2018-06-08
USD/CHF has been quite impulsive in the bearish bias yesterday. The price breached below 0.9850 area with a daily close and is expected to estend bearish pressure in the coming days. USD has been struggling to sustain its gains against CHF that is expected to push the price much lower in future.
This week, CHF has been quite positive amid the economic reports which helped the currency to gain momentum against USD. This week, Switzerland's CPI report was published with an increase to 0.4% from the previous value of 0.2% which was expected to be at 0.3% and Unemployment Rate was decreased to 2.6% as expected from the previous value of 2.7%.
On the other hand, USD has been quite mixed with the economic reports which increased the struggle of the currency to gain momentum over CHF. Today, US Final Wholesale Inventories report is going to be published which is expected to be unchanged at 0.0%.
As for the current scenario, US economic report to be published today is expected to have a minor impact on USD gains against CHF, so that CHF is expected to sustain the bearish momentum in the pair further in the coming days. Until the US comes up with upbeat economic report to gain momentum over CHF, the bearish pressure in this pair is expected to remain constant.
Now let us look at the technical view. The price is currently residing below 0.9850 area from where the price is expected to push much lower towards 0.97 support area in the coming days. Though certain correction is expected below 0.9850 area before the price finally starts to push lower in the coming days. The break below 0.9850 was quite correction and expected to lead to certain corrections along the way towards 0.97. As the price remains below 1.00 area, the bearish bias is expected to continue.
Analysis of Gold for June 08, 2018
2018-06-08
Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,299.44. According to the H1 time – frame, I found a potential end of bearish (abc) corrective phase, which is a sign that selling look risky. I also found a broken intraday supply trendline, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,304.00 and at the price of $1,314.15.
Resistance levels:
R1: $1,306.10
R2: $1,310.77
R3: $1,314.25
Support levels:
S1: $1,297.85
S2: $1,294.40
S3: $1,289.65
Trading recommendations for today: watch for potential buying opportunities.
GBP/USD analysis for June 08, 2018
2018-06-08
Recently, the GBP/USD pair has been trading sideways at the price of 1.3420. According to the H1 time – frame, I found a bullish flag in creation, which is a sign that selling looks risky. My advice is to watch for a otential breakout of the bullish flag to confirm a further upward movement. The upward target is set at the price of 1.3480.
Resistance levels:
R1: 1.3467
R2: 1.3520
R3: 1.3566
Support levels:
S1: 1.3368
S2: 1.3321
S3: 1.3269
Trading recommendations for today: watch for potential buying opportunities.
Fundamental Analysis of USD/CAD for June 8, 2018
2018-06-08
USD/CAD has been quite impulsive with the bullish gains recently after having certain volatility along the way. USD has been quite impulsive with the gains despite the mixed economic reports published this week, whereas upcoming Canada's high impact economic reports to be published today are expected to have a limited impact on the USD gains.
Today, Canada's Employment Change report is going to be published which is expected to increase to 19.1k from the previous figure of -1.1k, Unemployment rate is expected to be unchanged at 5.8%, Housing Starts is expected to increase to 219k from the previous figure of 215k, and Capacity Utilization Rate is expected to increase to 86.3% from the previous value of 86.0%.
On the other hand, today US Final Wholesale Inventories report is expected to be unchanged at 0.0%.
As for the current scenario, CAD is expected to gain certain momentum over USD today if the economic reports from Canada are better than expected. Today's US economic report is likely to make a mimor impact on further USD gains that is expected to facilitate the upcoming gains on the CAD side.
Now let us look at the technical view. The price has been quite volatile at the edge of 1.2900-50 area from where it is expected to push higher in the future. As Canada is due to release economic reports on Employment, certain bearish pressure is expected in this pair, making the price retrace lower towards 1.2900-50 area and then proceed higher towards 1.31 resistance area in the coming days. As the price remains above 1.29 with a daily close, further bullish pressure is expected in this pair.
Technical analysis of AUD/USD for June 08, 2018
2018-06-08
Overview:Pivot: 0.7613
The AUD/USD pair bullish trend from the support levels of 0.7509 and 0.7566. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7566, which coincides with a golden ratio (38.2% of Fibonacci). Consequently, the first support is set at the level of 0.7566. So, the market is likely to show signs of a bullish trend around the spot of 0.7566. In other words, buy orders are recommended above the level of 0.7566 with the first target at the level of 0.7661. Furthermore, if the trend is able to break out through the first resistance level of 0.7661. We should see the pair climbing towards the double top (0.7814) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7460.
Daily analysis of Silver for June 08, 2018
2018-06-08
Overview
Silver price attempted to breach 16.80 level but it returns to hold below it. Silver is trading in the sideways range. Its lines are represented by the mentioned resistance and 16.15 support. We remind you that exiting the sideways range will push the price towards 17.43 in case a breac of the above mentioned resistance is confirmed. On the other hand, breaking the support will put the price under negative pressure that targets 15.49 mainly. The expected trading range for today is between 16.45 support and 16.90 resistance.
Daily analysis of Gold for June 08, 2018
2018-06-08
Overview
Gold's recent trading is confined within a bearish pennant pattern. This means that breaking its support at 1,291.40 will activate the negative effect of this pattern. It will also push the price to resume the bearish trend, which targets 1,285.90 followed by 1,267.00 as the next main stations. Therefore, we still suggest the bearish scenario in the hsort term unless breaching 1,301.20 level and holding above it. The expected trading range for today is between 1,280.00 support and 1,310.00 resistance.
Daily analysis of USD/JPY for June 08, 2018
2018-06-08
Overview
The USD/JPY pair could not manage to hold above 110.04 level for long. The price fell under negative pressure that pushes the price below the mentioned level. We notice that stochastic is showing positive signals that might enable the price to rise again. Therefore, we prefer to stay aside until the price confirms its next destination clearly through breaching 110.04 resistance or breaking 109.00 support. Please note that breaching this resistance will push the price towards 111.32 as the next upward target, while breaking the support will push the pair to return to the main bearish path again with its next target located at 108.00. The expected trading range for today is between 109.00 support and 110.50 resistance.
Fundamental Analysis of AUD/USD for June 8, 2018
2018-06-08
AUD/USD has been quite impulsive in the bearish bias recently which nearly engulfed the previous bullish pressure after bouncing off the 0.7500-50 area. AUD has been quite positive amid the recent economic reports, including Retail Sales, but it could not keep the momentum throughout the week.
Recently, AIG Construction Index report was published with a slight decrease to 54.0 from the previous figure of 55.4 and Trade Balance report was also published with a decrease to 0.98B as expected from the previous figure of 1.73B. The worse economic reports is speculated as the main reasons for the recent impulsive bearish pressure in the pair against AUD in the process.
On the other hand, today US Final Wholesale Inventories report is going to be published which is expected to be unchanged at 0.0%. Moreover, today ahead of G7 Meeting, USD is expected to trade with higher volatility with the gains in the process.
As for the current scenario, USD is expected to take the lead against AUD in the coming days. If USD manages to push the price below 0.75, further bearish pressure is expected in future.
Now let us look at the technical view. The price is currently quite bearish with the gains leading quickly towards 0.7500-50 support area while breaching below the dynamic level of 20 EMA support. The recent bearish pressure was quite impulsive which nearly engulfed the previous impulsive bullish pressure along the way. The price is currently expected to push lower towards 0.7500-50 area and if the price manages to break below 0.75 with a daily close in the coming days then further bearish momentum can be observed proceeding impulsively towards 0.7375 area in the coming days. As the price remains below 0.7700 area, further bearish pressure is expected in this pair.
Technical analysis of GBP/USD for June 08, 2018
2018-06-08
Overview:The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3370.
On the H1 chart, the level of 1.3370 coincides with 61.8% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend.
However, the major support is seen at the level of 1.3370.
Furthermore, the trend is still showing strength above the moving average (100).
Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
Therefore, strong support will be found at the level of 1.3370 providing a clear signal to buy with a target seen at 1.3473.
If the trend breaks the minor resistance at 1.3473, the pair will move upwards continuing the bullish trend development to the level 1.3518 in order to test the daily resistance 2.
Fundamental analysis of NZD/USD for June 8, 2018
2018-06-08
NZD/USD has been bullish recently after bouncing off the 0.6850 support area which is expected to be retested soon in the coming days. Despite having mixed economic reports, NZD gained good momentum over USD which is currently expected to be engulfed by USD in the coming days.
Recently, the NZD ANZ Commodity Prices report was published with an increase to 1.5% from the previous value of 1.0% which lead the currency to gain certain momentum but could not sustain it longer in the process as USD has been quite better with the results in comparison.
Recently, the US ISM Non-Manufacturing PMI report was published with an increase to 58.6 from the previous figure of 56.8 and the JOLTS Job Opening report was also published with an increase to 6.70M from the previous figure of 6.63M. The positive economic report helped the currency counter the NZD momentum which was being built for a month. Today, the US Final Wholesale Inventories report is going to be published which is expected to be unchanged at 0.0%. Moreover, today due to G7 Meetings, USD is expected to be quite volatile with the gains in the process.
As of the current scenario, USD is expected to take the lead against NZD in the coming days which can reult in further bearish pressure in the process. Until NZD comes up with better economic reports to support its gains, USD is expected to continue the pressure further in the future.
Now let us look at the technical view. The price is currently quite bearish with the gains after rejecting certain bullish pressures along the way with daily close. After bouncing off the 0.6850 area, current momentum is indicating certain bearish pressure to be observed in the coming days which is expected to push the price lower towards 0.6850 to retest again in the future. As the price remains below 0.7150 area with a daily close, the bearish bias is expected to continue further.
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