Trade ideas

The suspected intervention from the BOJ this week has changed the game for USD/JPY, placing a rather large barrier in the way of further upside at a time when US bond yields were already looking toppy.

S&P 500 analysis: Investors interpret Fed as slightly less hawkish than expected, but macro concerns remain. Attention turns to Apple, expected yo report a 10% decline in iPhone sales, before Friday's release of NFP and ISM services PMI.

WTI Crude Oil prices are on edge as anticipation mounts ahead of June's pivotal OPEC meeting

Precious metals have been hit by profit-taking, strong USD and reduced rate cut bets in recent weeks. However both gold and silver remain in dip-buying mode, with prices no longer extremely overbought. Silver technical analysis suggests that XAG/USD could rebound from breakout area circa $25/$26 zone.

EUR/USD is rising post-Fed on USD weakness. USD/JPY steadies after another suspected intervention.

The break above $2300 for gold was accompanied by strong volumes, and with the US dollar mulling a pullback it could benefit gold further over the near term.

WTI crude was looking suspect even before Wednesday’s significant swoon, leaving the price teetering on key uptrend support dating back to the Fed’s rate cut pivot in December. Should it give way, there’s not standing between a larger flush to the mid-$70 per barrel region.

It was the Japanese yen which stole the show after Jerome Powell’s press conference, with USD/JPY falling over 450 pips on another suspected BOJ intervention.

EUR/USD boosted by German and Eurozone GDP expansion, although the ECB is still likely to cut in June even if the pace of subsequent cuts may be slower. US data highlights include FOMC, NFP and ISM surveys this week. Meanwhile EUR/USD technical analysis point to potential rise to $1.08.

DAX struggles despite signs of the economy improving. FTSE rises as HSBC impresses, China manufacturing expands.

EUR/USD looks tired ahead of key inflation and GDP data from the continent later Tuesday, struggling to hold the gains which took it to two-week highs on Friday.

The Nasdaq 100 is poised to snap a 5-month winning streak by Tuesday's close, which begs the question as to if the old adage 'sell in May and go away' arrived a month early.

The growth engine of the Chinese economy unexpectedly decelerated last month while Australian retail sales are growing at the weakest pace on record outside one-off economic shocks, putting AUD/USD under renewed pressure on Tuesday.

Despite the MOF's best attempts, USD/JPY is holding above 155 - a level traders are clearly watching. AUD/USD shows the potential to extend gains into 66c, but having risen for 6 days already then perhaps the upside potential it limited.

Japanese officials had been warning for months that speculative moves in the Japanese yen would not be tolerated without elaborating on what exactly constituted a ‘speculative’ move. We may have just been provided the answer.

USD/JPY analysis: FX intervention causes big moves in popular trading pair. FOMC, NFP and PMI data among key macro highlights this week for US dollar. USD/JPY technical levels to watch include 155.00 support.

Gold analysis: Metal remains fundamentally support, so we could see a renewed rally. This week’s macro highlights include FOMC policy decision, NFP and ISM PMIs. Gold technical analysis shows prices respecting the 21-day exponential moving average.