Good afternoon, dear colleagues. The euro/dollar pair is in the correction zone after the upward movement that began on May 25. The 1.1254 level is the key support. As far as the pound/dollar pair is concerned, we should monitor the local upward structure formed on June 4. The main support level is located at 1.2626.
At the same time, the dollar/franc pair should break the level of 0.9564 to change the upward trend that began on June 4. The dollar/yen pair showed a strong sign of a downward movement from June 5. The key resistance level is at 107.65. The euro/yen pair also showed a strong sign of a downward movement from June 5. The main resistance level is at 121.34. The pound/yen pair is in the correction zone. The key resistance level is located at 136.47.
Outlook on June 9:
Analytical analysis of the currency pairs on the H1 chart:
The key levels for the euro/dollar pair on the H1 chart are 1.1429, 1.1365, 1.1299, 1.1254, and 1.1170. The price is in the correction zone after the upward movement from May 25. A short-term upward movement is possible within the range of 1.1365-1.1429. There, the pair is likely to reverse.
A short-term downward movement as well as consolidation are expected in the range of 1.1299-1.1254. The break of the last reading will lead to a deeper correction. The target is 1.1170, which acts as the key support level.
The main tendency is the local structure for the upward movement from May 25. Correction phase.
Trading recommendations:
- Buy: 1.1365 Take profit: 1.1420
- Buy: Take profit:
- Sell: 1.1299 Take profit: 1.1255
- Sell: 1.1252 Take profit: 1.1180
The key levels for the pound/dollar pair are 1.2845, 1.2777, 1.2685, 1.2626, 1.2566, 1.2515. We should monitor the upward structure from May 25. The pair may continue moving up, if it breaks the level of 1.2777. The target is 1.2845. After reaching it, the price is likely to drop.
A short-term decline is expected within the levels of 1.2685-1.2626. If the price breaks the last reading, it may face a deeper correction. The target is 1.2566. The range of 1.2566-1.2515 is the key support level. Conditions for the downward movement will be formed up to 1.2515.
The main tendency is a local upward structure from May 25
Trading recommendations:
- Buy: 1.2777 Take profit: 1.2845
- Buy: Take profit:
- Sell: 1.2685 Take profit: 1.2628
- Sell: 1.2640 Take profit: 1.2568
The key levels for the dollar/franc pair are 0.9753, 0.9725, 0.9684, 0.9654, 0.9619, 0.9606, 0.9564 and 0.9541. The dollar/franc pair should break the level of 0.9564 to change the upward trend that began on June 4. The first target is 0.9541. We expect the continuation of the upward movement after the price passes the range of 0.9606 – 0.9619. In this case, the first goal is 0.9654. Its break will allow us to count on a movement to the level of 0.9684 that is near this consolidation level.
A break of 0.9684 will lead to the development of an upward movement. In this case, the goal is 0.9725. We consider the level of 0.9753 to be a potential value for the upward trend. When this level is reached, we expect consolidation as well as a pullback to the bottom.
The main tendency is a formation of an upward potential from June 5. A deep correction.
Trading recommendations:
- Buy: 0.9620 Take profit: 0.9652
- Buy: 0.9655 Take profit: 0.9682
- Sell: 0.9562 Take profit: 0.9543
- Sell: Take profit:
The key levels for the dollar/yen pair are 109.01, 108.53, 108.24, 107.88, 107.65, 107.04 and 106.64. Here, the price canceled the development of the uptrend. Initial conditions for the downtrend cycle were formed. A short-term downward movement is expected in the range of 107.88 – 107.65. A break of the last reading should be accompanied by a downward movement. In this case, the goal is 107.04. The potential reading for the downward movement is the level of 106.64. After reaching it, the pair will rebound.
A short-term upward movement is possible in the range of 108.24 – 108.53. A break of the last reading will lead to a deeper correction. The target is 109.00, which acts as the key support level.
The main tendency is creation of conditions for the downward movement.
Trading recommendations:
- Buy: 108.25 Take profit: 108.51
- Buy: 108.55 Take profit: 109.00
- Sell: 107.65 Take profit: 107.08
- Sell: 107.03 Take profit: 106.66
The key levels for the CAD/USD pair are 1.3634, 1.3579, 1.3510, 1.3452, 1.3371, 1.3340 and 1.3283. Here, we follow the development of the local downward cycle from May 29. The price may go on falling if it passes the range of 1.3371 – 1.3340. In this case, the potential target is 1.3283. After reaching the mentioned target, the pair will consolidate and rebound.
A short-term upward movement is possible in the range of 1.3452 – 1.3510. A break of the last reading will lead to a deeper correction, here the goal is 1.3579. The expected level is 1.3634. Besides, the initial conditions for the upward cycle may appear.
The main tendency is a local downward structure from May 29
Trading recommendations:
- Buy: 1.3452 Take profit: 1.3510
- Buy: 1.3512 Take profit: 1.3578
- Sell: 1.3340 Take profit: 1.3285
- Sell: Take profit:
The key levels for the AUD/USD pair are 0.7132, 0.7073, 0.7011, 0.6941, 0.6901 and 0.6840. Here, we will monitor the development of the upward cycle from May 15. We expect the continuation of the upward movement after the break of 0.7011. The target is 0.7073. The main level is 0.7132. After reaching it, the pair may drop. However, it is most likely that a reversal will occur before reaching the level. It will be possible within the range of 0.7011 – 0.7073.
A short-term downward movement is possible in the range of 0.6941 – 0.6901. A break of the last level will lead to a deeper correction. The target is 0.6840 that acts as the key support level.
The main tendency is the upward structure from May 15
Trading recommendations:
- Buy: 0.7011 Take profit: 0.7070
- Buy: 0.7075 Take profit: 0.7130
- Sell: 0.6940 Take profit: 0.6903
- Sell: 0.6900 Take profit: 0.6843
The key levels for the euro/yen pair are 123.13, 122.61, 122.21, 121.67, 121.34, 120.52 and 119.94. Here, we can see the necessary conditions for a downward movement from June 5. A short-term downward movement is expected in the range of 121.67 – 121.34. A break of the last level should be accompanied by a downward movement. The target is 120.52. The level of 119.94 is considered to be the key level for downtrend. After reaching it, the pair may consolidate and rebound.
A short-term upward movement is expected in the range of 122.21 – 122.61. A break of the last level will lead to a deeper correction. The target is 123.13 which acts as the key support level.
The main tendency is creation of conditions for the downward movement.
Trading recommendations:
- Buy: 122.21 Take profit: 122.60
- Buy: 122.63 Take profit: 123.10
- Sell: 121.67 Take profit: 121.35
- Sell: 121.32 Take profit: 120.55
The key levels for the pound/yen pair are 140.68, 139.60, 138.73, 138.02, 137.48, 136.88, 136.47, 135.65 and 135.05. The price is in the correction zone after the upward movement. We expect the pair to continue dropping after it passes the range of 136.88 – 136.47. In this case, the goal is 135.65. After reaching the level of 135.05, the price may consolidate and rebound.
A short-term upward movement is possible in the range of 137.48 – 138.02. A break of the last level will lead to a deeper correction. The target is 138.70 that acts as the key support. If the pair breaks this level, the uptrend may develop. The target is 139.60.
The main tendency is an upward movement.
Trading recommendations:
- Buy: 137.48 Take profit: 138.01
- Buy: 138.04 Take profit: 138.70
- Sell: 136.88 Take profit: 136.48
- Sell: 136.44 Take profit: 135.70
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
