Daily Insights Report 06/06/17

• 6 Jun 2017

AUD/CAD

The AUD/CAD pair has crossed the 20-day exponential moving average which appears to be providing support for price action currently at the 1.0068 level. Although the current session is slightly bearish, the long lower shadow indicates buying momentum. Confirmation of the bullish momentum comes from MACD with a bullish crossover and a break of the zero line.

Impact Event: Ivey PMI data will be released at 17:00 GMT+3. The index is expected to drop marginally to 62 points.

SILVER

Price action has crossed both the 50-day and 100-day moving average, marking a significant break to the upside. However, a crossover of the 50-day moving average over the 100-day moving average indicates that the longer-term outlook is bearish. MACD has broken the zero line and has a distinct upward trajectory.

EUR/JPY

The EUR/JPY pair appears to have entered a downtrend with a break of the 20-day exponential moving average. MACD has a downward trajectory and the zero line has also been broken. RSI appears to be on the verge of breaking the 50 support line.

Impact Event: Eurozone retail Sales figures will be released at 12:00 GMT+3. Sales are expected to slow to 0.2% growth for the month of April.

CHF/JPY

The Swiss Franc, true to form has followed the same path as the Euro against the Japanese Yen. A break of the 20-day exponential moving average indicates that momentum has turned bearish, after a period where the pair was ranging between 112.91 and 114.81. MACD backs the bearish momentum with a break below zero and RSI appears to be approaching the 50 support level.