Trading with Venus logo

Get FREE Trade ideas:


Market Analysis Week of June 1st

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Date: June 1st, 2015

Technical Analysis

Pair: EURUSD

Resistance: 1.0980, 1.1000, 1.1060, 1.1100, 1.1180, 1.1200
Support:  1.0900, 1.0880, 1.0820, 1.0800, 1.0735
Bias: Short. Last week we saw EUR pull back amid positive news of negotiations between Greece and ECB. Market was factoring in the positive sentiment based on the deal and Greece being able to repay the IMF loan this week. Now, with the G7 meetings past and still no agreement signed, EUR is giving back some of those gains. If a deal is not signed this week, we may see more EUR weakness.

Pair: GBPUSD

Resistance:  1.5150, 1.5180, 1.5200, 1.5280, 1.5300
Support:  1.5100, 1.5060, 1.5000,
Bias: Short. We have been seeing some negative data out of the UK lately that has been pushing the GBP lower. We have multiple data points coming out this week and more negative data would add to this GBP slide. We’ll be open to a pull-back higher but are short biased on GBP for now.

Fundamentals

This week is heavy on High Impact news so expect more volatility this week.

Below is High Impact News scheduled for this week:

Monday

  1. GBP Manufacturing PMI – 4:30am EST
  2. US ISM Manufacturing PMI – 10am EST

Tuesday

  1. AUD Cash Rate – 12:30AM EST
  2. AUD RBA Rate Statement – 12:30AM EST
  3. GBP Construction PMI – 4:30am EST

Wednesday

  1. GBP Services PMI – 4:30am EST
  2. Minimum Bid Rate – 7:45am EST
  3. ADP Non-Farm Employment Change – 8:15am EST
  4. CAD Trade Balance – 8:30am EST
  5. ECB Press Conference – 8:30am EST
  6. USD Trade Balance – 8:30am EST
  7. USD ISM Non-Manufacturing PMI – 10:00am EST
  8. AUD Retail Sales m/m – 9:30pm EST
  9. AUD Trade Balance – 9:30pm EST

Thursday

  1. GBP Official Bank Rate – 7:00am EST
  2. GBP MPC Rate Statement – Tentative
  3. USD Unemployment Claims – 8:30am EST
  4. USD Ivey PMI – 10:00 am EST

Friday

  1. OPEC Meetings – All Day
  2. CAD Employment Change – 8:30am EST
  3. CAD Unemployment Rate – 8:30am EST
  4. USD Non-Farm Employment Change – 8:30am EST
  5. USD Unemployment Rate – 8:30am EST

Indices and Commodities

DOW – up – 18,068.93
S&P500 – up – 2,115.08
Nasdaq – up – 5,092.62
Nekei – up – 20,569.87
FTSE100 – down – 6,953.58
DAX – up – 11,436.05

Gold – up – $1,193.40
Oil – down – $59.69

Facebooktwittergoogle_plusredditpinterestlinkedinmail


Get the FREE “3 Steps to Consistent Forex Profits” guide

I will never give away, trade or sell your email address. You can unsubscribe at any time.