Forex Signals Brief June 9: Markets Remain Sensitive to the Data
Skerdian Meta • 3 min read
Yesterday’s Market Wrap
As a result, the sentiment was mixed yesterday and most of trading assets were bouncing in a tight range during the European session. But, the unemployment claims from the US showed a jump to the highest since October 2021 and the odds for another FED hike in June diminished. That sent the USD lower and most of t=other assets higher, with Gold taking advantage the most of this uncertainty.
Today’s Market Expectations
Today started with inflation reports for May from China. Consumer inflation CPI remains very low at 0.2% despite ticking higher, while producer inflation PPI saw another major decline of 4.3% after falling by 3.6% previously. The European session is very light but later in the US session the unemployment rate is expected to tick higher in Canada despite unemployment claims expected to halve from last month.
Forex Signals Update
Yesterday we were short on the USD, with markets trading without direction during the Asian and European sessions. But the US unemployment claims came weaker than expected which sent the USD lower and we lost those two signals, although we reversed to short on the USD and had two winning signals later in the day.
GOLD Stagnating Today
XAU/USD – Daily chart H4
EUR/USD Pushing Above the 100 SMA
BITCOIN Finding Resistance at the 50 SMA
BTC/USD – Daily chart
The 100 SMA Holding 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.