INT
Daily Insights Report 02/06/17
- 2 Jun 2017
CAD/JPY
The CAD/JPY pair has crossed the 50-day moving average after a long, sustained downtrend. Price action should target the 100-day moving average; however confirmation of the bullish reversal will come when price action breaks the 83.37 resistance level. MACD appears flat although slightly positive and volume is building indicating increasing interest from buyers of the pair.
Impact Event: Canadian Trade Balance at 15:30 GMT+3.
USD/JPY
The Japanese yen appears to be losing ground to its peers. Another bullish cross of the 50-day moving average indicates the dollar is recovering. The next price target is in close range at 111.96, which is almost in line with the 100-day moving average, indicating that the long-term outlook for the pair appears bullish. MACD appears to have an upward trajectory and volume is stable.
Impact event: Non-Farm Payroll data will be released at 15:30 GMT+3.
GBP/JPY
One currency that appears not have gotten the upper hand over the Japanese Yen is the British Pound. Despite a recent push from buyers, price action appears to be finding resistance at the 20-day exponential moving average (currently at 143.75). The pair appears to be entering into a descending flag pattern, however more confirmation is required. MACD has flattened at the zero line and a break of the 50 support level on RSI can be a signal for sellers of the pair.
Impact Event: The U.K. Election on June 8th 2-17 is going to provide significant volatility for Sterling rates.
USD/CAD
The USD/CAD pair has retraced from a swing high on 5th May. The pair retraced from the position and a bullish reversal appears to be underway, however, price action appears to have found some resistance at the unofficial ‘50’ Fibo level. If the pair can break through this zone the next target will be the 20-dasy exponential moving average (which currently at 1.3528). MACD appears to be turning more positive and a break of the zero line would represent confirmation of the reversal.
Impact event: Non-Farm Payroll data and Canadian Trade Balance data will be released at 15:30 GMT+3.
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