Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
What to trade on June 2?
Information is not investment advice
AUD surged
The day started with a fresh data from Australia. The Reserve Bank of Australia set a cash rate unchanged. Also, RBA’s governor Philip Lowe was quite optimistic about the future economic recovery. He said: “it is possible that the depth of the downturn will be less than earlier expected”. He noticed that restrictions had been eased and rate of infections reduced. The market sentiment immediately improved and pushed AUD up. We can see on the AUD/USD that it rebounded to its pre-crisis levels. The price broke through all moving averages. Now it’s headed towards the retracement level at 0.69. The next one will be at 0.7. Support levels are 0.675 and 0.665.
Oil prices stabilized at $35
The oil prices are flat as markets wait for the OPEC+ decision. Russia and Saudi Arabia can agree to extend supply cuts in next three months. It will allow WTI oil prices to rebound to $40 a barrel at least. Petrol consumption is recovering, but it still well below pre-coronavirus levels. Speaking about airplanes, it’s hard to say when the industry will come back to normal. The WTI oil price slightly crossed the 100-day moving average and it’s headed to the new high at 37.5. Support levels are 31.5 and 27.
Violent protests in the USA
Violent protests in the USA have made the US dollar really weak. Investors start doubting about the future US recovery. The US economy hasn’t yet recovered from the coronavirus damage, when it met the new challenge. Donald Trump said that he would deploy the military troops if states don’t take measures. That led to S&P 500 contraction for a while. However, stocks are still trading at high levels as most economies are reopening.
Tesla jumped
On Saturday, SpaceX, founded and led by Elon Musk, sent two NASA astronauts to the International Space Station. The launch was successful and gave more confidence to investors in Musk and in Tesla. Let’s look at the chart, the price reached pre-crisis positions. The key psychological mark at 900 is really close. Support levels are 805 and 765.
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Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
The US Labor Market And Real Estate Market Are In Focus This Week
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
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