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Market Review 04 June 2020

Jun 4, 2020 (06:30)

by Constantinos Loizou

In the Economic calendar of today we can expect some volatility in EUR and USD
At 14:45 (GMT) the European Central Bank will release their decision for the Interest and Deposit rate
The results are forecasted to remain the same as the April’s decision, at 0% and -0.5% respectively
At 15:30 (GMT) the European Central Bank’s president, Christine Lagarde, will give a press conference regarding the monetary policy
Her comments may influence the volatility of EUR and determine a short-term positive or negative trend
At 15:30 (GMT) the US Department of Labor will release their Initial Jobless Claims
The above is a measure of the number of people filing first-time claims for state unemployment insurance
The result is forecasted to decrease to 1800K considering the last month that was at 2123K

On the charts

As we can observe on the AUD/NZD Daily chart the price has found resistance and reacted to the downside
The pair has broken the blue upward trendline to the downside, but it returned and retested it
On the RSI and MACD, we can observe a negative divergence since oscillators failed to create a higher top like the price (green and red arrows)
The price is now at 1.07451
Considering the above, there is a possibility to see the price moving lower at 1.05500, a price level which consists the 38.2% Fibonacci Retracement Level (0.99925 – 1.08792)

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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