{"id":171410,"date":"2020-06-01T08:55:53","date_gmt":"2020-06-01T12:55:53","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=171410"},"modified":"2020-06-01T08:15:51","modified_gmt":"2020-06-01T12:15:51","slug":"usd-ends-may-on-a-weaker-note","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/06\/usd-ends-may-on-a-weaker-note\/","title":{"rendered":"USD Ends May on a Weaker Note"},"content":{"rendered":"
June 1, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

EURUSD Retreats From 1.1130 Level<\/span><\/h3>\n

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The euro rose to 1.1144, marking a fresh two-month high on Friday before retreating.<\/p>\n

The pullback coincides with the resistance level near the 1.1130 level. At the moment, price action is supported from the median line.<\/p>\n

But a breakdown below this will signal a correction. We expect the downside in EURUSD to send the currency pair back to the 1.1000 level.<\/p>\n

Establishing support back at this level will potentially bolster the case for further gains.<\/p>\n

Alternatively, a breakout above 1.1130 could trigger stronger gains.<\/p>

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GBPUSD Maintains A Steady Hold On The Upside<\/span><\/h3>\n

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The GBPUSD currency pair is near a two-week high.<\/p>\n

After clearing the price level near 1.2277, price action is having an upside bias.<\/p>\n

The next target is at 1.2424, marking a strong resistance level from earlier attempts.<\/p>\n

As a result, GBPUSD might settle into a sideways range. A close above 1.2424 will, of course, mark a full recovery from the slump which began in early May this year.<\/p>\n

The declines to the downside are limited for now, as long as 1.2277 holds up.<\/p>\n

WTI Crude Oil Pushes Above 33.66<\/span><\/h3>\n

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WTI Crude oil prices rose over 4% on Friday and closed above the 33.66 level.<\/p>\n

However, price action remains a bit doubtful at the moment.<\/p>\n

This is, of course, unless we see a strong rally above this handle.<\/p>\n

The next main target level is near the 40s for crude oil. Price action in the commodity remains somewhat mixed which opens the risks of a correction lower.<\/p>\n

The Stochastics oscillator is also somewhat bearish that suggests the possibility of a pullback.<\/p>\n

XAUUSD Makes Gains, But Upside Remains Weak<\/span><\/h3>\n

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Gold prices rose over 0.8% on Friday but prices stalled near previous highs of 1733.0.<\/p>\n

While this is a minor resistance level, the gains could push price action closer to the next main resistance level of 1747.00.<\/p>\n

Only a convincing breakout above this level will trigger further rallies in the precious metal.<\/p>\n

To the downside, there is scope of a pullback as the 1717 handle remains within sight.<\/p>\n

A breakdown off this level might trigger a move lower to the 1696 level that was only briefly tested.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex EURUSD Retreats From 1.1130 Level The euro rose to 1.1144, marking a fresh two-month high on Friday before retreating. The pullback coincides with the resistance level near the 1.1130 level. At the moment, price action is supported from the median line. But a breakdown below this will signal a correction. We expect the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-171410","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=171410"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171410\/revisions"}],"predecessor-version":[{"id":171438,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171410\/revisions\/171438"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=171410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=171410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=171410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}