Industrial Investment: The US dollar is struggling at a low level, and the Australian dollar continues to rise

Fundamentals

Currency markets continued to diverge on Monday. The US dollar stabilized above last week's lows and rebounded slightly, while the euro and sterling fell slightly. However, commodity currencies continued their gains last week, and the Australian dollar further extended its gains, testing the resistance of the 100-day moving average. The New Zealand dollar also continued to rise, approaching the April high. The Canadian dollar suffered pressure near the previous resistance but still closed higher. Gold rebounded slightly after stabilizing in 2000 last week, but was blocked at the 2030 line.

Liquidity has been reduced by the closure of UK markets for the coronation of Charles III of the UK. US bank stocks jumped up and down, indicating that the market still has lingering fears of a banking crisis. However, last Friday's unusually strong non-farm payroll eased market fears of a US recession, and the market waited for US CPI data on Wednesday. Against the background of the lack of promotion, the market went into defensive mode.

Tuesday focused on bipartisan talks on the US debt ceiling. The US Treasury has moved up the possibility of a debt default to June 1. The two sides are not expected to reach an agreement soon, but if they maintain a positive attitude, they may still not pressure the market. At present, the market has limited pricing of debt default risk.

technical

EUR/USD

The overall upward momentum of the daily chart has remained intact. Since the end of mid-April, it has fallen into a high level of volatility. The moving average is flat, and the short-term volatility is slightly weaker. The 4-hour chart is still sawing at the MA100 line, and the increase of the negative line indicates that the momentum of the bears has strengthened. The hourly chart is blocked at the 1.1050 line, and the support below is concerned about 1.0970. It is recommended to pay attention to the 1.0970 line to support the performance to decide the further direction.

Support level: 1.0970 1.0940 1.0900

Resistance level: 1.1050 1.1090 1.1120

GBP/USD

The overall upward momentum of the daily chart remains intact, and the short-term pullback remains above MA20 and continues to be bullish. The 4-hour chart is blocked slightly lower below 1.2670, and the downside momentum is not strong. The hourly chart is oscillating lower from a high level, and there may be further downside space if the short-term is maintained below 1.2625. During the day, it is recommended to short the position below 1.2630, set a stop loss tightly, and break 1.2600 to follow up.

Support level: 1.2600 1.2560 1.2520

Resistance level: 1.2630 1.2665 1.2700

USD/JPY

The daily chart stabilized above the previous low of 133.00 and rebounded slightly, temporarily limited by resistance 135.30. After the 4-hour chart pulled up, it fell into consolidation, and the bulls still dominated. The hourly chart struggled below 135.30, waiting for a breakthrough. It is recommended to seek long above 134.60 during the day, set a stop loss, and follow up above 135.30.

Support level: 134.60 134.20 134.00

Resistance: 135.30 135.70 136.00

gold

The daily chart has a slight rebound momentum and is not strong. Focus on the first line of resistance in 2030. After the 4-hour chart fell sharply, it stabilized above 2000, but lacked rebound momentum. The hourly chart has a mild rebound, and it is expected to continue to decline below 2030. The intraday trend is slightly towards light short positions below 2030, and stop losses are set tightly. Look at 2000 first.

Support level: 2000 1990 1980

Resistance: 2030 2040 2050

silver

The daily chart is weakly blocked by resistance around 26.00, but the bottom is supported by MA20, and it will continue to be bullish without breaking the line. The 4-hour chart fell into a narrow range after a black candlestick with a lower shadow, and was slightly bearish. The hourly chart rebound lacked follow-up, and was sorted below 25.70. During the day, it is recommended to slightly lean towards a light position below 25.70 to short, set a stop loss, and look at 25.30 first.

Support level: 25.30 25.00 24.60

Resistance level: 25.70 26.00 26.30