Focus U.S. jobs – may support greenback

18-year low unemployment rate in the United State was released at 3.8% so Dow Jones rose 219 points on last Friday. As the result, the most stock market in Asia move in green zone on Monday. AUD/USD rose higher than 0.7600 and may rise up to 0.7714 following the reversal pattern. RBA interest rate decision and rate statement at 11.30 a.m. may support Aussie dollar in short term but unchanged rate at 1.5% may give negative for Aussie dollar in long term.
The stronger U.S. labor market not only supports stock markets but also U.S. dollar because investor gets more confident about rising interest rate in next FOMC meeting next week. While EUR/USD held steady on Monday because euro had rising inflation supported and dollar had rising nonfarm supported. EUR/USD may swing wider range from U.S. economic data: ISM non-manufacturing PMI in May and jobs opening in April at 21.00 p.m. which may give positive for greenback, if these indices release better than forecast. I also suggest listening ECB chair speech at 20.00 p.m. to catch the future policy for inflation.
British pound rose up early on Monday and need more support to break resistant line at 1.3400 so U.K. service PMI in May at 15.30 p.m. which predicts higher may help pound break the resistant, if the actual reach 53.0 or higher. According to the reversal pattern “Head and shoulders” on 4 hours timeframe, Bitcoin price may edge higher to 8,000 USD. However, Bitcoin price should hold above 7,600 dollar (neck line). If it falls lower than neck line, the pattern will be less effective.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

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