Today's market sentiment will be driven mostly by the Fed's Powell speech, with traders also waiting to hear ECB president Draghi's speech and RBA's governor Phillip Lowe. We would expect a sharp decline in USDJPY prices and a bounce from the 109.95 support level with the currency pair closing higher on the day.
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Michel Barnier, the EU's chief Brexit negotiator, recently suggested that UK should be ready for hard Brexit scenario, having in mind the Irish border issue. Today, major central bank speeches are scheduled, with Bank of Japan governor Kuroda speech set for 13:30 GMT later on the day.
A quiet day on the economic front in the markets will be offset by a number of key speeches from various central bankers. With the annual banking conference in Portugal kicking off, the day ahead will see speeches from various central bank heads including ECB's Draghi, BoJ's Kuroda and the Fed Chair, Jerome Powell.
Today's trading signal is USDJPY, the currency pair was seen easing strongly mostly on account of a waning risk appetite which put the Japanese yen on a stronger footing. Still, with price action approaching the key support level we expect to see a rebound in price action.
The speech by the ECB President comes on the back of last week's ECB monetary policy decision. The central bank left interest rates unchanged as it signaled that the central bank's quantitative easing program would end by December 2018.
Today's trading signal is EURJPY, the currency pair has been posting strong declines over the week as price approached the support level at 127.96. In the short term, we expect to see a rebound in prices and EURJPY to eventually close higher on the day.
Today's binary trading signal is EURUSD, the currency pair has managed to hold its ground on Wednesday at the support level of 1.1730. Currently, the pair is trading at resistance level 1.1820, we expect the EURUSD to dip to intraday lows and eventually closing lower on the day.
GBPUSD is trading lower ahead of UK inflation data, later on today the US Federal Reserve is expected to hike rates to 2.0%. We expect the British Pound to find support near 1.3310 and eventually closing higher on the day with a pullback up to 1.3400 level.
Today's trading signal is EURUSD, the common currency has turned flat ahead of other important events this week. Still, we expect to see some near term pullback to 1.1800 following which we expect the EURUSD to post declines. Today's data is not likely to influence the markets much given the fact that the Federal Reserve targets the core PCE price index.
Today's trading signal is GBPJPY, the currency pair has been attempting to recover from last week's declines. However, this retracement is seen pushing the currency pair back to the previously held support level that could now turn to resistance. We expect GBPJPY will test the resistance level and close lower on the day.
At the end of May, after the falling wedge pattern formation the Euro started to recover and the uptrend is likely to continue. Meanwhile the selling bias appears to have re-emerged around the common currency with today's drops in consideration.
Today's binary trading signal is USDCAD, the currency pair continues to remain trading in a sideways range. On an intraday basis, we expect to see a minor pullback ahead of further gains. We expect to see the currency pair posting a minor correction to 1.2960 before eventually closing higher on the day.
Today's binary trading signal is EURUSD, the currency pair has managed to break the resistance level and there has been no pullback ever since. However, with price approaching the next resistance level, we expect to see a pullback. The revised GDP estimates for the first quarter will be released today by the European Statistics agency, Eurostat.
Today's binary trading signal is EURUSD, the common currency has been trading at resistance for the past few days at 1.1730. Therefore, we would consider daily PUT options at 1.1730 for a 21:00 GMT expiry time as we expect the currency pair to ease back from the resistance level and therefore close lower on the day.
Following the breakout above the support level at 109.76 – 109.70 level, USDJPY has been trading rather flat. We would consider daily CALL options at 109.75 for a 21:00 GMT expiry time. With the decline to 109.75 level of support, we expect that USDJPY will close higher on the day.
An increase in activity could mark a somewhat better view on the overall GDP growth of the region. Today's binary trading signal is GBPUSD. The currency pair has been hovering near the lows of 1.3300 level over the past week. But the flat price action indicated that a bottom was taking shape.
Today's binary trading signal is USDJPY, the currency pair was seen breaking out from its consolidation earlier today. We expect to see the bullish momentum being maintained. Therefore, we are looking for daily CALL options at 109.00 for a 21:00 GMT expiry time.
The European statistics agency, Eurostat will be releasing the preliminary or flash inflation estimates today at 10:00 GMT. According to the median estimates, consumer prices in the eurozone are expected to have recovered in the month of May.
After found support close to 7000, Bitcoin bullish mojo is back and traders are looking towards 7600 for the near term. Currently, BTC price is consolidating around 7500 in a bullish flag formation and we would expect a short term breakout and potentially Bitcoin closing higher on the day.
The Euro was offered some support near 1.1520 by stabilizing Italian bond markets, attention now turns towards the German CPI report which is scheduled for 12:00 GMT later today. After a short term rally towards 1.1640 we would expect the EURUSD closing lower on the day.