What will move the market this week(May 30–June 4)
The USD kept falling, the US stock market bounced up, oil prices jumped even higher, and gold strengthened above 1850. What about this week? Let’s see!
EURUSD has a chance of breaking the last week’s level at 1.0750 and targeting the resistance at 1.0900. The upcoming market events will bring even more volatility. On Monday, if a member of the FOMC comments on the possible end of the tightening cycle, the USD may weaken. NFP, JOLTS Job Openings, and ADP Employment Change are also worth your trading attention. As for the CAD, watch for the interest rate decision this Wednesday. Analysts expect the central bank to raise the interest rate by 50 basis points. In that case, USDCAD will cross the 1.2660 level and fall lower to 1.2500
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The main event this week is the OPEC meeting. This time, there might be no changes in the OPEC policy as the oil supply is relatively in the balance now. The first resistance for XTIUSD is at $115, and it may head to $126. As for XBRUSD, the price is moving to the resistance at $120, and the next key level is $130. The gold price moved closer to the peak of May 24 at 1870, and the next resistance lies at 1890. On the downside, 1840 represents a strong support line.
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The US indices showed stable gains last week, and now the next target for buyers will be placed at 4300. On the contrary, if the USD strengthens, the S&P 500 will fall below 3900 to the next point at 3700. As for the NASDAQ, the index rose 5% from Wednesday to the resistance at 12 600.
After the breakout of this level, expect a rise to 13 600.
On June 3, stock traders await the 20-for-1 stock split by Amazon after the end of a trading session. Thus, the stock may be pumped ahead of the event. Egmarkets’ analysts expect the price to move higher to 2430 this week.