Daily Insights Report 01/06/17

• 1 Jun 2017

AUD/USD

The AUD/USD pair has broken a 20- day exponential moving average with the current candle indicating significant selling pressure. There is a bearish crossover on MACD which remains in negative territory. RSI has a downward trajectory.

Impact Event: ISM Manufacturing PMI for May is expected to fall slightly, giving indications of a slowdown in the manufacturing sector. The manufacturing sector accounts for approximately 12% of GDP.

EUR/JPY

A bullish crossover of the 50-day moving average over the 100-day moving average indicates an uptrend in the near-term. MACD and RSI remain positive although both have a more bearish trajectory.

Impact event: Markit Manufacturing PMI for the Eurozone is expected to remain unchanged on the previous month. Any surprise could affect the euro.

SILVER

A bearish crossover on the Silver chart indicates the asset may be entering a downtrend. Price action remains below moving averages which appear to be acting as a resistance level for the asset. A bearish crossover of the 50-day moving average over the 100-day moving average suggests momentum has turned negative. MACD remains in negative territory and RSI is approaching the 50 support line.

AUD/NZD

The AUD/NZD pair appears to have bounced off of an oversold area. Several breaks of the lower Bollinger band have been followed by a bullish candle. RSI hit the 30 support level and has bounced back up above 30, indicating the beginning of a reversal. If the current candle closes above the 30 line, the reversal may be sustained.