What will be important on the fundamental docket this week?
Federal Reserve chair Jerome Powell will deliver his semi-annual testimony to lawmakers on Tuesday and Wednesday. His remarks will be closely watched in terms of Fed rate expectations. The U.S. dollar will rise if Powell continues to talk up further rate hikes.
On Friday, the U.S. Payrolls are expected to show slower hiring in February. However, if we see another upside surprise, the door will be open to a stronger greenback.
DAX: We finally got a price breakout, but not to the downside as initially anticipated but to the upside and towards a test of the 15650-60 region – the latest resistance area.
EUR/USD: The pair remained in a tight trading range with a crucial support lying at around 1.05 whereas a current resistance is seen at 1.07. The next high-risk event for the euro will be next week’s ECB decision (March 16).
GBP/USD: The cable’s support at around 1.19 proved to hold so far. If U.S. payrolls data come in below expectations on Friday, it could result in a positive move for the pound.
Daily Forex and DAX Signals:
Our trading ideas for today 6/3/23:
Long @ 1.0660
Short @ 1.0620
Long @ 1.2060
Short @ 1.2020
Long @ 15630*
Short @ 15580
Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
We wish you good trades!
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