After making an exact test of the key monthly Pivot Point (1.1282) at the start of US trade, EUR/USD bounced back above the 1.1300 handle, but the upside seemed limited. A break below 1.1282 may trigger a move to the daily 50-period Exponential Moving Average (1.1263) and then – to the 61.8% Fibonacci, which reflects the ascent from May 30th low to June 9th high (1.1219).
GBP/USD fell to an intraday low of 1.4385 during the early phase of the US trading session on persisting Brexit concerns. The major pair may next receive support at the weekly S1 level (1.4361), then – at the low from June 6th (1.4350) and finally – at the low from May 16th (1.4330).
USD/CAD plunged to an intraday low at 1.2660, after it became clear that Canadian employment grew at a much faster rate than projected in May, by 13 800, instead of 3 800. At the same time, the rate of unemployment in the country unexpectedly fell to 6.9% during the month from 7.1% in April. It has been the lowest unemployment since July 2015, when a rate of 6.8% was reported. The sharp move down seemed to have been halted in proximity to the 70.7% Fibonacci level, reflecting the ascent from May 3rd low to May 30th high. In case the bearish impulse continues, the next support may be at the monthly S1 (1.2638), then – at the 76.4% Fibonacci (1.2623) and finally – at the weekly S3 (1.2614).
Gold futures reached fresh 3-month highs at $1,273.35 per troy ounce during mid-European trade. This level comes very close to the weekly R2 ($1,273.37). A potential move up may be resisted at the 76.4% Fibonacci, reflecting the descent from May 2nd high to May 30th low ($1,279.36)/the monthly R1 level ($1,279.80). In case these two points are breached, resistance may be observed next at the May 3rd high ($1,301.50).
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