Daily Market Analysis 3rd of June 2014

Here is a look at today’s top traded currencies and commodities.
Please keep a close eye on the market today, as important financial data is scheduled to be released mainly in Australia, United Kingdom and Europe. Prices are expected to fluctuate during trading hours. Please find below our recommendations for today:

 

EUR/CHF


Key Levels: High at 1.2226/Low at 1.2216

 

 

 

EUR/CHF traders will be looking forward to the release of important financial data coming out during Tuesday’s trading session. Our top financial analysts advise traders to focus on technical analysis throughout today’s session. The EUR/CHF is currently waiting for the release of EZ inflation data to be published. The pair will most probably be able to develop an extended upward momentum trend during today’s session. The currency pair had started yesterday’s trading session at around a level of 1.2208 and was able to reach 1.2225 very early in today’s Asian session.

 

According to the titantrade trading academy, the EUR/CHF will have the required positive momentum to continue strengthening (especially during European session hours) until the end of the day. From a technical perspective, it seems as if the pair might be able to breach the first resistance level of 1.2235 until the end of the day.
Our titantrade trading analysts estimate that a more than likely upward trend is expected until the end of the day.

Key Support Levels at: 1.2211/1.2180/1.2149

key Resistance Levels at: 1.2235/1.2266/1.2297
AUD/JPY

Key Levels: High at 94.92/Low at 94.49

 

 

 

The AUD/JPY looks as if it will be faced with a downward trend momentum during Tuesday’s trading session after climbing all the way to the 94.80 level. Even though the currency pair made an impressive recovery during yesterday’s session, the pair hasn’t been showing any signs of a steady upward trend in the past week. Following the disappointing first quarter business inventories report publications from Australia, the direction of the pair seems to be heading downwards.Today’s important financial data releases will be the main factor that continues to create a negative pressure on the currency pair. It is expected to further weaken as today’s trading session progresses.
Later in the day, important financial announcements are scheduled to be released from Australia, something that might trigger a reversed trend pattern.

AUD/JPY traders will have to keep a close eye on these important financial data release figures throughout the day. The pair’s technical indicators are showing a strong possibility of reaching the first support level currently targeted at 94.14. titantrade trading analysts estimate that current market conditions will more than likely favor an additional downtrend until the end of the day.

Key Support Levels at: 94.14/93.90/93.66

Key Resistance Levels at: 94.79/95.02/95.26
Gold

Key Levels: High at 1245.43/Low at 1241.57

 


Gold continues to be on the negative track, trading in the territory of the so called “Red zone”. Gold is currently trading at around the 1244.27 price level. The precious commodity has been showing signs of strong negative momentum shifts since Friday’s trading session. Gold was trading at a “high” level of 1256.32 back then. Gold is scheduled to continue with its down trend momentum and is expected to fall further down as today’s session progresses. Gold is currently trading at its lowest levels in the past 4 months.
titantrade analysts say that Gold prices have been shifting downwards lately and will continue doing so at least until,the end of this trading week.

titantrade trading experts believe that Gold is on its way of breaching it’s first support level currently targeted at 1242.60. titantrade trading analysts estimate that current market conditions favor a possible downtrend in Gold until the end of the day. Down

Key Support Levels at: 1242.60/1241.66/1241.04

Key Resistance Levels at: 1244.16/1244.78/1245.72