Analysts of the RatingFx project have prepared an up-to-date Forex forecast for May 30, 2022 for the main trading instruments: AUD/USD, NZD/USD currency pairs, cryptocurrencies and gold.
AUD/USD: the commodity market gives support
According to sources from trading platforms, the rising cost of commodities, including oil and gold, combined with the weakening US currency due to weak macroeconomic indicators, the Australian dollar is testing its approach to the 0.7255 mark.
According to published data, the PMI in May sank to 53.5 points from the previous 55.6, while the volume of sales of primary residential real estate for the previous month decreased by 16.6%. The level of demand for goods for a long service life increased by 0.4%, disappointing analysts who expected a decrease of at least 0.6%, respectively. The US currency remains vulnerable due to preliminary data on the quarterly GDP of the United States, which will maintain a negative trend, and will lose another 1.5% against 1.4%, which was recorded the day before and contrary to experts' expectations of 1.3%.
- Resistance levels: 0.7255, 0.7420.
- Support levels: 0.7039, 0.6830.
NZD/USD develops a bullish trend
he New Zealand currency shows a steady rise during the trading of the Asia-Pacific countries, having successfully updated the local maximum from May 5. The NZD/USD trading instrument is trading at 0.6560.
The US currency continues to be under pressure due to macroeconomic data that showed negative trends in the movement of the economy. Despite the preliminary forecasts in the US Federal Reserve, which do not provide for further assessments on the balance of inflationary pressure on consumer prices due to increased rates. It was expected that a break would be made for the first half of the summer period to stabilize the situation in the markets. Meanwhile, the RNBZ has already revised the rate on the eve of last week, according to various forecasts of market participants. Recall that the next summit was announced by the regulator on July 13. The instrument was under moderate pressure against the background of New Zealand macroeconomic data published at the end of the previous week. Thus, consumer confidence in ANZ for May reached 82.3 points from the previous 84.4, contrary to the more positive expectations of experts.
- Resistance levels: 0.6567, 0.6600, 0.6650, 0.6700.
- Support levels: 0.6500, 0.6450, 0.6400, 0.6300.
Gold Prices
Quotations of the precious metal are increasing their positions during morning trading, restoring the previous local highs reached during the previous week. The asset is trading at the level of 1860.00, revealing the potential for further growth, taking advantage of the uncertainty of the US currency. Thus, the USD Index shows a daily strengthening of 0.05%, being at 101.680, having rolled back from the minimum indicator for the month of 101.430. recorded on Friday, because experts are busy evaluating the US data published the day before, for a better understanding of the further steps of the US regulator. Investors remain interested in gold, because the fundamental factors in the market remain the same. The war in Ukraine still remains a cause for concern on world platforms, which causes numerous additional risks due to the lack of prospects for a ceasefire in the short term.
- Resistance levels: 1869.49, 1885.00, 1900.00, 1930.00.
- Support levels: 1850.20, 1840.26, 1823.09, 1800.00.
Cryptocurrency Market Overview
Investors successfully tested BTC positions at the beginning of this month at the level of 2880.00, further movement from which will be able to determine the further fundamental mood of the asset.
The Terra ecosystem, which collapsed as one of the most promising projects in the field of DeFi, led to a drop in the capitalization of the entire segment of the crypto market, the outflow of which exceeded $83 billion, because market participants began to consider more reliable tools on the market. Bitcoin lost ground, falling to a global low at 28800.00, continuing to trade within this level.
- Resistance levels: 30650.00, 34050.00, 37340.00.
- Support levels: 28580.00, 26800.00.