EUR/USD: Keep your eye on the first-quarter gross domestic product on Thursday, which is expected to show that U.S. economic growth was 3.1%
We will also focus on US Core PCE data which its preferred inflation gauge by Fed. The Core PCE price index is expected to rise by 0.2% in April. Year on year, economists forecast a 1.6% rise.
In the Eurozone, the German inflation figures for May will be published on Friday. The consensus forecast is that the report will show consumer prices rose 1.6%, slowing slightly from 2.0% in May, remaining short of the European Central Bank's target of just below 2%.
The euro was under selling pressure yesterday with worries about the trade tensions and Italy's budget policy. In the event that the EUR/USD downward movement continues, we will watch the key support level at 1.1103. On the other hand, if the pair shows an upward movement, we will see the daily resistance level of 1.1219 again.
Support: 1.1103 - 1.0980 - 1.0837
Resistance: 1.1219 - 1.1285 - 1.1355
GBP/USD: The GBP/USD pair dropped below the daily level of 1.2667. If the bearish action continues below 1.2667, we will follow the main support level at 1.2606. On the other hand, if the pair goes beyond 1.2667, the next resistance level will be placed at 1.2732.
Support: 1.2606 - 1.2528 - 1.2395
Resistance: 1.2667 - 1.2723 - 1.2807
USD/JPY: The Safe haven currency, yen rose with European political worries and fears of a further escalation in the China-U.S. trade dispute. The USD/JPY pair found sellers from the 109.57 daily resistance level yesterday. If the downward movement continues below 109.57, we will see the support levels at 108.95 and 108.49. In contrast, if the price rises above 109.57, the next resistance level can be found at 110.35.
Support: 108.95 - 108.49 - 107.70
Resistance: 109.57 - 110.35 - 111.18
GOLD: The Gold Price jumped back up from the 1278 key support level after yesterday’s sharp drop. If the upward movement continues, we will see the daily resistance level in 1291. On the other hand, if the price falls below 1278, the next support level will be found in 1266.
Support: 1278 - 1266 - 1251
Resistance: 1291 - 1305 - 1316
DAX30 Futures Index: The DAX30 Index is now trading below the major resistance level of 11947. As long as the index stays below 11947 on a daily basis, the key support level can be found at 11775. On the other hand, if the index goes beyond 11947, the next resistance level is holding at 12173.
Support: 11775 - 11547 - 11427
Resistance: 11947 - 12373 - 12565
USD/CAD: The BoC monetary policy decision will be announced today. The Bank of Canada is widely expected to keep interest rates on hold and reiterate its plan to raise them gradually.
The USD/CAD pair showed an upward movement yesterday. Ahead of Bank of Canada Rate Decision, the pair is currently testing the major resistance level of 1.3503. If the pair stays above 1.3503 on a daily basis, the rise may gain momentum and the next resistance level will be placed at 1.3573. On the other hand, If the price drops below 1.3503, we will see the support level at 1.3446.
Support: 1.3446 - 1.3405 - 1.3369
Resistance: 1.3503 - 1.3573 - 1.3656