2018-06-05
As seen on the 4 hour chart, gold is moving in a bearish bias. The precious metal is moving in a down slope channel. In a few days ahead, as long as gold does not break out and close above the 1,304.93 level, it will likely test the next support level at 1,281.57.
Technical analysis of USD/CHF for June 05, 2018
2018-06-05
If we look at the 4 hour chart, the USD/CHF pair is in a bearish condition. Under this condition the price is moving in a down slope channel. Unless this pair breaks out and closes above the 0.9912 level, it will try to test the next previous support at 0.9829 level as the target.
Technical analysis: intraday levels for USD/JPY for June 05, 2018
2018-06-05
In Asia, Japan will release the 10-y Bond Auction and Household Spending y/y. At the same time, the US will also publish some economic data such as the IBD/TIPP Economic Optimism, JOLTS Job Openings, ISM Non-Manufacturing PMI, Final Services PMI. So there is a probability that USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 110.47.
Resistance. 2: 110.25.
Resistance. 1: 110.04.
Support. 1: 109.77.
Support. 2: 109.56.
Support. 3: 109.34.
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 for June 05, 2018
2018-06-05
When the European market opens, some economic data will be released such as the Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI, and the French Gov Budget Balance. The US will deliver some economic data too such as the IBD/TIPP Economic Optimism, JOLTS Job Openings, ISM Non-Manufacturing PMI, Final Services PMI. So, amid the reports EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1758.
Strong Resistance:1.1751.
Original Resistance: 1.1740.
Inner Sell Area: 1.1729.
Target Inner Area: 1.1701.
Inner Buy Area: 1.1673.
Original Support: 1.1662.
Strong Support: 1.1651.
Breakout SELL Level: 1.1644.
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.
Elliott wave analysis of EUR/JPY for June 5, 2018
2018-06-05
EUR/JPY is now testing resistance in the 128.54 - 128.88 area. We expect this area will cap the upside for wave i and set the stage for a corrective decline into the 126.16 - 126.65 area in wave ii.
Short-term a break below minor support at 127.95, will confirm that wave i has completed and wave ii is developing. The most common structure for a corrective second wave is the deep zig-zag, but except from the triangle all the other corrective structures can be seen too, so only time will tell us, what to expect.
R3: 129.06
R2: 128.88
R1: 128.70
Pivot: 128.17
S1: 127.95
S2: 127.47
S3: 127.10
Trading recommendation:
We took profit at 128.45 and booked a nice profit for 161 pips. We will sell a break below 128.29 and place our stop at 129.25 if done.
Elliott wave analysis of EUR/NZD for June 5, 2018
2018-06-05
As long as resistance at 1.6764 is able to cap the upside, as long will the downtrend from 1.7294 stay alive. That said, we see a very limited potential towards the downside and think the possibilities now is towards the upside and no longer towards the downside. The loss of downside momentum, is a warning that a low could be found anytime now.
A break above resistance at 1.6764 is needed to confirm that a low has been seen in wave ii and that wave iii to above 1.7300 is developing.
R.:1.6827
R2: 1.6764
R1: 1.6708
Pivot: 1.6636
S1: 1.6605
S2: 1.6584
S3: 1.6544
Trading recommendation:
We will buy EUR at 1.6600 or upon a break above resistance at 1.6764. We will place our stop at 1.6510.
Technical analysis on Gold for June 5, 2018
2018-06-05
Gold price made a new short-term lower low yesterday still above $1,290 but did not break above resistance. Price remains under pressure and as long as price is below $1,300-$1,310 there will be a danger of seeing $1,280 or lower again.
Yellow line - medium-term resistance
Green lines - targets
Red lines - extension targets
Purple line- short-term resistance
Gold price did not break out above $1,305 yesterday as expected. This does not cancel my bullish view and expectations for a move towards $1,330. However I do not like the delay. Gold price should soon break above $1,294 (purple lines short-term resistance) and eventually above $1,297-98 medium-term resistance (yellow line). Above $1,310 we have confirmation of our bullish scenario. Until then we are vulnerable to selling pressures.
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