Financial Calendar
May 06 (Monday) Data and Financial Events (Beijing Time)
09:45 China April Caixin Services PMI
15:50 France April Services PMI Final Value
15:55 Germany April Services PMI Final Value
16:00 Eurozone April Services PMI Final Value
16:30 Eurozone May Sentix Investor Confidence Index
17:00 Eurozone March PPI Monthly Rate
22:00 US April Global Supply Chain Pressure Index
07th
00:50 Fed's Bullard Speech
01:00 Fed's Williams Speech
Market Review
On Friday, the US added 175,000 jobs in April, marking the smallest increase in six months and significantly below market expectations, with the unemployment rate rising to 3.9%. March's non-farm payroll numbers were revised down by 22,000. Following the data release, the market increased bets on the Fed cutting interest rates twice this year. The Dollar Index briefly fell below the 105 mark but later recovered most of its losses, eventually closing at 105.05.
Today's Focus
Dollar Index: After the non-farm payroll, prices recovered above the 105 mark. In the short term, continue to monitor the support at the 105 level. Prices holding above short-term support indicate stability, with rebound scenarios not breaking viewed as opportunities for short-term bullish positions. Break below would target strong support at the 103.9 area.
EURUSD: Prices are momentarily resisted at the 1.08 level, with overall tempo referencing the USD index. If the market retests higher without breaking, short positions are plausible; a direct break above continues the uptrend. Strategically, short positions supported by last week's high are advisable, with breaks above then considered for buy on dips.
GBPUSD: Prices are facing resistance at the 1.26 level, with the overall pace in line with EURUSD, although the GBP may experience larger fluctuation. Today's focus is on retesting higher without surpassing Friday's high for short positions; a break above should monitor for continued upward movement opportunities.
USDJPY: Price has reached 152, with short-term market rebound eyeing the previous intervention low around the 155 area. Positions reaching targets without surpassing can consider taking profits on long positions, with substantial resistance between 157-158, and a test failing to break through would indicate a potential second drop.
AUDUSD: Current resistance lies around the 0.665 level, with the short-term market focusing on retesting higher. If the market fails to surpass previous highs, continue short positions, placing stop losses above the high. A direct break above should look for a buy on dips targeting higher major resistance areas.
USDCAD: A short-term 'V' reversal upward is observed, focusing on near-term resistance around 1.372. Failure to break through may see a retest to recent lows. Monitor closely the direction of short-term market movements.
Crude Oil: The downward trend continues in the short term, nearing the completion of an AB=CD pattern. Prior short positions can consider taking profits near 77.5. Without a clear reversal, caution is advised for direct long positions, with strategies potentially waiting for a bounce before re-entering short positions.
Gold: Short-term market is resisted around the 2330 area, caution advised in chasing the market higher without a substantial break. Support lies at 2250 and 2280, with an upward move post-Non-Farm Payrolls towards 2280. Today's focus is on market direction, with strategies favoring selling high and buying low without breaking previous highs.
S&P Index: The upward trend continues, with prices reaching resistance at 5140-5160. Caution advised for chasing the market higher, with existing long positions considering taking profits before monitoring this area for potential reversal signals. A direct break through continues the upward trend; otherwise, remain watchful.
Bitcoin: Following a break below 59000, a large double top pattern emerges. Short-term focus is on the reaction to breaking lower. Resistance above at 67000, with failures to break higher warranting renewed short positions. Monitor the strength of the upward movement in the short term.
