During the upcoming trading week the release of the US Non-farm payrolls job report and the Reserve Bank of Australia jobs report takes center stage. The US jobs report is expected to show an improvement from the previous months number, with economists forecasting that the US economy created over 620,000 jobs in May.

Traders and investors also look to interest rate decisions from the Reserve Bank of Australia, with no major change expected from the central bank. The Australian economy also release important Growth Domestic Product and Retail Sales numbers this week.

The Canadian economy also releases monthly jobs and Gross Domestic Product data this week, at a time when the Bank of Canada is starting to taper QE. Other highlights on the economic docket include eurozone Consumer Price Index numbers and the ISM Manufacturing report from the United States economy.

Monday 31ST May, German Consumer Price Index

The German Consumer Price Index is released by the Statistisches Bundesamt Deutschland and measures the average price change for all goods and services purchased by households for consumption purposes. CPI is the main indicator to measure inflation and changes in purchasing trends. Germany is the largest economy inside the eurozone, so the ECB and market participants pay close attention to macroeconomic data points coming from the German economy.

• The EURUSD pair is only bullish while trading above the 1.2130 level, key resistance is found at the 1.2250 and 1.2330 levels.
• If the EURUSD pair trades below the 1.2130 level, sellers may test towards the 1.2080 and 1.2020 levels.

Tuesday 1st June, RBA Interest Rate Decision

The Reserve Bank of Australia Rate Decision is the market interest rate on overnight funds, with the RBA standing as the central monetary authority for the Australian economy. The Reserve Bank of Australia is widely expected to keep interest rates on hold at this meeting, and talk down the Australian dollar currency. RBA policymakers are also tipped to strike an overall dovish tone towards the economy and monetary policy.

• The AUDUSD pair is bearish while trading below the 0.7700 level, key support is found at the 0.7600 and 0.7500 levels.
• If the AUDUSD pair moves above the 0.7700 level, buyers may test towards the 0.7830 and 0.8000 levels.

Wednesday 2nd June, Australian Q1 GDP

The Gross Domestic Product released by the Australian Bureau of Statistics is a measure of the total value of all goods and services produced by Australia. The GDP is considered as a broad measure of the economic activity and health. A rising trend has a positive effect on the Australian dollar currency, while a falling trend is seen as negative for the Australian dollar currency.

• The EURAUD pair is only bearish while trading below the 1.5810 level, further downside towards the 1.5720 and 1.5550 support levels seems possible.
• If the EURAUD pair trades above the 1.5810 level, buyers are likely test towards the 1.5900 and 1.6080 resistance levels.

Thursday 3rd June, US ISM Manufactuing 

The Institute for Supply Management (ISM) Manufacturing  shows business conditions in the United States manufacturing sector. The ISM Manufacturing survey is a significant indicator of the overall economic condition in US. A monthly ISM figure above 50 is seen as positive for the US dollar currency, whereas a below 50 reading is seen as negative for the US dollar currency.

• The USDCAD pair is only bullish while trading above the 1.2070 level, key resistance is found at the 1.2150 and 1.2240 levels.
• If the USDCAD pair trades below the 1.2070 level, sellers may test towards the 1.2000 and 1.1900 levels.

Friday 4th June, US Nonfarm Payrolls Job Report

The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. The Non-farm payrolls job report is the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy.

• The GBPUSD pair is only bearish while trading below the 1.4000 level, further losses towards the 1.3870 and 1.3760 levels remains possible.
• If the GBPUSD pair trades above the 1.4000 level, buyers are likely to test the 1.4210 and 1.4380 resistance levels.