From: IronFX Global <news@ironfx.com>
Sender: IronFX Global <robert@ironfx.ccsend.com>
Date: Tue, 3 Jun 2014 07:39:44 -0400 (EDT)
To: <e_chrisis@hotmail.com>
ReplyTo: support@ironfx.com
Subject: Intraday 03/06/2014 - Silver
| 03 June 2014  | |  |  | | | 
- The dollar traded near its opening levels against most of the other G10 currencies during Tuesday morning in Europe. It was higher only against NOK and lower against AUD and GBP.
- Today, from Eurozone, we got preliminary CPI data for May and the unemployment rate for April. The headline inflation rate slowed to +0.5% yoy from +0.7% yoy in April, below expectations of +0.6%. The core CPI rate also slowed by more than anticipated. On the other hand, Eurozone’s unemployment rate fell to 11.7% in April from 11.8% in March, beating estimates of an unchanged rate. EUR/USD started declining approximately 10 minutes ahead of the release and tried to make another dip at the time of the release. However, the last leg of the decline triggered some buy orders at the support zone of 1.3587 and the pair recovered to trade virtually unchanged. This confirms our view that the slowdown in inflation was already priced in, and I believe that the market gave more attention to the unexpected improvement in the bloc’s unemployment rate.
- The Norwegian Krone was the main loser after Norway’s unemployment for May was released. Although the rate declined to 2.7% from 2.8%, it did not meet market expectations of 2.6%. USD/NOK rebounded from the support area of 5.9860 ahead of the release and as soon as the number was out, it surged to overcome the key resistance zone of 6.0000. The rate remains within its uptrend channel and I would expect the aforementioned break to trigger extensions towards the zone of 6.0200.
- The main gainer was the Australian dollar, which continued rising after the RBA policy meeting, where the Bank evinced a more optimistic stance towards the domestic economy than at its previous meeting.
- The pound was the other gainer, even after the UK construction PMI for May declined, missing expectations of a modest rise. GBP/USD fell about 20 pips after the release, but even with this decline the pair was still trading well above its opening levels.
- Silver moved slightly higher during the European morning Tuesday but found resistance at 18.94 (R1). The RSI formed a top slightly below its 70 level and the MACD, although in its bullish territory, is pointing down and seems ready to challenge its trigger line. As a result I would expect the forthcoming wave to be to the downside, maybe for another test near the 18.65 (S1) support zone. On the 4-hour chart, the structure of lower highs and lower lows remains in effect, keeping the short-term outlook of the white metal to the downside. A dip below the 18.65 (S1) support, could signal the continuation of the downtrend and could pave the way towards the next hurdle at 18.20 (S2).
- Support: 18.65 (S1), 18.20 (S2), 17.15 (S3)
- Resistance: 18.94 (R1), 19.10 (R2), 19.23 (R3)
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Prepared by: Marshall Gittler Published: 03/06/2014 Disclaimer: This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research. IronFX may act as principal (i.e. the counterparty) when executing clients' orders. This material is just the personal opinion of the author(s) and client's investment objective and risks tolerance have not been considered. IronFX is not responsible for any loss arising from any information herein contained. Past performance does not guarantee or predict any future performance. Redistribution of this material is strictly prohibited. Risk Warning: Forex and CFDs are leveraged products and involves a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. IronFX Global UK Limited is authorized and regulated by the Financial Conduct Authority (FCA no. 585561)
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