

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