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05.06.2020

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.

NZD/USD: technical analysis

On the H4 chart, the uptrend is very strong. The instrument is at the upper border of Bollinger Bands; the indicator cloud is expanded, which indicates the preservation of growth in the short term. MACD histogram is in the positive zone preserving a steady signal for opening long positions. Stochastic is crossing the overbought zone boundary from below, keeping a signal to open long positions.

USD/CAD: wave analysis

The pair may fall.

On the 4-hour chart, the third wave of the higher level (3) develops, within which a downward correction develops as the second wave 2 of (3). Now, the wave c of 2 is developing, within which the wave (v) of c is forming. If the assumption is correct, the pair will fall to the levels of 1.3400–1.3300. In this scenario, critical stop loss level is 1.3576.

USD/JPY: wave analysis

The pair may grow.

On the 4-hour chart, an upward wave C of the higher level develops, within which the first wave 1 of (1) of C formed, a correction developed as the wave 2 of (1), and the formation of the wave 3 of (1) began. Now, the first entry wave of the lower level i of 3 has formed, the local correction ii of 3 has ended, and the wave iii of 3 is developing. If the assumption is correct, the pair will grow to the levels of 110.75–111.80. In this scenario, critical stop loss level is 108.20.