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Technical Outlook

  

EUROZONE (EUR): CPI

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. Europe’s year on year CPI reached 7% during the last period.

The report is due Thursday, 1 June 09:00 GMT

EURUSD Technical Analysis

EURUSD has maintained an uptrend over the last several months, with numerous fluctuations in between. Presently, the price is trading above the 200 EMA but is inching closer to this critical moving average. After forming a bearish RSI divergence pattern from February to May 2023, EURUSD has assumed a bearish direction while breaching the 50 EMA on the way.  

As the price hovers around the 1.0720 level, a strong daily candlestick could give an insight into where the market is heading. If EURUSD drops below the 200 EMA, it would indicate a good opportunity to sell with a downside target of 1.0650 to 1.0500 level. On the other hand, if the market reverses its direction from the trendline and 200 EMA, it could lead to a rebound toward the 50 EMA.

Ultimately, the price stands at a critical support point – the upward trend line, supported by the 200-Day EMA – as selling pressure increases. Traders must closely observe this zone as it will determine the near-term direction of the currency.

Pivot Points: EURUSD

  Support  Resistance
S11.0699R11.0749
S21.0678R21.0778
S31.0648R31.0799

USA (USD): NONFARM PAYROLL

Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. NFP reached 253K, better than the forecast of 180K.

The report is due Friday, 2 June 12:30 GMT

XAUUSD Technical Analysis

While XAUUSD was moving in a clear uptrend previously, it is now forming a bearish market structure. Earlier, the price was trading inside a bullish channel and touched an all-time high of 2080, which corresponds to the top resistance area of the previous year. Moreover, the price also crafted a bearish divergence formation, spanning between mid-March to May 2023, which was followed by a strong downward price move.

Currently, Gold is standing at an important support zone, reinforced by the upward trendline. In light of several bearish confirmations, XAUUSD can surge to the previously broken smaller support zone, retest the trendline, and then fall to the downside below the 1900 zone. On the other hand, if the price manages to pass through the key level 1, it could signal a bullish sentiment, and the next target would be the 2000 mark. This level also holds psychological significance and has the potential to attract the price towards it.

Traders must stay vigilant as the gold market struggles between pressures of higher rates in the bond market and the strengthening USD.

Pivot Points: XAUUSD

  Support  Resistance
S11933.34R11959.74
S21922.97R21975.77
S31906.94R31986.14

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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