2018-06-08
If we look at the 4 hour chart of the USD/CAD pair, we can spot a hiddden divergence between the price and the Stochastic Oscillator. As long as this pair does not break out and close bellow 1.2857, it will likely go up and test the 1.3028 level in a few days ahead.
Technical analysis: intraday levels for USD/JPY for June 08, 2018
2018-06-08
In Asia, Japan will release the Economy Watchers Sentiment, Final GDP q/q, Final GDP Price Index y/y, and the Current Account Bank Lending y/y. At the same time, the US will also deliver some economic data such as the Final Wholesale Inventories m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 110.36.
Resistance. 2: 110.15.
Resistance. 1: 109.93.
Support. 1: 109.66.
Support. 2: 109.45.
Support. 3: 109.23.
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 08, 2018
2018-06-08
When the European market opens, some economic data will be released such as the French Industrial Production m/m, German Trade Balance, and the German Industrial Production m/m. The US will also unveil some economic data such as the Final Wholesale Inventories m/m. So, amid the reports EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1849.
Strong Resistance:1.1842.
Original Resistance: 1.1831.
Inner Sell Area: 1.1820.
Target Inner Area: 1.1792.
Inner Buy Area: 1.1764.
Original Support: 1.1753.
Strong Support: 1.1742.
Breakout SELL Level: 1.1735.
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.
GBP/USD reversed nicely off resistance, prepare for a drop
2018-06-08
GBP/USD reversed nicely off its resistance at 1.3646 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance), from where we expect the price to fall to the support at 1.3219 (horizontal swing low support).
Stochasitic (55, 5, 3) has reversed off its resistance at 95% and a bearish divergence with price has been identified which contributes to our bearish bias.
Sell below 1.3647. Set stop loss 1.3611 and take profit at 1.3219.
Technical analysis on gold for June 8, 2018
2018-06-08
Yesterday gold was unable to break above $1,300-$1,307 resistance level. Sellers pulled the price back below $1,295. Gold price continues to trade in a sideways trading range between $1,290 and $1,304. It is expected to move higher towards $1,320-30, but there is no confirmation yet for this scenario.
Magenta lines - trading range
Yellow line - medium-term trend line resistance
Green horizontal lines - Fibonacci targets
Gold price tried to push above the medium-term yellow trend line resistance but got rejected. This is a bearish sign. Gold price remains inside the magenta trading range for more than a week. The key resistance remains at $1,307 and at $1,297 in the short term. A daily close above $1,297 will be the first step to a new wave higher. Support is at $1,290 and the next one lies at $1,275.
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