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03.06.2020

USD/JPY: technical analysis

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.

Services PMI. UK, 10:30 (GMT+2)

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.

Morning Market Review

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.

Services PMI. Germany, 09:55 (GMT+2)

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.

USD/CHF: wave analysis

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.

AUD/USD: wave analysis

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.