Market Review
The consumer survey released by the University of Michigan on Friday showed an improvement in the final consumer sentiment index for May compared to the preliminary value. However, it still saw a significant drop of 8.1 points from April, falling to a six-month low of 69.1. The final one-year inflation expectation for May decreased from a six-month high of 3.5% in the preliminary value to 3.3%, below the expected 3.4%. The final five-year inflation expectation dropped to 3%, failing to remain stable at the preliminary value of 3.1%. The U.S. dollar index fell from a more than one-week high above 105, ultimately closing at 104.75, ending a four-day winning streak.
Today's Focus
U.S. Dollar Index: After testing the resistance area of 104.9-105.1, it fell back. Short-term support lies at 104.6. If it breaks below, watch the 103.8-104.1 area; if the support holds, it may rise again.
EUR/USD: Supported at the 1.08 level and rising, the short-term market is approaching resistance at 1.086. Monitor this area to see if it can break through effectively during the day. If it cannot, continue with short-selling operations; if it breaks through, it will move towards the 1.089-1.093 resistance area.
GBP/USD: The short-term 1.27 support area remains effective, and the market will continue to rise if it does not break below this level effectively. Focus on resistance at the 1.28 area; observe the short-term high of 1.276, and consider short-term long positions if it breaks above and then falls back.
USD/JPY: The price is nearing the 157.5 resistance area. Exercise caution with short-term trend chases. If the price cannot break above effectively, be cautious of a potential decline. Previous long positions may consider taking profits. Short-term support lies at around 156.5; aggressive traders may consider short positions if it breaks and rebounds.
AUD/USD: Short-term price oscillates between 0.664-0.667. Currently below this range, observe opportunities to continue short-selling if it does not break above. Focus on resistance at 0.6715 and support at 0.6557; a significant trend will continue if it breaks through these levels.
USD/CAD: The price has reached the 1.363-1.366 support area. If it cannot break below short-term, consider long positions. Watch support around 1.3588; if this level breaks, a significant bearish trend may commence.
Crude Oil: After hitting new lows, the price rebounded. Short-term focus is on the 61.8% Fibonacci retracement area. If the price does not break above 78.65, continue with short positions. Key resistance is at 80. Major support is around 75; monitor this level for potential long opportunities.
Gold: In a short-term downtrend, upper resistance is around 2370, while support lies in the 2290-2300 range. Observe the minor level between 2325-2347; trading opportunities will follow whichever side it breaks through.
S&P Index: Short-term support around 5270 remains, with the price not closing below it. Focus on resistance between 5330-5350; if it breaks through, a significant bullish trend may continue. Aggressive traders may consider short positions while conservative traders wait for a breakout and then buy on the pullback.
Bitcoin: The price remains above the 67600 support level, showing overall strength. Short-term focus is on the 70000 resistance area; if it breaks through, it may head towards the 72500-73800 resistance area. Look for long opportunities if it dips back to but does not break the 66000-67600 support area.
