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Monday, May 30th
GBP/USD undergoing correction process, keeping downside trend for the third day in a row. Cable remains vulnerable to its counterpart as FOMC chair J. Yellen said on Friday that a rate hike is appropriate in June. Also the pair is still suffering from the Brexit sentiments, as less then month is left to EU referendum. Today the pair will stay directionless as both the US and UK markets remain closed. At the moment the pair is trading at 1.4624 finding support at 1.46 level. Todays support and resistant levels are located at 1.4552 and 1.4720
USD/JPY has managed to break through its key support level at 111 and now the pair is expanding its gains near its multi-week high at 111.40. Yen has lost its ground moving form Fridays low at 109.50 to todays multi-week high on the back of positive US GDP with hawkish comments from the Feds Head J. Yellen provided last Friday. Also the pair gained perceptible upward boost as traders are looking toward risky assets today. Today the pair will gain its direction from sentiment related to risky assets, as US market will be closed for holyday today. Now the pair is trading at 111.24 with todays support and resistance levels at 109.65 and 111,42
EUR/USD has managed to recover some positions this morning despite dollars strength. The pair fell to its multi-week lows this morning finding support at 1.11 level as Fridays hawkish comments of Fed Chair J. Yellen assured traders that rate hike by the Fed in June remains a live possibility. Today ahead German CPI while US market will be closed due to the Memorial Day holiday. At the moment the pair is trading at 1.1119 with todays support and resistance levels located at 1.1051 and 1.1231.
USD/CAD remains highly bided today on the back of strengthened US dollars positions and weakness in the oil prices. Also the pair will gain sentiments from Fed Chair Yellen’s hawkish comments as traders are still digesting her speech. Looking ahead today traders will focus on CAD secondary data such as Current Account and Raw Materials Price Index while US market is closed due to holiday. At the moment the pair is trading at 1.3072 spot with todays support and resistance levels at 1.2918 and 1.3122
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