Weekly Market Commentary | 03.06 – 07.06

By Tomasz Wisniewski|

Published: June 03 2024, 08:23 GMT+0

Weekly Market Commentary | 03.06 – 07.06

Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know!


  • Final Manufacturing PMIs from the US: Expected at 50.9, indicating slight expansion in the manufacturing sector.
  • ISM Manufacturing PMIs: Anticipated slightly below 50 at 49.8, signaling a potential contraction.


  • Swiss Inflation Data: Expected at 0.4%, providing insights into the inflationary pressures in Switzerland.
  • JOLTS Job Openings: Forecasted at 8.4 million, offering a snapshot of the labor market demand in the US.


  • Australia GDP: Expected at 0.2%, reflecting the economic growth in Australia.
  • ADP Non-Farm Employment Change: A key indicator of private sector job creation in the US.
  • Bank of Canada Rate Decision: A rate cut from 5.5% to 4.75% is anticipated.
  • ISM Services PMIs: Expected to provide further insights into the US service sector’s health.


  • UK Construction PMI: Expected at 52.5, indicating expansion in the construction sector.
  • ECB Rate Decision: Another anticipated rate cut from 4.5% to 4.25%.
  • US Unemployment Claims: Weekly indicator of labor market health.
  • Ivey PMI from Canada: Expected at 65.2, reflecting business conditions in Canada.


  • US Non-Farm Payrolls: The highlight of the week, expected at 185K, providing critical insights into the US labor market.
  • Canada Job Data: Offering a comprehensive look at employment trends in Canada.

Setups for This Week:


Primary View:

  • The price is currently correcting, but we are still defending the 23.6% Fibonacci retracement level.
  • As long as we stay above this level, there is potential for a buy signal with the target set on the green resistance.

Alternative View:

  • If the price breaks below the 23.6% Fibonacci level, it will be a bearish sign, with the next target at the 38.2% Fibonacci retracement, which seems like the next legitimate support.


Primary View:

  • The price is currently battling two key supports. The first is a horizontal support marked in orange, which is being tested.
  • Below this, we have a green long-term uptrend line. As long as the price stays above this line, the buy signal remains valid.

Alternative View:

  • If the price breaks below the green uptrend line, it will signal a sell, indicating further downside potential.


Primary View:

  • The price has escaped from a wedge pattern marked with blue lines and resumed its uptrend.
  • We are now seeing a flag formation marked with red lines. A breakout to the upside from this flag will be a strong buy signal.

Alternative View:

  • Should the price break below the lower line of the flag and subsequently the yellow uptrend line, it will indicate a sell signal, suggesting a potential reversal.

Source: https://www.axiory.com/analytics/weekly-market-commentary/weekly-market-commentary-03-06-07-06