As we head into the new trading week starting June 3rd, we enter a crucial period, not just because it's the beginning of a new month, but also due to the significant economic indicators set to be released.
With non-farm payroll (NFP) and ISM Manufacturing data on the horizon, we expect notable market movements.
Let's explore the possible opportunities across our key instruments…
CAD/JPY:
Bullish signals are evident on longer time frames, with the potential to approach 125.00. Key Fibonacci support and resistance levels could play a crucial role. A tactical view suggests that maintaining these Fibonacci support and resistance levels could lead to an upswing.
EUR/USD:
Currently testing the upper boundary of a weekly triangular consolidation. This week’s developments could prompt a breakout, influencing either a continuation of the upward trend or a pivot to bearish territory, depending on the breakout direction.
EUR/AUD:
A bearish outlook prevails as lower highs signal continued downward pressure. We anticipate a potential move towards 1.5795, governed by bearish divergences and Fibonacci retracement theories.
XAU/USD (Gold):
Gold faces bearish headwinds with crucial support around 2285. Market sentiment suggests a push lower, driven by stronger USD expectations. Immediate resistance at 2361 might cap upward movements.
NASDAQ:
Signs of a correction are visible, with a potential retracement to around 17444. As tech stocks show sensitivity to economic indicators, this week's data could significantly impact NASDAQ’s trajectory.
Want to see every little detail of Nikkhil’s forecasts, including chart analysis and strategic insights?
Click Here To Watch The Full Week Forex Forecast
As you navigate these potential market shifts, remember that knowledge and timely action are your best tools for success.
Embrace the insights, plan your strategies, and prepare to capitalise on the opportunities that lie ahead.
Wishing you a week of great decisions and profitable trades!
We’ll talk soon!
Team Moneytize