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The FxPro Analyst Team

FxPro Forex Analysis: EURUSD Wave Analysis – May 31, 2018

• EUR/USD reversed from support zone • Further gains are likely EUR/USD continues to rise after the earlier upward reversal from the support zone lying between the major support level 1.1550 (which reversed the price in November) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal Bullish Engulfing – which marked the end of the previous long-term ABC correction ② from February. With the oversold reading on the daily ...

The FxPro Analyst Team

FxPro Forex Analysis: US WTI Oil Analysis – May 31, 2018

Crude oil prices eased this morning following a rally in the previous session after a surprise build in crude inventory reported by the American Petroleum Institute (API). The API data on Wednesday reported a build of 1 million barrels in US crude inventory for the week. Focus will now turn to inventory data reported by the Energy Information Administration (EIA) later today. Concerns over oil production and exports from Iran and Venezuela continue as US economic sanctions on both of those ...

The FxPro Analyst Team

FxPro Forex Analysis: AUDCAD Wave Analysis – May 31, 2018

• AUD/CAD falling inside minor correction 2 • Further losses are likely AUD/CAD recently reversed down from the resistance zone lying between the resistance level 0.9850 (top of the previous correction 4), upper daily Bollinger Band and the 38.2% Fibonacci retracement of the previous downward impulse C rom March. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Evening Star – which started the active minor correction 2. AUD/CAD is likely ...

The FxPro Analyst Team

FxPro Forex Analysis: USDJPY and EURAUD Analysis – May 31, 2018

USDJPY The USDJPY pair ran into resistance at 111.390 earlier this month on its attempt to reach 112.000. Price has been pushed down to 108.100 area support this week and has retested the previously supportive trend line as resistance yesterday at 109.052. Today’s low found support at the 108.539 level so far but a loss of this point could see a move to 108.000 and beyond. The bears have the advantage here and can look for targets at 106.712 and the 2018 low at 104.573. A break above the ...

Alexander Kuptsikevich

FxPro Forex Analysis: Italian and German news provide support to EUR and global markets

Italy has a chance Reports suggesting that Italy has a chance to avoid new elections had a positive impact on world markets. European and American markets retraced the previous day’s declines and Asian exchanges have rebounded from two month lows this morning. Not to be outdone, Crude Oil jump by 3 dollars (4%). EURUSD rose from 10-month lows by 1.2% to 1.1685 in early Thursday trading . From a technical perspective, Wednesday’s rebound could be the start of a longer recovery after a month and ...

The FxPro Analyst Team

Inflation and GDP data top the bill today

The G7 is meeting today in Canada. Any comments made by participants can result in market moves. At 09:00 GMT, Eurozone Consumer Price Index – Core (YoY) (May) is expected to be 1.0% against the previous 0.7%. Consumer Price Index (YoY) (May) is expected to be 1.6% against the previous 1.2%. The recovery in the Euro area is still strong and growing despite some questionable economic data potentially weather related. CPI is stabilizing around 1.2%/1.3% with today’s reading expected to exceed ...

The FxPro Analyst Team

FxPro Forex Analysis: Markets rally as Italian worries subside

Reports in the Washington Post today are suggesting that US President Trump plans to announce metal tariffs on Mexico, Canada and Europe set to come into force as early as tomorrow. The deadline for the EU’s relief from US tariffs expires tomorrow, June 1st. There has been a muted market reaction to the rumour but should it be officially announced volatility can spike higher as a result. USDMXN did react by selling off from 19.82115 to 19.71140. The Italian President has told the Populist ...

The FxPro Analyst Team

FxPro Forex Analysis: Natural Gas (NTG) Wave Analysis – May 30, 2018

• Natural Gas reversed from resistance level 3.000 • Further decline are likely Natural Gas recently reversed down from the resistance zone located between the round resistance level 3.000, upper daily Bollinger Band as well as the 61.8% Fibonacci retracement of the previous sharp downward upward impulse C from January. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – which stopped the earlier impulse wave 3. With the ...

The FxPro Analyst Team

FxPro Forex Analysis: USDCAD and GBPCAD Analysis – May 30, 2018

The Canadian Dollar (CAD) has remained under pressure this week ahead of the Bank of Canada (BoC) interest rate announcement today. There is a small chance that the BoC will hike today however it is widely expected to hold interest rates at 1.25% as inflation has moved closer to the 2% target and economic growth has been steady. Moreover, there is still some uncertainty related to US trade policy as the NAFTA revamp continues to face delays. The Canadian Dollar has been weak against the US ...