Headline CPI inflation back to normal after falling back to 3.0% in June

Forex Signals Brief May 30: GDP, Inflation and Consumer Data Today

Posted Tuesday, May 30, 2023 by
Skerdian Meta • 2 min read

Yesterday’s Market Wrap

Yesterday the price action was quiet with most of the markets are closed during the bank holiday weekend. There was no economic data released. The USD retreated for a while initially but got back up, so at the end of the day most assets were little changed, apart from crude Oil which made a considerable reversal in the US session after losing $1.5 in the European session. Regarding politics, we didn’t hear much about the US debt ceiling, but the Spanish prime minister Sánchez called for snap elections in July, which might be a risk factor for the Euro.

Today’s Market Expectations

Speaking of Spain, today we had the Spanish Flash CPI YoY which cooled off from 4.1% previously. The Swiss GDP returned to growth after a slight expansion in Q1, coming from a stagnatioin at 0.0% in Q4 of last year. Later we have the CB Consumer Confidence from the US which is expected to soften to 99.1 points from 101.3 points previously.

Forex Signals Update

Last weekwe remained long on the USD as buyers stayed in control, which was a good strategy. We left several forex signals open over the weekend and yesterday we opened a few more, but the price action was slow and only one closed in profit.

MAs Keeping GOLD Down

Gold continues to slide lower after turning bearish since topping below the all-time high. It continues to make lower highs since then and moving averages are acting as resistance on top of that. The 200 SMA (purple) stopped the retrace last week and now the 50 SMA (yellow) has turned into resistance so the decline is picking u pace.

XAU/USD – 60 minute chart 

Booking Profit on the USD/JPY Signal

USD/JPY has been bullish and buyers are gaining further strength after the break of the major level at 140 last week. This pair has climbed more than 10 cents since the last retreat below 130 and now it is within reach of 140. We booked profit on our short signal during the retreat and turned bullish after that with a buy USD/JPY signal.

USD/JPY – 60 minute chart

Cryptocurrency Update

 BITCOIN Failing at the 50 SMA Initially

The crypto market turned bullish over the weekend, resulting in a rebound in prices. Specifically, the price of Bitcoin (BTC) has moved above the 100-day Simple Moving Average (SMA) indicator and reached $28,400 as it peaked above the 50 SMA represented by the yellow line where they failed to hold the price above. So let’s see if buyers will return soon.

BTC/USD – Daily chart

ETHEREUM Holding Above the 50 SM

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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