Tuesday, June 7, 2022

Daily Technical Analysis From MFM Securities

The U.S. dollar remained firm to other major currencies. The dollar index advanced to 102.38.

USD/JPY climbed 98 pips to 131.86, the highest level since 2002. This morning, official data showed that household spending in Japan declined 1.7% on year in April (vs -1.0% expected), while labor cash earnings increased 1.7% (vs +1.1% expected).

AUD/USD declined 12 pips to 0.7195. Later today, Australia's central bank is expected to raise its key interest rate by 25 basis points to 0.60%.

GBP/USD gained 44 pips to 1.2532. U.K. Prime Minister Boris Johnson won a confidence vote by Conservative Members of Parliament. However, 148, or 41%, out of 211 Tory MPs voted against him.

EUR/USD fell 23 pips to 1.0696.

USD/CHF increased 88 pips to 0.9709, while USD/CAD slipped 15 pips to 1.2579.

After printing a positive weekly bar last week following a record losing streak of 9 weeks, Bitcoin bounced 5% further to levels above $31,300.