EURUSD lost 0.62% over the previous trading day. The Euro enjoyed a boost early during the European trading session as ECB president Lagarde reaffirms the central bank’s intent to raise interest rates by 25 basis points in July; furthermore, president Lagarde hints at more aggressive interest rate hikes if the central bank sees fit. On the economic docket, both ECB president Lagarde and Fed chair Jerome Powell are scheduled to speak on the 29th. U.S. GDP for Q1 is also scheduled to be released during the American trading session.
On the technical side, EURUSD retreated from our previously estimated resistance level of 1.0598 and is heading towards our projected support level of 1.0493. RSI for the pair sits at 45.7, as of writing. On the four-hour chart, EURUSD currently trades below its 50, 100, and 200-day SMA.
Resistance: 1.05754, 1.06315
GBPUSD lost 0..68% over the previous trading day. Heightened demand for the U.S. Dollar and broader risk-averse market sentiment have sent the U.S. Greenback higher. Market participants will be closely watching the U.S. GDP release and Fed chair Jerome Powell’s speech on the 29th. On the other hand, members of parliament have voted in favour of overturning a previously agreed Brexit deal, the Northern Ireland Protocol.
On the technical side, GBPUSD is trading towards our previously estimated support level of around the 1.2173 price region. Resistance at 1.2381 remains firmly intact. RSI for the pair sits at 40.52, as of writing. On the four-hour chart, GBPUSD currently trades below its 50, 100, and 200-day SMA.
Support: 1.2173, 1.20824
USDJPY rose 0.49% over the previous trading day. Demand for the U.S. Dollar returned as market participants remain risk-averse. The upbeat U.S. durable goods orders, unexpectedly rose 0.7% in May. This could lead to reduced chances of the Fed hiking rates at a more aggressive rate. U.S. GDP and Fed Chairman Jerome Powell’s speech tomorrow could provide price action for the pair as the short-term bullish movement of the pair remains well fueled.
On the technical side, USDJPY has once again begun its march upwards toward our previously estimated resistance level of 136.57. Our previously estimated support level of 134.6 was successfully defended. RSI for the pair sits at 64.94, as of writing. On the four-hour chart, USDJPY currently trades above its 50, 100, and 200-day SMA.
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