2018-06-07
The AUD/USD pair is now moving in the upward channel on the 4-hour chart. We've spotted a Divergence between the price and the Stochastic Oscillator. So, there is a possibility this pair will test its support at 0.7600 a few days later as long as the price does not break out and closes above 0.7678.
(Disclaimer)
Technical analysis of GBP/JPY for June 07, 2018
2018-06-07
On the 4-hour chart, the GBP/JPY pair is moving in the upward channel, but there is a divergence between the Stochastic Oscillator and the price. As long as the price does not break out and closes above the 147.97 level, there is a high probability that in a few days the price will make a significant correction from the upside movement with the first target at 147.00 which coincides with the Support level. Then, the price will continue again to the upside to test the resistance level of 149.11.
(Disclaimer)
Elliott wave analysis of EUR/NZD for June 7, 2018
2018-06-07
EUR/NZD has rallied nicely from the 1.6598 low and is currently testing important resistance at 1.6764. We need a clear break above here, to confirm that wave ii did complete at 1.6598 and wave iii higher to above 1.7300 is developing.
Short-term, we could see a set-back from important resistance at 1.6764 towards 1.6688 for a new challenge of resistance at 1.6764 and the next time we expect a clear break confirming wave iii/ higher towards 1.6937 starts to develop.
At this point on a break below minor support at 1.6612 will question our bullish outlook.
R3: 1.6874
R2: 1.6929
R1: 1.6786
Pivot: 1.6764
S1: 1.6720
S2: 1.6704
S3: 1.6688
Trading recommendation:
We are long EUR from 1.6600 and will raise our stop from 1.6510 to 1.6610. If you are not long EUR yet, then buy near 1.6688 or upon a break above 1.6764.
Technical analysis: Intraday level for USD/JPY, June 07, 2018
2018-06-07
In Asia, Japan will release the Leading Indicators. The US will release a series of economic reports such as Consumer Credit m/m, Natural Gas Storage, Unemployment Claims. So there is a probability the USD/JPY pair will trade with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 110.64.
Resistance. 2: 110.43.
Resistance. 1: 110.21.
Support. 1: 109.94.
Support. 2: 109.73.
Support. 3: 109.51.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday levels for EUR/USD, June 07, 2018
2018-06-07
When the European market opens, some economic data will be released such as French 10-y Bond Auction, Spanish 10-y Bond Auction, Revised GDP q/q, Italian Retail Sales m/m, French Trade Balance, and German Factory Orders m/m. The US will release a series of economic reports too such as Consumer Credit m/m, Natural Gas Storage, and Unemployment Claims. So, amid the loaded economic calendar, EUR/USD will trade with medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1839.
Strong Resistance:1.1832.
Original Resistance: 1.1821.
Inner Sell Area: 1.1810.
Target Inner Area: 1.1782.
Inner Buy Area: 1.1754.
Original Support: 1.1743.
Strong Support: 1.1732.
Breakout SELL Level: 1.1725.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
EUR/GBP Approaching Resistance, Prepare For A Reversal!
2018-06-07
EUR/GBP is approaching its resistance at 0.8792 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) where we expect to see a reversal, causing price to fall to its support at 0.8725 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support). We do have to be cautious of the intermediate support at 0.8758 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is making the same approach to its resistance at 98% where we expect to see a reaction.
Sell below 0.8792. Stop loss at 0.88264 Take profit at 0.8725.
Technical analysis on Gold for June 7, 20182018-06-07
Gold price remains below short-term resistance. Gold is ready for a spike higher towards $1,330 at least. I 'm bullish about Gold but we also have to be careful in case support of $1,290 fails to hold. If this is the case, we should expect Gold to move lower towards $1,275.
Yellow line - medium-term resistance
Green lines - Fibonacci targets
Red lines - extension targets
Gold price has major resistance at $1,307. Short-term resistance is at $1,300. Support is at $1,290. Bulls need to break above the yellow line resistance in order to pick up speed and break the triple top at $1,307. If Gold price pulls back, this is considered a buying opportunity.
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