![\"USD](\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/May-2021\/31-May\/eur-usd-31-05-2021.png\")
<\/p>\nThe USD strengthened temporarily on Friday against a basket of other currencies, after higher-than-expected inflation measures were released and thus expectations for the Fed to taper its QE program intensified with attention now turning to May\u2019s US employment report, due out on Friday. Aussie traders turn their attention to the release of the RBA\u2019s interest rate decision and the bank is widely expected to remain on hold at 0.10%, should the bank\u2019s tone be tilted to the dovish side in Governor Lowe\u2019s accompanying statement, we may see the Aussie weakening. The Looney tended to resist USD\u2019s strengthening yet CAD traders turn their attention to today\u2019s financial releases and OPECs meeting tomorrow. Oil prices tend to remain high ahead of the OPEC meeting tomorrow, where a possible easing of production quotas is to be discussed. Gold prices reach an almost 5-month high benefiting from the weak USD and given that US yields seem to retreat as the 10-year reached 1.581%.
\nEUR\/USD dropped on Friday as the USD strengthened, yet recovered its losses, floating over the 1.2175 (S1) support line. We would require a clear breaking of the upward trendline incepted since the 1st of April in order to fully adopt a sideways bias, and it seems about to happen, given also the low volatility of the pair for the past two days, with the exception of Friday\u2019s American session. Should the bulls regain control over the pair\u2019s direction we may see it breaking the 1.2275 (R1) resistance line and aim for the 1.2350 (R2) level. Should the bears take over, we may see the pair breaking the 1.2175(S1) support line and aim for the 1.2100 (S2) support level.
\nUSD\/CAD continued to test the 1.2060 (S1) support line without being able to break it and the pair remained comfortably in a sideways motion between the 1.2060 (S1) support line and the 1.2140 (R1) resistance line. We intend to maintain our bias for a sideways movement as long as the pair remains between the prementioned levels and given that the RSI indicator below our four-hour chart runs along the reading of 50, implying a rather indecisive market. Should the pair find fresh buying orders along its path, we may see it breaking the 1.2140 (R1) resistance line and aim for the 1.2230 (R2) level. On the other hand, should a selling interest be displayed by the market, we may see the pair breaking the 1.2060 (S1) support line and aim for the 1.1995 (S2) level.<\/p>\n
Please note that during today\u2019s European session, we get Germany\u2019s preliminary HICP rate for May. In the American session, we get from Canada the current account balance for Q1 and the producer prices for April. During tomorrow\u2019s Asian session, we note Australia\u2019s final PMI figures for May, Japan\u2019s Jibun bank manufacturing PMI for May, Australia\u2019s Building approvals growth rate for April, China\u2019s Caixin manufacturing PMI for May and finally from Australia RBA\u2019s interest rate decision.<\/p>\n
On Tuesday, we get UK\u2019s nationwide house prices for May, Switzerland\u2019s GDP rate for Q1, Eurozone\u2019s final HICP rate for May, Canada\u2019s GDP rate for Q1 and from the US the ISM manufacturing PMI for May. On Wednesday, we get Australia\u2019s GDP rate for Q1, Germany\u2019s retail sales, Eurozone\u2019s producer prices and Canada\u2019s building permits, all for April. On Thursday, we get Australia\u2019s retail sales and trade balance both for April, China\u2019s Caixin services PMI for May, France\u2019s, Eurozone\u2019s, Germany\u2019s and UK\u2019s final services and composite PMI readings for May, the US ADP employment figure for May, the US weekly initial jobless claims figure and the ISM non-manufacturing PMI for May. On Friday, we get Eurozone\u2019s retail sales for April, the US Employment report for May and Canada\u2019s employment data for May as well as the US factory orders for April, while the Fed\u2019s Chairman Jerome Powell is scheduled to speak.<\/p>\n
EUR\/USD Gr\u00e1fico 4H<\/b><\/p>\n
<\/p>\n
Support: 1.2175 (S1), 1.2100 (S2), 1.1990 (S3)<\/b><\/p>\n
Resistance: 1.2275 (R1), 1.2350 (R2), 1.2445 (R3)<\/b><\/p>\n
USD\/CAD Gr\u00e1fico 4H<\/b><\/p>\n
![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/May-2021\/31-May\/usd-cad-31-05-2021.png\")
<\/p>\n
Support: 1.2060 (S1), 1.1995 (S2), 1.1920 (S3)<\/b><\/p>\n
Resistance: 1.2140 (R1), 1.2230 (R2), 1.2320 (R3)<\/b><\/p>\n
![\"Referencia-12-10-2021\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/May-2021\/31-May\/benchmark-31-05-2021.PNG\")
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![\"Referencia-12-10-2021\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/May-2021\/31-May\/table-31-05-2021.PNG\")
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![\"Referencia-12-10-2021\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/May-2021\/31-May\/morning-releases-31-05-2021.PNG\")
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Si tiene usted alguna pregunta o comentario sobre este art\u00edculo, escriba un correo directamente a nuestro equipo de investigaci\u00f3n research_team@ironfx.com<\/a><\/i>\u00a0\u00a0 <\/a><\/i><\/p>\n Descargo de responsabilidad:<\/p>\n Esta informaci\u00f3n no debe considerarse como un asesoramiento o recomendaci\u00f3n sobre inversiones, sino \u00fanicamente como una comunicaci\u00f3n de marketing.<\/i><\/p>","protected":false},"excerpt":{"rendered":" The USD strengthened temporarily on Friday against a basket of other currencies, after higher-than-expected inflation measures were released and thus<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-13470","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\n