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05.06.2020

CAD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above 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 (80.98). One of the previous maximums of Chikou Span line is expected to be a resistance level (84.10).

EUR/NZD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains 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 (1.7133). The closest resistance level is Kijun-sen line (1.7410).

GBP/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is above 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 the upper border of the cloud (1.6981). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7215).

Key releases

USD is strengthening against EUR and JPY but weakening against GBP. USD is supported by positive May data from the national labor market. Instead of the expected reduction of 8,000 million jobs, Nonfarm Payrolls increased by 2,509 million, which is the most significant growth since 1939. At the same time, instead of increasing from 14.7% to 19.8%, the unemployment rate decreased to 13.3%. The first comments of experts after the publication of the data are positive: they hope that the US economy has bottomed out and turned towards recovery.

Ivey PMI. Canada, 16:00 (GMT+2)

At 16:00 (GMT+2) in Canada, data on Ivey PMI for May will be published. The indicator reflects the state of business activity in the national manufacturing industry and is calculated on the basis of a survey of purchasing and supply managers of leading national enterprises in all industries. The attitude of managers to the current economic situation and prospects for future development is evaluated. The indicator may grow from 22.8 to 25.0 points. If the forecast proves correct, it can support CAD.

Nonfarm Payrolls. USA, 14:30 (GMT+2)

At 14:30 (GMT+2), data on Nonfarm Payrolls in the USA for May will be published. The number of employed citizens is expected to decrease again, but by only 8.0 million people, not as dramatically as a month earlier. However, data may turn out to be better than forecasts, since the leading indicator of Nonfarm Payrolls from ADP in May was positive. If the forecast proves to be true, this may render support to the US dollar.

Cryptocurrency Market Review

The cryptocurrency market has been trying to grow this week. Currently, Bitcoin is trading at 9800.00 (+3.3%), Ethereum is at 241.00 (+3.2%), Tether is at 0.9999 (+0.06%). The Ripple coin became the only one of the top five currencies that lost position by the end of the week; it is trading around 0.2025 (–1.8%). Bitcoin Cash quotes are in the area of ​​260.00 (+6.8%). The total market capitalization increased from $265B to $277B. The share of Bitcoin fluctuated around 65%.