DBG Markets: Market Report for Jun 04, 2025

Market Overview

GOLDGOLD prices retracted from their high yesterday after the U.S. reported JOLTS Job Openings data for April that, while lagging, came in better than expected. While the drop in gold was short-lived, it served as a good retracement to test the broken structure before a potential continuation higher. However, it is important to note that further selling is possible, as the MACD and RSI are indicating potential for bearish volume and momentum growth. Thus, our approach is to observe how prices react today. A bounce off the EMA200 would be a more favorable bullish signal.

SILVERSILVER prices maintain a healthy bullish trend after a seemingly slow rise yesterday. We are nearing the peak high, and prices might continue their ascent. The MACD and RSI are reflecting a healthy upward trend. We will monitor price progression from this point.

DXYThe Dollar found some strength following the release of stronger-than-expected JOLTS Job Openings data for April (7.39 million vs. an expected 7.1 million and up from March's 7.2 million). The immediate market reaction saw the Dollar firm, as this data, despite being for April, suggested a more stable labor market than if the numbers had been significantly weaker. This could lead markets to lean towards a potential delay in Fed rate cuts, possibly to September rather than July, pending further data. This somewhat alleviates concerns raised by worse-than-expected Unemployment data last week. If more jobs are indeed being created or remain open, it could imply economic resilience, potentially delaying any Fed rate cuts.

GBPUSDThe Pound is finding increased buying momentum and volume as it reaches for the previous peak. Yesterdays trading tested the 1.34998 level and found support. While the RSI is showing a normalization of market buying, suggesting a possibility for another retracement or even consolidation, the MACD indicates good chances for a bullish continuation. Thus, we will monitor how prices progress in the coming days.

AUDUSDThe Australian Dollar is currently showing increased bullish potential after prices tested the EMA200. The MACD is signaling a potential shift back to bullish movement. However, it is also important to note that the RSI is indicating increased selling momentum, alongside the MACDs increased bearish volume. This could imply that prices are reflecting a potential sell continuation. Nevertheless, we will maintain our overall bullish outlook until we see a break and a shift in the overall structure.

NZDUSDThe Kiwi is finding increased bearish movement after the sell-off from 0.60455. This shows a failure to break that structure and a retracement from the recent high. We might see a continued move lower but will remain wary of how prices react to the 0.59796 level and the EMA200. After all, the overall price action is still very bullish. The MACD and RSI are also indicating increased bearish growth, reflecting that prices may shift from here. However, until we see the shift occur, we will maintain our search for bullish opportunities.

EURUSDEuro prices have retraced from their high and are showing weakness. The RSI and MACD are strongly reflecting selling momentum and volume. This suggests that prices might consolidate before a potential continuation higher, unless we find a strong rejection of price levels at support, the EMA200, and the upper barrier of the consolidation zone. Thus, we will wait for further market movement before adopting a definitive bias. Currently, we remain focused on looking for more buying opportunities as the overall price action maintains its bullish structure.

USDJPYThe Yen is currently presenting increased selling opportunities [for USD/JPY] as the price tests the EMA200. We are yet to see a shift back to overall buying momentum [USD/JPY strength]. Thus, even if current price action shows increased chances for a buy continuation, as evidenced by the MACD and RSI showing growth in bullish volume and momentum, we will still maintain our hunt for bearish opportunities [USD/JPY weakness]. Nothing is final until a clear break of structure is observed.

USDCHFWhile the Franc has lost some steam [USD/CHF rose], we are seeing bearish structures [for USD/CHF] being respected. The EMA200 and the consolidation zone are fostering continued selling pressure. The MACD and RSI, however, are indicating a potential for bullish continuation due to the immediate price movement. Nevertheless, we will remain bearish on the pair until we find a clearer market break upward.

USDCADThe CAD maintains strength [USD/CAD weakness] despite some strength in the Dollar. The MACD is signaling potential for heightened volume on the downside after a normalization occurred from the retracement area. The RSI, however, is nearing oversold levels. We expect further selling [of USD/CAD] to continue in the coming days. We will wait for a clear break of structure but will also look for more bearish opportunities.