Forex Signals Brief May 31: A Sneak Peek Ahead of Tomorrow’s Eurozone Inflation
Skerdian Meta • 2 min read
Yesterday’s Market Wrap
Today’s Market Expectations
Today started with a speech from RBA Gov Lowe ahead of the consumer inflation report CPI from Australia which picked up again. Services and manufacturing PMI reports from China were little changed, with manufacturing activity remaining in contraction. We also get a preview today of the main CPI (consumer price index) number from the Eurozone with the German, French and Italian CPI reports for May. In the US session, we’ll have the GDP report from Canada for April and the JOLTS job openings from the US.
Forex Signals Update
Yesterday we started it well, with our long term sell Gold signal reaching the take profit target as the USD continued higher in the Asian session. But, got caught on the wrong side during the USD pullback in the European session, having two losing signals, although we made up for it with two more winning forex signals in the US session as the retreat stopped.
MAs Keeping GOLD Down
XAU/USD – 240 minute chart
Remainning Long on USD/JPY
BITCOIN Sticking to the 50 SMA Initially
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.