Forex forecasts and market outlooks

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03.06.2020

Gross Domestic Product. Australia, 03:30 (GMT+2)

At 03:30 (GMT+2), data on Australian GDP for Q1 2020 will be published. GDP is the broadest measure of economic activity and the primary indicator of the economy's health. It takes into account domestic consumption, investment, government spending, and exports. The Australian economy is expected to decline by 0.3% QoQ and slow down growth from 2.2% to 1.4% YoY. The realization of the forecast can put pressure on AUD.

EUR/CHF: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (1.0722). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.0770).

AUD/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is crossing the price chart from below, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.9258). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.9359).

EUR/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is crossing the price chart from below, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (120.594). One of the previous maximums of Chikou Span line is expected to be a resistance level (121.962).

02.06.2020

API Weekly Crude Oil Stock. USA, 22:30 (GMT+2)

A weekly report on the volume of oil reserves in the USA from API is due at 22:30 (GMT+2). The figure shows how much oil and refined products are available in storage. The reduction in reserves traditionally leads to an increase in oil quotes, and an increase in the indicator leads to a decrease in prices for "black gold". Last week, US oil inventories rose by 8.700M barrels. If this trend persists, it may put pressure on oil prices.

GBP/AUD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.7908). The closest resistance level is Kijun-sen line (1.8298).

GBP/TRY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (8.3192). One of the previous maximums of Chikou Span line is expected to be a resistance level (8.5620).

EUR/GBP: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.8705). The closest resistance level is Tenkan-sen line (0.8952).

Key Releases

The US currency today is weakening against the pound and the euro but is strengthening against the Japanese yen. The dollar is under pressure due to continued protests in the United States. Since Monday, curfew was announced across the country, and President Donald Trump threatened to use troops against the protesters if the governors could not cope with the situation with the help of the police and the national guard. Realization of this threat may entail new casualties and destruction. In addition, the market is worried about China’s reaction to the US abolition of privileged status for Hong Kong. According to Reuters, the PRC government ordered the suspension of purchases of a number of US agricultural products, including soy, cotton, corn, and pork.