Forex analysis review |
- GBP/USD. We will live to see Monday: June 15 is an important day for the pound
- June 12, 2020 : EUR/USD Intraday technical analysis and trade recommendations.
- Dollar growth: is there really a change in trend?
- Comprehensive analysis of movement options for #USDX vs EUR/USD, GBP/USD, and USD/JPY (Weekly) for the 2nd half of 202
- June 12, 2020 : GBP/USD Intraday technical analysis and trade recommendations.
- Analysis of Gold for June 12,.2020 - Rejection fo the rising trednline and confirmation for ther furhter rise towards the
- Gold price at major resistance
- EURUSD back tests broken channel
- EUR/USD analysis for June 12, 2020 - Potential for the upward movemet due to end of the downside correction (Running flat).
- BTC analysis for June 12,.2020 - First downward target at the price of $9.230 has been reached. Second target is set at $8.655
- The Fed took care of the dollar
- Instaforex Daily Analysis - 12th June 2020
- Instaforex Daily Analysis - 12th June 2020
- Technical analysis of EUR/USD for June 12, 2020
- Trading plan for EUR/USD on June 12, 2020. Coronavirus updates from around the world: Russia records 500 thousand cases.
- Analysis of EUR/USD and GBP/USD for June 12. Fed accidentally interfered with Donald Trump; US President criticizes Fed again
- Control zones for USD/JPY on June 12, 2020
- Trader's diary. June 12, 2020. Covid-19 in Russia. EURUSD.
- EUR/USD Upside Clouded!
- Dollar and COVID-19: clear victory
- Technical analysis recommendations for EUR/USD and GBP/USD on June 12
- Simplified wave analysis and forecast for GBP/USD and AUD/USD on June 12
- Fractal analysis of main currency pairs on June 12th
- GOLD Decides Direction!
- EUR/USD - the first goal was reached so take profit!
| GBP/USD. We will live to see Monday: June 15 is an important day for the pound Posted: 12 Jun 2020 09:12 AM PDT Today in Britain, key data on the growth of the national economy were published. Despite the extremely pessimistic forecast, the real numbers were even worse. Indicators have gone far into the negative, reflecting the consequences of the coronavirus crisis. This result should have "sunk" the British currency – and especially when paired with the dollar, which in the past two days has shown growth throughout the market. But the pound held back. Moreover, during the day, the pair's buyers even tried to develop a northern movement, which, however, quickly faded away. The lack of growth in GBP/USD is quite understandable – some of the UK's economic indicators were the worst in the entire history of observations. But the lack of southern momentum in the face of such devastating figures, it is surprising. After all, traders did not even show a formal bearish reaction: immediately after the publication, the pair turned around and updated the high of the day, reaching 1.2653. Then the pair returned to its previous positions and even updated the daily low, but the pound still remained within the 25th figure and almost at the level of Friday's opening.
What is the secret of such "stress resistance" of the British? The answer lies not in economics but in the political arena. Brexit once again became a kind of cushion for the pound, softening the reaction of investors. The news that Boris Johnson will still contact the leaders of the EU countries inspired the GBP/USD bulls, but against the background of extremely disappointing statistics, they could only save the pair from falling several hundred points down. In addition, British statistics are published with a clear delay – while it is June, we have learned the April figures – "greetings from the past", so to speak. Let me remind you that April was the peak for the UK (and for the whole world) regarding the spread of the epidemic, and it was in April that the country went into quarantine, thereby freezing the economy. Therefore, the April figures a priori could not be in the "green zone" - traders were disappointed only by the depth of the fall of key indicators. It turned out that the real picture is much worse than expected – almost all the parameters went even further into the negative area, demonstrating a record decline in the economy. Still, GBP/USD traders were in no hurry to open short positions. Brexit was on the scene again, which was able to switch attention to itself, drowning out somewhat outdated macroeconomic reports. The fact that at the end of May there was informal information that in a month, that is, in the second half of June, Boris Johnson will visit Brussels and will hold personal talks with the leaders of the EU countries and the European Union (in particular with European Commission, President of the European Council, and President of the European Parliament). But time passed, while Downing street continued to remain silent about the European voyage in question. Yesterday morning, unofficial information appeared in the press that the visit will not take place "due to obviously insurmountable contradictions between the parties". Against the background of such rumors, the pound sank by almost a hundred points. However, it later turned out that although the face-to-face visit will not take place (apparently, the pandemic is to blame), Johnson will hold an online meeting, which will be attended by both EU leaders and the EU leadership.
Let me remind you that the last negotiations between London and Brussels, which took place earlier this month, once again failed. The head of the British delegation admitted that there are no agreements between the parties on almost all issues - from fishing and agriculture to pharmaceutical regulations and tariffs. At the same time, he reminded that Boris Johnson does not intend to extend the transition period, and the negotiating deadline expires at the end of June. According to the head of the British government, by this time it will be clear whether further negotiations have any prospects or the country should prepare for a new format of relations, without a trade deal. This arrangement increases the role of face-to-face meetings at the highest level - according to many experts (both from the British and European sides), face-to-face dialogue, even in an online format, can give impetus to negotiations. As an example, analysts cite the events of last year, when Johnson was able to find a common denominator with Brussels, implementing the country's exit from the EU. Similar results are expected from the current meeting – namely, a breakthrough in the negotiation process. The online summit will take place next Monday, June 15. Therefore, now it is pointless to talk about the future prospects of the pound: the results of preliminary negotiations can dramatically "redraw" both the fundamental and technical picture of the GBP/USD pair. Therefore, trading the pound now is extremely risky – because when it comes to Brexit, all other fundamental factors for the GBP/USD go by the wayside. Therefore, we are waiting for Monday's results. The material has been provided by InstaForex Company - www.instaforex.com |
| June 12, 2020 : EUR/USD Intraday technical analysis and trade recommendations. Posted: 12 Jun 2020 09:04 AM PDT
On March 20, the EURUSD pair has expressed remarkable bullish recovery around the newly-established bottom around 1.0650. Bullish engulfing H4 candlesticks as well as the recently-demonstrated ascending bottoms indicated a high probability bullish pullback towards 1.0980 and 1.1075 (Fibo Level 50%). Shortly After, a bearish Head & Shoulders pattern was demonstrated around the price zone between (1.1075-1.1150). Shortly after, a sideway consolidation range was established in the price range extending between 1.0770 1.1000. The price zone of (1.0815 - 1.0775) has been standing as a prominent Demand Zone providing quite good bullish support for the pair so far. On May 14, Evident signs of Bullish rejection have been manifested around this price zone. Moreover, recent ascending bottom has been established around 1.0870 which enhances the bullish side of the market in the short-term. Short-term technical bullish outlook remains valid as long as bullish persistence is maintained above the recently-established ascending bottom around 1.0850-1.0870. Currently, the recent bullish breakout above 1.1000 has enhanced further bullish advancement towards 1.1175 (61.8% Fibonacci Level) then 1.1315 (78.6% Fibonacci Level) where temporary bearish rejection was anticipated. Although the EUR/USD pair is currently expressing a bullish breakout above 1.1315 (78.6% Fibonacci Level), there's negative divergence as well as recent bearish rejection being expressed on the H4 chart. Moreover, after such a quick bullish spike, the EURUSD pair looks oversold. This suggests a probable bearish reversal around the current price levels (1.1315) to be watched by Intraday traders. Bearish breakout below 1.1250 (double-top neckline) is needed to confirm the depicted reversal pattern to enhance further bearish decline towards 1.1150 Trade recommendations : Conservative traders are advised to wait for bearish breakout below 1.1270 (Depicted Level) as a valid SELL Signal T/P levels to be located around 1.1175 then 1.1100 while S/L to be located above 1.1390. The material has been provided by InstaForex Company - www.instaforex.com |
| Dollar growth: is there really a change in trend? Posted: 12 Jun 2020 08:56 AM PDT Stock market growth has passed the test of reality. On Thursday, losses exceeded 6% which may be the beginning of a bearish market. Is it now okay that investors begin to expect the recovery of the economy? Markets are recovering on Friday, but activity in this area is weak. The dollar managed to make a rebound yesterday mainly on the threat of a new pandemic outbreak in the United States. Today it continues to grow, which means that the wave of anxiety from the markets has not left. Investors are nervous that the growth of infected still hasn't subsided yet in the densely populated States in recent days. As Jerome Powell said on Wednesday, this could damage the current precarious balance in the US economy. Due to the over-optimism of bidders, the US dollar is preparing to close the quarter with the worst results over the past two years. Short-term traders bet on a decline in the dollar, while long-term investors maintain long positions in the US currency. Thus, they were on opposite sides of the dollar barricades. Which of them will be right? Meanwhile, they now have a common topic for reflection. Everyone is interested in which direction the greenback will move. And for this, you need to know what the recent decline implies: an optimistic bet on economic recovery or is it still a temporary phenomenon and right now we are witnessing a change in the trend in the movement of the US dollar. Long-term players still have positions in the dollar, and above the market. They did not take part in the rally of risky assets. The world economy may have reached the bottom, but this does not add optimism to investors. The sentiment is spoiled, perhaps due to the fact that markets are beginning to see another harsher reality, which they brushed aside with all their might. The growing conflict between Beijing and Washington, riots, and rising numbers of people infected in the United States are overshadowed by forecasts. Therefore, in the coming months, we can see investors fleeing from risk and increasing demand for protective assets, including the US dollar. USDX The demand for risky assets that we observed recently is too shaky. Like a house of sand, it can fall apart quickly because it is not based on long-term expectations of a global economic recovery. Investors behave extremely uncertainly, and this is especially noticeable in the dynamics of the dollar index. This week it went up and down. Nevertheless, investors expect further growth of the dollar. But expectations, as it happens, may not come true. If the world economy abruptly sets a course for recovery, the dollar cannot be saved. The positioning of long-term investors is unlikely to prevent further depreciation of the greenback. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 08:27 AM PDT Intermediate operational scale (Weekly) The second half of 2020 - assumptions about the prospects for the movement in the weekly timeframe of the main currency instruments #USDX vs EUR/USD, GBP/USD, and USD/JPY. ____________________ US dollar index The dollar index continues to remain in the 1/2 Median Line channel (100.70-98.00-95.30) of the Intermediate operational scale forks (Weekly) and further movement of #USDX (inside this channel) will depend on the direction of the range breakdown:
. The upward movement #USDX will take place in the event of a breakdown of the final Shiff Line Minor (resistance level 96.75) and the nearest targets of this movement will be the 1/2 Median Line Intermediate (98.00) and the upper border of the channel 1/2 Median Line Intermediate (100.70). The downward movement of the dollar index can continue if a breakdown occurs in the initial line of SSL of the Minor operational scale forks (support level 96.10). In this case, it will be possible for the price of the instrument to reach the lower boundary of the channel 1/2 Median Line (95.30) of the Intermediate operational scale forks, and if a breakdown occurs of this support, then the continuation of the fall of #USDX to the level of 91.50 at the upper boundary of the 1/2 Median Line channel of the Minor operational scale fork will become relevant. The layout of the #USDX movement options is shown on the animated chart.
____________________ Euro vs US dollar The movement of the single European currency EUR/USD in the second half of 2020 will be determined by how the boundaries of the equilibrium zone (1.1350-1.1060-1.0770) of the Minor operational scale forks (Daily) will be worked out. The downward movement of the single European currency will be true if the price will remain below the resistance level at 1.1350 at the upper boundary ISL38.2 zone equilibrium of the Minor operational scale forks, and the first purpose of this motion is the median line Minor (1.1060). In the case of breakdown of where EUR/USD will continue the downward movement to the lower border ISL61.8 (1.0770) of this zone with the prospect of updating the local minimum 1.0636 and reaching the upper border of the channel 1/2 Median Line (1.0600) of the Intermediate operational scale forks (Weekly). The upward movement of the EUR/USD can be continued in case of a breakdown of the top border ISL38.2 zone equilibrium fork operational scale Minor - the resistance level at 1.1350 and the nearest purposes of this movement will become - the ultimate Shiff Line Intermediate (1.1645) and the lower limit ISL38.2 (1.1900) of the Intermediate operational scale forks. The EUR/USD movement options are shown on the animated chart.
____________________ Great Britain pound vs US dollar The movement of the currency of Her Majesty GBP/USD in the second half of 2020 will develop depending on the direction of the breakdown of the range:
The downward motion of Her Majesty's currency will become relevant in case of the breakdown support level 1.2530 on the starting line SSL of the Intermediate operational scale fork and can be continued to the boundaries of the channel 1/2 Median Line (1.2260-1.2020-1.1800) of the Minor operational scale fork with the prospect of achieving the warning line LWL38.2 (1.1500) of the Intermediate operational scale fork. The upward movement of GBP/USD will be possible in case of breakdown ISL38.2 Minor resistance level 1.2650 and will continue in the zone of equilibrium (1.2650-1.3000-1.3340) of the Minor operational scale fork (Daily), and if it happens the breakdown ISL61.8 Minor (1.3340), the further movement of this currency pair will be determined by the channel borders 1/2 Median Line (1.3130-1.3680-1.4220) of the Intermediate operational scale fork (Weekly). Options for the movement of GBP/USD are shown on the animated chart.
____________________ US dollar vs Japanese yen The development of the movement of the "Land of the Rising Sun" currency USD/JPY in the second half of 2020 will depend on the development and direction of the breakdown of the boundaries of the equilibrium zone (109.50-108.00-106.70) of the Minor operational scale fork (Daily). The upward movement of the USD/JPY may be developed after the breakdown of the median line Minor - resistance level of 108.00 - then it will be possible to achieve a price of the instrument is the upper boundary of the ISL38.2 (109.50) zone equilibrium fork operational scale Minor, and the ultimate Shiff Line Minor (110.00), and if you take place the breakdown of these two resistors (109.50 and 110.00), it will be the actual update of the local maximum 112.23 and achieving the ultimate line FSL Minor (114.00). The downward movement of the currency "Land of the Rising Sun" will continue in case of breaking the lower border ISL61.8 zone equilibrium of the Minor operational scale fork (Daily) - support level 106.70, and will be sent to the borders of the channel 1/2 Median Line Minor (106.00-105.50-103.20) with a view to achieving 1/2 Median Line (102.30) of the Intermediate operational scale fork and update the local minimum 101.19. We look at the GBP/USD movement options on the animated chart.
____________________ The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers, and is not a guide to action (placing "sell" or "buy" orders). Formula for calculating the dollar index: USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036. where the power coefficients correspond to the weights of currencies in the basket: Euro - 57.6 %; Yen - 13.6 %; Pound -1 1.9 %; Canadian dollar - 9.1 %; Swedish Krona - 4.2 %; Swiss franc - 3.6 %. The first coefficient in the formula brings the index value to 100 on the starting date - March 1973, when the main currencies began to be freely quoted relative to each other. The material has been provided by InstaForex Company - www.instaforex.com |
| June 12, 2020 : GBP/USD Intraday technical analysis and trade recommendations. Posted: 12 Jun 2020 08:08 AM PDT
Recently, Bullish breakout above 1.2265 has enhanced many bullish movements up to the price levels of 1.2520-1.2590 where temporary bearish rejection as well as a sideway consolidation range were established (In the period between March 27- May 12). Shortly after, transient bearish breakout below 1.2265 (Consolidation Range Lower Limit) was demonstrated in the period between May 13 - May 26. However, immediate bullish rebound has been expressed around the price level of 1.2080. This brought the GBPUSD back above the depicted price zone of 1.2520-1.2600 which failed to offer sufficient bearish rejection. Hence, short-term technical outlook has turned into bullish, further bullish advancement may be expressed towards 1.2780 (Previous Key-Level) where signs of bearish rejection are being expressed. Short-term bearish pullback is currently being expressed, initial bearish destination would be around 1.2600 and probably 1.2520 if sufficient bearish momentum is maintained. On the other hand, any bearish breakdown below 1.2520 pauses the bullish outlook for sometime and should be considered as an early exit signal for short-term buyers. Trade recommendations : Intraday traders can consider the current bearish pullback towards the price zone around 1.2520 ( Backside of the broken uptrend & a recent demand level) as a valid BUY signal. T/P level to be located around 1.2600, 1.2715 and 1.2750 while S/L should be placed below 1.2450. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 06:25 AM PDT News COVID:
reported almost 10,000 new coronavirus cases on Thursday, with hospitals swamped in the worst-hit cities of Mumbai, New Delhi and Chennai, and predictions that the infection rate will not peak before the end of next month. Technical analysis: Gold has been trading upwards. As I expected,the price tested and rejected of the level at $1,723, which is good sign for the further rise. Trading recommendation: Watch for buying opportunities due to the potential end of the downward correction and the start of the new upper leg. I see potential for the upside rotation towards the level at $1,765 Support level is seen at the price of $1,723 Stochastic oscillator is showing fresh bull cross, which is another sign for potential rise... Additionally, I found that rejection of the support trend line, which is another indication for the further rise. The material has been provided by InstaForex Company - www.instaforex.com |
| Gold price at major resistance Posted: 12 Jun 2020 05:59 AM PDT Gold price is trading around its major resistance of $1,750. Today we focus on the RSI indicator and its resistance that is right above us now. A rejection is highly probable taking into account the longer-term bearish divergence seen as price was making higher highs.
Blue rectangle- resistance Black line - Trend line resistance Gold price is moving sideways for 2 and a half months. There is no real progress. The RSI confirms the importance of the resistance in the area of $1,750. Breaking above $1,750 and if the RSI manages to break the black trend line resistance, then we should expect Gold price to continue towards $1,800 and higher. Otherwise we should expect a pull back towards $1,700 and lower. The material has been provided by InstaForex Company - www.instaforex.com |
| EURUSD back tests broken channel Posted: 12 Jun 2020 05:54 AM PDT Yesterday EURUSD broke out and below the bullish channel that started around 1.08. Price is bouncing today and hitting the broken channel below. This is important day to see if we get a rejection or a fake break down.
Black line- resistance trend line EURUSD is back testing the broken channel. A rejection at the lower channel boundary combined with a break below 1.1275 would be a bearish sign and would increase dramatically the chances for a move towards 1.12 and lower. Resistance is at 1.1330. Bulls need to get back inside the channel. Bears want to stay out of the channel and eventually break below the recent low at 1.1240. This will increase the selling pressures and push price towards our first pull back target of 1.1150. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 05:49 AM PDT News COVID:
The UK government has dropped plans for full border checks on goods coming in from the EU from 1 January 2021 over fears of the economic impact of corona virus. Technical analysis: EUR/USD has been trading downwards. The price tested and rejected of the level at 1,1275. There is potential that 4H time-frame is on the running flat pattern, which is sign that there is potential for the upside... Trading recommendation: Watch for selling buying opportunities due to the potential end of the downward correction. I see potential for the upside rotation towards the level at 1,1400. Support level is seen at the price of 1,1250 Stochastic oscillator is showing fresh bull cross, which is another sign for potential rise... The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 05:10 AM PDT News:
A local report from today informed that India's Ministry of Finance had moved a note for inter-ministerial consultations. After the consultations, it will reach the cabinet and subsequently, the Parliament. Should it be successfully implemented, it could effectively ban dealing with cryptocurrencies in any form in the country. People familiar with the matter have connected the note with a law draft issued in July 2019, which was especially harsh on digital currency traders and investors. It had suggested "a fine of up to Rs 25 crore ($3.3 million) and imprisonment of up to 10 years for anyone dealing in them." According to Amit Maheshwari, partner at AKM Global, such legislation should not be passed. He argued that it would make it "illegal to hold, sell, issue, transfer, mine, or use cryptocurrencies and, if passed in the current form, would completely decimate the crypto-industry in India." Technical analysis: BTC has been trading downwards. As I expected, the BTC reached our first downward target at the price of $9,224. The BTC is now in correction mode and I see potential for more downside movement towards our second target at $8,654. Trading recommendation: Watch for selling opportunities on the rallies. 4H time-frame is setting up for the bear flag completion and potential new drop. Downward target is set at the price of $8,654 Important intraday resistance is set at $9,540 The material has been provided by InstaForex Company - www.instaforex.com |
| The Fed took care of the dollar Posted: 12 Jun 2020 04:59 AM PDT The worst trading day for US stock indices since mid-March forced the EUR/USD bulls to retreat. The main drivers of the euro's strength at the turn of spring and summer were the epic rally of the US stock market, which contributed to the sale of safe-haven assets, and large-scale incentives of the EU and ECB, the implementation of which will smooth the recession of the Eurozone economy. Europe is once again united, and the long-term prospects for the dollar due to the growth of the double budget deficit and the current account are by no means encouraging. However, any trend needs correction, the question is, how deep will it be? Obviously, the 40% increase in the S&P 500 from the levels of the March bottom looks excessive. Speculators got too carried away with the idea of a V-shaped recovery in the US GDP and bought shares like hotcakes. The White House strongly supported the hovering market sentiment, and when the Fed at the June meeting issued gloomy forecasts about the long process of recovery of the American economy, Donald Trump went back to his old ways. He renewed his criticism of Jerome Powell. They say that the Fed often made mistakes with the assessment of the situation. Of course, the US President in the run-up to the election needs the S&P 500 not only to go into the green zone from the beginning of the year but also to update the record high. In this scenario, we can say that the United States has won the pandemic, and guarantee victory. This circumstance suggests that the correction of stock indices will be short-lived. If so, the USD index will continue to go down. In my opinion, the inverse correlation of the S&P 500 and the dollar is serious and lasting. The Fed's large-scale swaps with other central banks have reduced the need for dollar liquidity. At the same time, the volume of operations does not reach the levels of the previous economic crisis: by the end of the first week of June, foreign central banks had spent about $ 447 billion, at the peak of the recession in 2008-2009, it was about $ 583 billion. Dynamics of the Fed's currency swaps with other central banks
Having satisfied the need for foreign partners in the US currency, the Federal Reserve simultaneously reduced the cost of hedging. Now European asset managers can buy US stocks with a clear conscience and simultaneously sell US dollars as part of price risk insurance operations. Previously, costs were too high, which forced speculators to abandon such transactions and contributed to the strengthening of the direct correlation between the S&P 500 and the USD index. Curiously, the reduction in the cost of hedging purchases of American assets indicates a serious underestimation of the euro. Dynamics of EUR/USD and the cost of hedging
Thus, the average and long-term prospects of the "American" do not look very good, which allows you to buy the main currency pair on pullbacks. Technically, after reaching the target by 88.6% for the "Bat" pattern, the risks of a correction to 1.124, and possibly to 1.1125, increased. Rebound from these levels (23.6% and 38.2% of the AD wave) will give the basis for the formation of longs for EUR/USD. EUR/USD, the daily chart
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| Instaforex Daily Analysis - 12th June 2020 Posted: 12 Jun 2020 04:17 AM PDT Today we take a look at and see EURJPY how we are going to play the bounce! We use Fibonacci retracements, extensions, support/resistance, momentum and trend lines to identify trading opportunities in this exciting pair today! The material has been provided by InstaForex Company - www.instaforex.com |
| Instaforex Daily Analysis - 12th June 2020 Posted: 12 Jun 2020 04:17 AM PDT Today we take a look at and see EURJPY how we are going to play the bounce! We use Fibonacci retracements, extensions, support/resistance, momentum and trend lines to identify trading opportunities in this exciting pair today! The material has been provided by InstaForex Company - www.instaforex.com |
| Technical analysis of EUR/USD for June 12, 2020 Posted: 12 Jun 2020 04:01 AM PDT Overview: The EUR/USD pair continues to move downwards from the level of 1.1332. The pair dropped from the level of 1.1332 (this level of 1.1332 coincides with the ratio of 50%) to the bottom around 1.1284. Currently price is set at the level of 1.1305. Today, the first resistance level is seen at 1.13232 followed by 1.0014 , while daily support 1 is found at 1.1238. Also, the level of 1.1332 represents a daily pivot point for that it is acting as major resistance today. Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1332 towards the first support level at 1.1238 in order to test it. If the pair succeeds to pass through the level of 1.1238, the market will indicate a bearish opportunity below the level of 1.1238. Next objective 1.1182. However, if a breakout happens at the resistance level of 1.1422, then this scenario may be invalidated. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 03:05 AM PDT
The table above shows the global coronavirus situation as of the morning of June 12. The data indicates that the new "leaders" of the pandemic wave are the US, Brazil, Russia and India. In Russia, the total number of infected has reached 500 thousand. Brazil remains a terrible situation of 30 thousand new cases per day, while the US maintains its daily rate of 20 thousand new cases and 1,000 deaths per day. The jump in infections is seen in provinces and other states. Also in Russia, Moscow sees a radical improvement in the situation, but other regions such as Arkhangelsk and Karachay-Cherkessia observe large outbreaks of the disease and a very bad medical situation. In St. Petersburg, hospitals are full so there are places converted to be as such like the Lenexpo exhibition complex.
S&P 500 daily chart. The US market plummeted the day after the Fed's long-term forecast. Investors have finally realized that a complete retreat of the pandemic does not automatically mean a complete economic recovery. In particular, unemployment in the United States will remain at a high level of 9.3% at the end of the year, and this will affect the level of demand and production.
EUR/USD: A sharp reversal in the US market interrupted the bullish trend of the euro. Quotes are out of position so far. Open buy positions after a breakout from 1.1405. Open sell positions from 1.1240. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 02:54 AM PDT EUR / USD On June 11, the EUR/USD pair lost about 80 basis points after an unsuccessful attempt to break through the 161.8% Fibonacci level. Thus, the proposed wave 5 in 3 in C in B of the upward trend section is completed and wave 4 in C in B begins to form. If this is true, then the decline in quotes will continue with the goals located around the 11th figure or slightly lower, and the wave itself may take a three-wave form. Thus, I do not expect the resumption of the increase in quotes until the end of wave 4. Fundamental component: On Thursday, there were practically no economic reports and global news. A day earlier, the Fed held a meeting at which nothing remarkable happened either, except one. Jerome Powell and the entire Fed have provided new forecasts for GDP, unemployment and inflation for 2020 - 2022. And these forecasts turned out to be much weaker than before. That is, the Fed expects a more serious economic decline than during the last meeting. And such a position of Powell is completely unsuitable for US President Donald Trump, who is obsessed with "elections", which means that as many Americans as possible should be lured to his side. However, how will he lure them if the economy collapses down, the country has the highest unemployment rate, and the labor market "lies"? Obviously, the only thing he can do is promise a brighter future. And as soon as Trump began to tell everyone that the US economy became the strongest in the history of the country under his administration, and recovery after the crisis will be quick, after which the US economy will become even stronger, Fed Chairman Powell spoke, who, in fact, said that there would be no quick recovery, but optimistic forecasts have not yet been confirmed. Powell is very afraid of the second wave of coronavirus and a possible new lockdown, so he believes that the future of the economy has too many uncertainties. Such rhetoric categorically does not fit Trump. He said that the Fed is too often mistaken and that "we will have a very good third quarter, an excellent fourth quarter, and one of the best in all of 2021." General conclusions and recommendations: The euro/dollar pair is supposedly continuing to build the rising wave C to B. Therefore, I recommend buying the instrument with targets located near the calculated levels of 1.1406 and 1.1570, which equates to 161.8% and 200.0% Fibonacci for each new signal "up" MACD. At this time, the instrument supposedly began to build the correctional wave 4 in C to B, so the instrument may decline for some time. GBP / USD On June 11, the GBP/USD pair lost about 150 base points, but the current wave markings have not suffered any significant changes. Thus, at the moment, the construction of an internal correctional wave of 3 or C, which does not seem to be fully equipped, has presumably begun. If this is true, then an unsuccessful attempt to break through the 38.2% Fibonacci level may lead to a resumption of the increase in quotes of the instrument. Fundamental component: April GDP and industrial production reports was released today in the UK. And these data turned out to be extremely weak, even worse than the pessimistic expectations of the markets. Industrial production declined by 20.3%, and GDP - by 20.4%. Thus, the demand for the pound declined again. However, a further decline in the quote of the instrument is unclear until there is a successful attempt to break the level of 1.2558. On the other hand, more important reports for today are not planned either in America or in the UK. General conclusions and recommendations: The pound/dollar pair supposedly continues to build the rising wave. Thus, purchases remain valid with targets located near the estimated levels of 1.2844 and 1.3030, which corresponds to 61.8% and 76.4% Fibonacci. I recommend continuing to buy the pound for each MACD signal "up". The material has been provided by InstaForex Company - www.instaforex.com |
| Control zones for USD/JPY on June 12, 2020 Posted: 12 Jun 2020 02:11 AM PDT The pair is currently trading below the average weekly move, making it possible for the quotes to return to the level of 107.75. There is a 90% chance of achieving such a scenario, so taking buy positions are highly recommended. In addition, the monthly control zones have already been tested, so a bullish movement is very likely. Since the target weekly control zone 106.49-106.17 has not yet been reached, the probability of a rebound after the test of 107.75 remains in the region of 75%. If the fall resumes from the current levels, an alternative scenario will develop, in which the WCZ will be tested, leading to a 100% implementation of a bearish movement. Such will give huge opportunities to find favorable levels for buy positions, which will return the quotes to the level of 107.75. Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year. Weekly CZ - weekly control zone. The area formed by the important marks of the futures market, which changes several times a year. Monthly CZ - monthly control zone. The area that reflects the average volatility over the past year. The material has been provided by InstaForex Company - www.instaforex.com |
| Trader's diary. June 12, 2020. Covid-19 in Russia. EURUSD. Posted: 12 Jun 2020 02:03 AM PDT
Here is the chart of active coronavirus cases in Russia as of June 12. The total number of infected has exceeded 500,000 cases since the beginning of the outbreak. In many Russian cities hospitals are overloaded with patients. The situation is getting better in Moscow and St. Petersburg.
Here is the chart of new coronavirus cases in St. Petersburg. The number of new infections has decreased significantly with the number of recovered patients exceeding the number of infected people for the first time (412 versus 274). Thus, St. Petersburg is the second Russian city after Moscow that has already passed the peak of the disease. There is a high chance that the pandemic will lose its grip on Russia in a week. Currently, the Russian authorities should pay their attention to the outbreaks in Arkhangelsk Oblast and Karachay-Cherkessia.
EURUSD: On June 11, the US market collapsed in the light of the Fed's forecast. As a result, the upward trend in the euro ended in the forex exchange market. Hold your sell deals from 1.1240. Currently, a new level for sell trades is being formed at 1.1275. It is better to sell the pair from this level. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 02:00 AM PDT EUR/USD plunged in yesterday's session as the USDX rebounded after the last amazing drop. The pair's direction is unclear after yesterday's drop, the bearish candle has invalidated a further increase for now. The pair increases right now, but only because the dollar index is trading in the red, we'll see what will happen in the upcoming hours, and I really hope that we'll have a clear direction. Technically, EUR/USD is still bullish, despite the minor drop, a further upside movement will be validated only by another higher high. The US Prelim UoM Consumer Sentiment could be decisive today, and better than expected data could help the USD to rise in the short term.
EUR/USD has failed to close and stabilize above the R2 (1.1383) level, and now it is trading again below the upper median line (UML) of the orange descending pitchfork. The pair could drop further in the short term only if the rate stabilizes below the upper median line (UML) and after a valid break below the R1 (1.1243) - 1.1200 levels. On the other hand, a further increase will be validated after a valid breakout above the R2 (1.1383) level. After it makes another higher high, it may well jump and close above the 1.1422 level.
EUR/USD is bullish, a valid breakout above the UML and most likely above the R2 (1.1383) will really confirm a further increase in the upcoming period. The levels of 1.1466 - 1.1494 are seen as a strong upside obstacle and target. Another higher high will suggest a potential increase also towards the R3 (1.1622) level. However, a short opportunity could appear if EUR/USD will stabilize below the upper median line (UML). If it makes a valid break below the 1.1200 level, this scenario will announce a drop towards 1.1 again. This scenario will take shape only if the USDX will increase in the upcoming period. The material has been provided by InstaForex Company - www.instaforex.com |
| Dollar and COVID-19: clear victory Posted: 12 Jun 2020 01:45 AM PDT
There is an ironic situation regarding the US currency: according to experts, the continuation of the COVID-19 pandemic is now beneficial for the USD. The more intense the infection spreads, the more investors run away to the dollar, raising its quotes. According to preliminary estimates, in the case of the second wave of the pandemic, the dollar will receive additional points, significantly strengthening after the current unrest associated with the Fed's last meeting. The results of the latter shook the dynamics of the US currency, although they could not knock it down. It can be recalled that the speech of Jerome Powell, the head of the Federal Reserve, turned out to be rather soft or "dovish", the interest rate was left at the same level, and the monetary strategy of the regulator provides for increasing the Fed balance at the same pace as now. By the end of this week, the market played the regulator's "dovish" rhetoric, but its commitment to monetary incentives was an unpleasant surprise for the dollar. It plummeted together with the European currency, which, however, took the chance and slightly rose. The eurocurrency added 0.1%, allowing the possibility for further overtaking of its American rival. Before the meeting of the Federal Reserve, the volatility of the EUR/USD pair went off scale, but it has now returned to normal. On the morning of Friday, June 12, the indicated pair was trading in the range of 1.1307 - 1.1308. The market noticed such a sharp decline from the previous 1.1385 - 1.1385. Later, the EUR/USD pair went to the levels of 1.1312 - 1.1313. It can be noted that on Wednesday, June 10, this pair reached a great result - 1.1422, a record level over the past three months. The Fed's statement was peaceful at first glance, but then it stirred the market, triggering a wave of risky sentiment. The current situation weakened the dollar, giving chances to other currencies. In addition to the euro, the yen and the Swiss franc took advantage of the growth opportunity. However, as soon as the US currency began to recover, it managed to win back some of the losses today. The situation with the COVID-19 pandemic unexpectedly supported the US currency. This currency, along with other protective assets, has risen sharply due to rising concerns about the global economy. This is due to the signs of the second wave of the coronavirus pandemic, recorded in the United States. According to experts, the fear of a re-surge in COVID-19 in America has strengthened the dollar. Thus, it sharply increased, ahead of other currencies. Experts believe that the upward trend of USD will continue in the near future. Earlier, experts feared that mass protests in the United States against racial discrimination would provoke a surge in COVID-19 diseases. However, this did not happen, and we hope that the situation will not get out of control. But there is one problem: most of the factors that supported the dollar did not help the dollar "bulls" to start the rally paired with the euro. Despite a clear win from the COVID-19 pandemic, the dollar will have to confront the Fed's stimulus measures in the near future, which noticeably weaken it. According to analysts, this trend will continue, and the dollar will have to balance between short-term declines due to Fed's actions and the situation with the pandemic, which will continue almost until 2022. The material has been provided by InstaForex Company - www.instaforex.com |
| Technical analysis recommendations for EUR/USD and GBP/USD on June 12 Posted: 12 Jun 2020 01:35 AM PDT EUR / USD The pair started a corrective decline yesterday having indicated a slowdown with the monthly medium-term trend (1.1360) and when working out the daily target for the breakdown of the cloud on the first target (1.1412). The first pivot point of the downward correction is the daily short-term trend (1.1269), which is now already in the field of view of players to decline. Further, the bears will face a fairly wide area of support.Since the day before, the players on the increase managed to break through quite strong resistance, and now, they can count on the help of the levels turned into support (1.1225 - 1.1190 - 1.1167). Today, we close the week. For downside players, the final nature of the weekly candle is very important. They need a pronounced bearish potential. Otherwise, the accumulation of support has a good chance to preserve and defend the nascent bullish prospects. In the lower halves, the current upswing led to technical indicators taking this as the end of the emerging downward correction of the higher halves. In my opinion, they were in a hurry. On H1, the main advantage has already shifted to the side of players on the downside, and the current rise can only be a retest of the passed key levels, which have united their efforts at 1.1330-24 today (the Central Pivot level + the weekly long-term trend). It is possible to consider the recovery of bullish positions only after a reliable consolidation above 1.1330-24. The support for key Pivot levels is currently located at 1.1257 - 1.1215 - 1.1142. The resistances are at 1.1372 - 1.1445 - 1.1487. GBP / USD The pair performed a fairly effective decline yesterday, having tested the first correction target - the daily Tenkan. In this situation, the development zone will be affected by the zone of attraction of levels 1.2735 (weekly Senkou Span B) - 1.2653 (weekly Fibo Kijun + daily Tenkan) - 1.2595 (monthly Kijun). A consolidation above or below the zone will determine the superiority of forces and some preferences for the near future. However, if the players consolidate below 1.2595, they will see the next no less strong and significant support zone 1.2462 - 1.2317 (monthly Tenkan + weekly cross + daily cloud + final boundaries of the daily golden cross). The key resistance of the lower halves are located today in the area of 1.2646 (central Pivot level) and 1.2690 (weekly long-term trend). A reliable consolidation above will allow you to count on the further recovery of the bullish positions, while the chances of completing the daily downward correction will increase. The reference point will be the maximum extreme (1.2812) allowing you to return to an upward trend. But while the pair is working below key H1 levels (1.2646-90), lower time frames give preference to players for lowering, while retaining opportunities to strengthen bearish sentiment. The support for the classic Pivot levels are located at 1.2538 - 1.2479 - 1.2371 today. Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120) The material has been provided by InstaForex Company - www.instaforex.com |
| Simplified wave analysis and forecast for GBP/USD and AUD/USD on June 12 Posted: 12 Jun 2020 01:30 AM PDT GBP/USD Analysis: The final part of the wave pattern has been developing in the British pound's still incomplete upward wave since May 18. At the beginning of the week, the price reached the lower limit of strong resistance, from which a downward correction has developed in recent days. Forecast: Today, we can expect a general downward mood of the movement. The nearest support shows the most likely zone of completion of the current correction. In case of a breakout, you can wait for completion at the next level. Potential reversal zones Resistance: - 1.2600/1.2630 Support: - 1.2500/1.2470 - 1.2410/1.2380 Recommendations: Trading the pound in the market today is only possible with a reduced lot within the intraday. There are no conditions for purchases. It is recommended to track sales signals in the calculated resistance zone.
AUD/USD Analysis: The direction of the Australian dollar's trend since mid-March is set by the rising wave of the daily timeframe. 2 weeks ago, the price reached the lower limit of the strong resistance zone. An intermediate correction was formed along with it. The price rise that started today may be the beginning of a reversal pattern. Forecast: Today, the general sideways vector of price movement is likely. The recovery is expected to be completed in the next session. Then you can wait for a reversal and a decrease in the pair's rate to the support zone. Potential reversal zones Resistance: - 0.6900/0.6930 Support: - 0.6820/0.6790 Recommendations: Today, trading the "Aussie" in the market is possible only in the intraday style. It is more reasonable to reduce the lot. It is safer to refrain from trading until the entire correction is complete, with the search for buy signals in the area of settlement support.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted one shows the expected movements. Note: The wave algorithm does not take into account the duration of the tool movements in time! The material has been provided by InstaForex Company - www.instaforex.com |
| Fractal analysis of main currency pairs on June 12th Posted: 12 Jun 2020 01:15 AM PDT For the euro/dollar pair, the price forms a potential for a downward movement on June 10. The level of 1.1361 is the key support. For the pound/dollar pair, we are following the development of the downward structure of June 10. The level of 1.2505 is the key resistance. For the dollar/franc pair, the price is in correction from the downward structure of June 5. The level of 0.9476 is the key support for the bottom. For the dollar/yen pair, we continue to monitor the descending structure of June 5. The level of 106.64 is the key resistance for the bottom. For the euro/yen pair, the continued development of the downward structure from June 5 is expected after the breakdown of the level of 120.52. The level of 121.76 is the key support. For the pound/yen pair, we are following the development of the downward cycle of June 5. The level of 135.65 is the key support. Forecast for June 12: Analytical review of currency pairs on the scale of H1:
The key levels for the euro / dollar pair on the H1 scale are: 1.1457, 1.1408, 1.1361, 1.1326, 1.1267, 1.1227, 1.1170, 1.1141 and 1.1090. Here, the price forms the potential for the downward movement of June 10. A short-term downward movement is expected in the range of 1.1267 - 1.1227. The breakdown of the last level will lead to a pronounced movement. Here, the target is 1.1170. Short-term downward movement, as well as consolidation are in the range of 1.1170 - 1.1141. We consider the level 1.1090 to be a potential value for the top. We expect an upward pullback upon reaching this level. A short-term upward movement is possible in the range 1.1326 - 1.1361. The breakdown of the last level will lead to the formation of an ascending structure. Here, the first goal is 1.1408. We consider the level of 1.1457 for the potential value for the top. The main trend is the formation of potential for the downward movement of June 10 Trading recommendations: Buy: 1.1326 Take profit: 1.1359 Buy: 1.1362 Take profit: 1.1408 Sell: 1.1267 Take profit: 1.1230 Sell: 1.1225 Take profit: 1.1170
The key levels for the pound / dollar pair on the H1 scale are: 1.2727, 1.2668, 1.2620, 1.2547, 1.2505, 1.2451, 1.2419 and 1.2352. Here, we are following the development of the descending structure of June 10. A short-term downward movement in the range 1.2547 - 1.2505 is expected. The breakdown of the last level should be accompanied by a pronounced downward movement. Here, the target is 1.2451. Price consolidation is in the range of 1.2451 - 1.2419. For the potential value for the bottom, we consider the level of 1.2352. We expect an upward pullback upon reaching this level. A short-term upward movement in the range of 1.2620 - 1.2668 is expected. The breakdown of the last level will lead to a deeper correction. Here, the target is 1.2727. This level is a key support for the top. The main trend is the descending structure of June 10 Trading recommendations: Buy: 1.2620 Take profit: 1.2666 Buy: 1.2670 Take profit: 1.2727 Sell: 1.2547 Take profit: 1.2507 Sell: 1.2503 Take profit: 1.2451
The key levels for the dollar / franc pair on the H1 scale are: 0.9539, 0.9518, 0.9476, 0.9443, 0.9387, 0.9535 and 0.9322. Here, we are following the development of the descending structure of June 5. We expect further downward movement after the breakdown of the level of 0.9387. In this case, the target is 0.9353. There is a high probability of a reversal to correction from this level. For the potential value for the bottom, the level of 0.9322 can be considered. We expect a pullback upon reaching this level. A short-term upward movement in the range 0.9443 - 0.9476 is expected. The breakdown of the last level will lead to a deeper movement. Here, the target is 0.9518. We expect the design of expressed initial conditions for the upward cycle before the noise range of 0.9518 - 0.9539. The main trend is the downward cycle of June 5 Trading recommendations: Buy : 0.9443 Take profit: 0.9474 Buy : 0.9478 Take profit: 0.9518 Sell: 0.9385 Take profit: 0.9355 Sell: 0.9350 Take profit: 0.9322
The key levels for the dollar / yen pair on the scale are : 108.39, 108.15, 107.67, 107.34, 106.64, 106.07, 105.78 and 105.08. Here, we are following the development of the descending structure of June 5th. The continuation of the downward movement is expected after the breakdown of the level of 106.64. In this case, the target is 106.07. A short-term downward movement, as well as consolidation are in the range of 106.07 - 105.78. We consider the level of 105.08 to be a potential value for the downward trend. We expect an upward pullback upon reaching this level. A short-term upward movement is possible in the range of 107.34 - 107.67. The breakdown of the last level will lead to a deeper correction. Here, the target is 108.15. We expect the initial conditions for the upward cycle to be formed before the noise range 108.15 - 108.39. The main trend is the downward cycle of June 5 Trading recommendations: Buy: 107.35 Take profit: 107.66 Buy : 107.69 Take profit: 108.15 Sell: 106.64 Take profit: 106.07 Sell: 105.76 Take profit: 105.10
The key levels for the Canadian dollar / US dollar pair on the H1 scale are: 1.3967, 1.3889, 1.3779, 1.3737, 1.3683, 1.3560, 1.3510 and 1.3452. Here, the price forms the expressed initial conditions for the top of June 10. We expect further upward movement after the breakdown of the level of 1.3683. In this case, the target is 1.3737. Price consolidation is near this level. The passage at the price of the noise range 1.3737 - 1.3779 should be accompanied by a pronounced upward movement. Here, the target is 1.3889. For the potential value for the top, the level of 1.3967 can be considered. We expect a downward pullback upon reaching this level. A short-term downward movement is possible in the range of 1.3560 - 1.3510. The breakdown of the last level will lead to the development of a deeper correction. Here, the target is 1.3452. This level is a key support for the top. The main trend is the formation of initial conditions for the top of June 10 Trading recommendations: Buy: 1.3683 Take profit: 1.3737 Buy : 1.3780 Take profit: 1.3888 Sell: 1.3560 Take profit: 1.3513 Sell: 1.3508 Take profit: 1.3452
The key levels for the Australian dollar / US dollar pair on the H1 scale are : 0.6990, 0.6941, 0.6901, 0.6789, 0.6741, 0.6705. 0.6613 and 0.6549. Here the price forms expressed initial conditions for the downward cycle of June 10. The continuation of the downward movement is possible after the breakdown of the level of 0.6789. In this case, the target is 0.6741. Price consolidation is near this level. The price overcoming the noise range 0.6741 - 0.6705 will lead to a pronounced downward movement. Here, the target is 0.6613. The level of 0.6549 can be considered as a potential value for the downward trend. We expect an upward pullback upon reaching this level. A short-term upward movement is possible in the range of 0.6901 - 0.6941. The breakdown of the last level will lead to a deeper correction. Here, the target is 0.6990. This level is a key support for the bottom. The main trend is the descending structure of June 10 Trading recommendations: Buy: 0.6901 Take profit: 0.6940 Buy: 0.6943 Take profit: 0.6990 Sell : 0.6789 Take profit : 0.6741 Sell: 0.6705 Take profit: 0.6615
The key levels for the euro / yen pair on the H1 scale are: 122.39, 121.76, 121.34, 120.52, 119.94, 119.13 and 118.68. Here, we follow the descending structure of June 5. A short-term downward movement is expected in the range of 120.52 - 119.94. The breakdown of the last level will lead to a pronounced downward movement. In this case, the target is 119.13. For the potential value for the bottom, the level of 118.68 can be considered. We expect consolidation, as well as an upward pullback upon reaching this level. A short-term upward movement in the range of 121.34 - 121.76 can be considered. The breakdown of the last level will lead to a deeper correction. Here, the target is 122.39. This is the key support level for the bottom. The main trend is the downward cycle of June 5 Trading recommendations: Buy: 121.34 Take profit: 121.72 Buy: 121.77 Take profit: 122.39 Sell: 120.52 Take profit: 119.96 Sell: 119.92 Take profit: 119.13
The key levels for the pound / yen pair on the H1 scale are : 136.90, 136.45, 135.65, 135.05, 134.36, 133.81 and 132.81. Here, we follow the development of the descending structure of June 5. A short-term downward movement in the range 134.36 - 133.81 is expected. The breakdown of the last level will allow us to count on movement to a potential target - 132.81. And when this level is reached, we expect an upward pullback. A short-term upward movement is possible in the range 135.05 - 135.65. The breakdown of the last level will lead to a deeper correction. Here, the potential target is 136.45. We expect the expressed initial conditions to formulate for the upward cycle before the noise range of 136.45 - 136.90. The main trend is the descending structure of June 5 Trading recommendations: Buy: 135.05 Take profit: 135.65 Buy: 135.70 Take profit: 136.45 Sell: 134.36 Take profit: 133.83 Sell: 133.78 Take profit: 132.81 The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 12 Jun 2020 12:37 AM PDT Gold is trading in the green again after a minor drop and after temporary indecision. It is trading at $1,732 level and it seems determined to climb higher in the short term. The price is located in the buyer's territory, it has taken out a strong dynamic resistance signaling further growth. Gold is bullish and it will remain bullish as the global risk is high, at this moment, nobody knows how deep the economic crisis caused by COVID-19 will be. The yellow metal has decreased a little in the short term, only because the sentiment was positive after a while.
Gold has come back to test and retest the broken upper median line (UML) of the minor descending pitchfork, you can see that the price has failed to close below this dynamic support (resistance has turned into support) and now is fighting to stabilize above the R1 ($1,729) level. The price was trapped within a down channel, between the median line (ML) and the upper median line (UML), the upside breakout signals a further increase. Still, I would like to see another higher high, an increase above the $1,744 level, to be certain that the breakout is valid and that the gold price will jump towards fresh new highs. A further increase could be invalidated only if the price will drop and stabilize below the R1 ($1,729) and most important below the upper median line (UML). So, if the breakout is invalidated, the yellow metal could drop at least till the $1,700 psychological level.
We'll have a great long opportunity if the gold price makes another higher high. If it closes above the $1,744 level, the next targets are seen at the R2 ($1,774), and higher at the $1,800 level, right below the R3 ($1,804) level. A short opportunity could arise if the price drops below the $1,721 former low and if it stabilizes below the upper median line (UML), this scenario will signal a drop towards the $1,700 - $1,1693, or lower towards the $1666 static support. This scenario is less likely to happen if the USD stays lower. The material has been provided by InstaForex Company - www.instaforex.com |
| EUR/USD - the first goal was reached so take profit! Posted: 12 Jun 2020 12:34 AM PDT Good afternoon traders! Congratulations to those who followed our trading idea yesterday, which was to open short positions to lower the quotes of the pair. Stop Hunting strategy was used to figure out the buyer's stops in the daily chart. Plan: Results: Close half of the positions now while hold the rest to lower the quotes up to the next targets. Good luck in trading and make sure to control the risks! The material has been provided by InstaForex Company - www.instaforex.com |
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