Forex Daily Analysis : 02 June 2021 GDP Data Boosts Aussie

Forex daily analysis for June 02, 2021 today, for the AUDUSD market movement is predicted to strengthen but limited. The strengthening of the Aussie against the US Dollar was seen in trading on Tuesday, the strengthening of the Aussie was due to the optimism of market participants after the release of positive building approvals and current account data. For today's market movement, the Aussie is predicted to continue its strengthening, albeit limited compared to the US Dollar. The strengthening of the Australian Dollar against the US Dollar as described above, due to the release of good Australian economic data. The data is GDP (State Revenue and Expenditure). The Australian Bureau of Statistics has reported that GDP data for the first quarter increased by 0.3%. Where Australia's GDP data in the January-March period increased by 1.8%, higher than the forecast of only 1.5%, but lower than the previous quarter which was released at 3.1%. The greenback strengthened against several other major currencies in Tuesday's trading. The strengthening of the US Dollar is due to the good release of ISM Manufacturing PMI data, the increase in Manufacturing data occurred despite the low number of workers and the reduced availability of production raw materials. The Institute for Supply Management (ISM) has released data on the US manufacturing activity index which increased in the May edition, this is due to the number of pent-up demand even though economic conditions are still not optimal. The US dollar had weakened in early trading, as a result of a report from the ISM which said that manufacturing growth opportunities continued to experience obstacles due to a shortage of workers and the temporary closure of other business sectors due to shortages of raw materials and the number of workers.

Forex Daily Analysis Predictions

AUDUSD daily analysis chart 02-06-2021 Today's FOREX prediction on the AUDUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 0.77400. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily forex analysis of June 02, 2021 which discusses the reasons for the strengthening of the Aussie against the US Dollar. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.