News Technical Analysis

03 June 2022 – The Greenback Falls Prior to NFP Data

Market news summary

U.S. Dollar Index (USDX)

Market participants focus on the upcoming U.S. labor data that is due on Friday, which is considered crucial for the Fed rate anticipations. The upcoming employment report is likely to show the tight labor market, to shift to more modest payroll growth.

The Non-farm figures are likely to increase by about 325,000, 103,000 less than the previous month. While still strong, the projected advance would be the smallest in over a year. In the meantime, the unemployment rate is seen falling to a pandemic low of 3.5%, and average hourly earnings are forecast to rise 0.4% from a month earlier. 

Technically:

The U.S. dollar index fluctuated between the resistance of 102.60 and the support of 101.60. Meanwhile, on the daily chart, the USDX is trying to break away from the declining trendline, but it remains bearish for the time being.

On the hourly chart, 20 SMA and 55 SMA intersect, and both are above the current price range which signals a slight fluctuation on the way down.

PIVOT POINT: 101.70

SUPPORTRESISTANCE
101.60101.90
101.30102.60
101.40102.80

Euro (EURUSD)

The Euro posted gains as the greenback weakened yesterday, but the pair remained stable during the early trades.

However, Fibonacci retracement shows resistance1.0750 while technical indicators show a possibility of a decline. Though, moving averages show a change in direction and set a target at 1.0700.

PIVOT POINT: 1.0750

SUPPORTRESISTANCE
1.07001.0790
1.06501.0830
1.06101.0900

Sterling Pounds (GBPUSD)

The Sterling traded steadily near 1.2780 and is trading above the intersection of the 20 SMA and 55 SMA which signals a decline towards 1.2540. In the meantime, on the Daily chart, the pair is set for a decline in the longer time frame and remains near the daily resistance of 1.2540.

PIVOT POINT: 1.2500

SUPPORTRESISTANCE
1.24801.2540
1.24501.2570
1.24001.2600

Spot Gold (XAUUSD)

Gold jumped yesterday reaching above 1,870 and it started to retreat during today’s early trades. Gold prices are set for a decline towards 1,815 on the daily chart. Meanwhile, in the hourly chart, spot gold penetrated out of the regression channel, but it remains set to decline.

On the daily chart, the precious metal returns to its primary decline trend targeting the resistance at 1,810 and 1,790. However, spot gold shows a change in direction and signals further decline below the support at 1,842 during the day.

PIVOT POINT: 1,866

SUPPORTRESISTANCE
1,8521,872
1,8421,875
1,8301,888
Designer

Recent Posts

Daily Fundamental Analysis: U.S. Stocks Rise Slightly Before Big Earnings Reports

Most Asia-Pacific markets are up Tuesday as investors awaited U.S. earnings reports and economic data…

37 minutes ago

Weekly Recap Fundamental Analysis: U.S. Indices Rebound on Hopes of Trade Agreements

After the fluctuation we saw at the beginning of April, U.S. Equities rebounded this week,…

22 hours ago

Weekly Fundamental Analysis Forecast – April 28, 2025

Gold remains supported and the US dollar under pressure as Asian exporters - particularly South…

22 hours ago

Weekly Technical Analysis Forecast – April 28, 2025

The gold price has been grinding lower in the latest trading sessions, breaking the 30-SMA,…

22 hours ago

Daily Technical Analysis: Gold falls more than 6% from its all-time high

Gold falls below $3,300 following a strong rally beyond $3,500 Gold prices fell sharply last…

22 hours ago

Daily Fundamental Analysis: Stocks Open Lower as Markets Wait for Earning Numbers

U.S. Stock Markets drop in early trading. Investors brace for earnings data Stock futures fell…

22 hours ago

This website uses cookies.