TECHNICAL UPDATE 

EURUSD

EURUSD is looking neutral in the near term. Once the pair will reach a level above 1.2230. it can gain bullish potential, while bears could take over on a break below 1.2165. Overall the pair is trending upwards, some reports including German Preliminary CPI data, which was released yesterday indicated the continued rise in German’s inflation in may albeit at a slightly slower rate.
Also, the eurozone Unemployment Rate data will be released later at the same time. The next support zone of the pair is at 1.21500 and the next resistance zone is at 1.23200. Look for the buying opportunities of eurusd.

GBPUSD

Bank of England Governor Bailey will be speaking later at 2300 (GMT+ 8). During this time volatility can be seen in GBP. The pair is currently testing to break above the key level of 1.42, giving the next support zone at 1.40000 and the next resistance zone at 1.43500. Once the key level of 1.42 will be broken, look for short-term selling opportunities of GBPUSD. Moving on, the traders will keep their eyes on the risk catalysts and the US Dollar moves ahead of the US ISM data. The UK PMI for May is expected to confirm a 61.9 initial forecast, which is exciting for the traders.

USDJPY

Recently the pair bounced down from the key level of 110. The Japanese Consumer Confidence data released yesterday indicated the slight decline in the level of confidence of the surveyed households on the Japanese economic conditions. Also, the Japanese Housing Starts released yesterday, a strong increase in the number of new residential buildings that began construction. The next support zone is at 108.500 and the next resistance zone is at 110.800, look for the selling opportunities of USDJPY.

USDCAD

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USDJPY bounces off intraday low but stays under pressure towards short-term support line, Recently the pair failed to break the resistance zone of 1.21000. The OPEC-JMMC meetings will be held today and we can see the volatility in CAD. Also the Canadian Manufacturing PMI data will be released later at 2130 GMT+ 8. USDCAD’s next support zone is at 1.19000 and the next resistance zone is at 1.21000. Look for short-term selling opportunities of USDCAD. The pair sellers justify sustained trading below short-term resistance lines and descending Momentum line.