On the 4-hour chart, an uptrend is forming. The instrument returned to growth after a short correction and is trading near the upper border of Bollinger bands, the indicator cloud is greatly expanded, which indicates the likely upward trend in the short term. The MACD histogram is in the positive zone, rapidly increasing volumes, the signal line crosses the body of the histogram upwards, forming a signal to open buy orders. Stochastic is in the overbought zone, the oscillator lines are oriented horizontally.
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At 10:30 (GMT+2), data on Services PMI for May in the UK will be published. The indicator measures the activity level of purchasing managers in the services sector, and the report is based on surveys of business executives in private sector services companies. The attitude of managers to the current economic situation and prospects for future development is evaluated. The indicator is expected to grow from 27.8 to 28.0 points. If the forecast proves to be true, this may render support to GBP.
NZD is showing strong growth against USD during today's trading, updating local highs since March 9.
Today, during the Asian session, the USD/CAD pair is falling, renewing local lows of March 8.
GBP is showing moderate growth against USD during today’s Asian session. The instrument adds about 0.25% and is testing the level of 1.2600 for a breakout. The last time GBP traded above this level only at the end of April.
One of the leading US indices NASDAQ 100 continues to grow steadily and at yesterday's trading session reached 9678.0.
EUR is showing relatively strong growth against USD during today's Asian session, updating its highs of March 16. EUR continues the upward rally against the backdrop of a retreating USD, as traders are increasingly optimistic about the recovery of the global economy after quarantine restrictions. However, USD is losing ground amid growing tensions between Washington and Beijing, as well as the unrest that broke out in the US after George Floyd was killed by the police in Minneapolis. Today, European investors are focused on the publication of the May report on the German labor market. Unemployment Rate is expected to rise from 5.8% to 6.2%. Also today, statistics on unemployment in the eurozone will be published.
At 09:55 (GMT+2), data on Services PMI for May in Germany will be published. The indicator measures the activity level of purchasing managers in the services sector, and the report is based on surveys of business executives in private sector services companies. The attitude of managers to the current economic situation and prospects for future development is evaluated. The indicator is expected to grow from 16.2 to 31.4 points. If the forecast proves correct, it can support EUR.
The pair may fall.
On the daily chart, the third wave of the higher level 3 of (3) develops, within which the wave i of 3 formed, and a correction ended as the wave ii of 3. Now, the development of the wave of the lower level iii of 3 has started, within which the wave (iii) of iii is forming. If the assumption is correct, the pair will fall to the levels of 0.9497–0.9167. In this scenario, critical stop loss level is 0.9737.
The pair may grow.
On the 4-hour chart, a downward correction developed as the wave B, and the formation of the wave C started, within which the first wave (1) of C forms. Now, the third wave 3 of (1) is forming, within which the wave of the lower level iii of 3 is developing. If the assumption is correct, the pair will grow to the levels of 0.7100–0.7300. In this scenario, critical stop loss level is 0.6779.