The price of crude oil increased before a meeting of OPEC+ members in June, which may result in conflicting views among members. The technical picture suggests that WTI might continue to rise.
The GBP/USD price is expected to rally pending confirmation from the NFP and as the BOE and Fed start to differ. The NFP report is the main factor driving the FX market today, and there is a bullish engulf on the weekly chart.
Gold prices are rallying and set for their best week since the beginning of April. However, the upcoming NFP data could affect this trend. The Fed rate cut bets have increased due to disappointment in ISM Price Paid data. The XAU/USD technical bias remains downward
The EUR/USD has regained strength and bounced off support at 1.0640/1.0600, with buyers challenging a key ceiling below the psychological 1.0800 mark. There are two possible scenarios to watch out for: clearance of cluster resistance or upside exhaustion and rejection from current levels. The USD/JPY has retrenched after failing to clear overhead resistance above the psychological 140.00 mark and may face a bearish attack on short-term trendline support near 135.90 if the 138.00 area floor gives way. The USD/CAD has seemingly carved out the second leg of a double top pattern on Thursday, with a potential slump towards 1.2960 over a medium-term horizon if it breaks below the neckline at slightly above the 1.3300 handle.