InvestMacro

Article By RoboForex.com

Brent

In the H4 chart, after completing the correctional downtrend at 50.0% fibo, Brent is steadily growing and has already broken both highs, local and long-term, at 69.97 and 71.07 respectively. Later, the market may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 72.05 and 73.33 respectively. The support is the local low at 64.50.

The H1 chart shows a more detailed structure of the current uptrend. At the same time, there is a divergence on MACD, which may hint at a possible pullback after the pair tests the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 72.05 and 73.33 respectively. The correctional targets may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 71.25, 69.95, 68.91, and 67.88 respectively.

Dow Jones

As we can see in the H4 chart, Dow Jones is slowing down a bit on its way towards the high at 35102.0. After completing the correction to the downside, the asset is moving upwards and has already reached 76.0% fibo. This rising wave is heading to break the high and then enter the post-correctional extension area between 138.2% and 161.8% fibo at 35786.0 and 36210.0 respectively. However, an alternative scenario implies a rebound from the high and a new mid-term correctional downtrend to break the low at 33295.0 and then mid-term 23.6% and 38.2% fibo at 32970.0 and 31651.0 respectively.

The H1 chart shows potential downside targets after a local divergence on MACD. The resistance is at 34856.2, At the moment, the index is falling and approaching 23.6% fibo at 34488.0. The next downside targets may be 38.2%, 50.0%, 61.8%, and 76.0% fibo at 34260.0, 34076.0, 33893.0, and 33670.0 respectively. Still, the key downside target is the local support at 33295.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7725; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7750 and then resume moving downwards to reach 0.7625. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7785. In this case, the pair may continue growing towards 0.7875.

BRENT

Brent is trading at 71.61; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 71.05 and then resume moving upwards to reach 73.25. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 69.45. In this case, the pair may continue falling towards 66.75.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.4149; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.4165 and then resume moving downwards to reach 1.4010. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.4205. In this case, the pair may continue growing towards 1.4305.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2212
• Prev Close: 1.2209
• % chg. over the last day: -0.02%

The EUR/USD currency pair is in the wide range of 1.2168-1.2243. Yesterday, the price tested the priority change level, but buyers managed to defend their positions. Fundamental data in Europe indicates that the Eurozone economy is recovering, but there is a slight acceleration in inflation, which is a restraining factor for the euro.

Trading recommendations

• Support levels: 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
• Resistance levels: 1.2212, 1.2243, 1.2311

The trend remains bullish. The price is trading near the moving average. The MACD indicator has become inactive. Under such market conditions, it is better to look for buy trades from the support levels, relying on the continuation of the price growth. But it should not be missed that the price is inside a wide corridor.

Alternative scenario: if the price breaks down through the 1.2168 support level and fixes below, the general uptrend is likely to be broken.

News feed for 2021.06.03:

• – US ADP Non-Farm Employment Change at 15:15 (GMT+3);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
• – US ISM Service PMI (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.4147
• Prev Close: 1.4169
• % chg. over the last day: +0.16%

The British pound is still trading within the wide corridor of 1.4110-1.4207. On Tuesday, the price tested the lower boundary of the range, where there was a sharp bounce with an impulsive move. This is a good sign for a continuation of the uptrend. Fundamental indicators also speak in favor of strengthening the British currency.

Trading recommendations

• Support levels: 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.4207, 1.4338

For the GBP/USD currency pair, the trend remains bullish. The price is trading near the moving average, the MACD indicator has become inactive. Under such market conditions, traders are better to look for buy trades from the nearest support levels. Now the price is in the middle of a wide flat, so it is better to look for entry points on lower timeframes.

Alternative scenario: if the price breaks through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.

News feed for 2021.06.03:

• – UK BOE Governor Andrew Bailey Speaks at 19:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 109.47
• Prev Close: 109.56
• % chg. over the last day: +0.08%

On Wednesday, the USD/JPY currency pair broke out of a narrow flat and moved higher after a reverse test. At the moment, the Japanese Yen looks the weakest among the major forex currencies.

Trading recommendations

• Support levels: 109.28, 109.00, 108.66, 108.44, 108.19, 107.77, 107.47
• Resistance levels: 109.90, 110.51

At the moment, the mid-term trend is bullish. The price is above the moving average and the priority change level of 109.00. Under such market conditions, traders are better to look for buy trades from the support levels, relying on the continuation of the price growth. The weakness of the US dollar index is a limiting factor for growth. When both currencies show weakness, as a rule, the price forms a wide flat range.

Alternative scenario: if the price falls below 109.00, the general downtrend is likely to resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2070
• Prev Close: 1.2034
• % chg. over the last day: -0.30%

The USD/CAD currency pair fell to the lower boundary of the range and tested the false breakdown zone. A price move below this area will continue the bearish medium-term trend. It is important now for the buyers to defend the support level of 1.2032.

Trading recommendations

• Support levels: 1.2032, 1.1944
• Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

The local downtrend line has not yet been broken, so the trend remains bearish. Under such market conditions, traders are better to look for both sell trades from the nearest resistance levels and buy trades from the support levels, but only on intraday timeframes within the upside momentum. But it should be noted that the price is inside a wide corridor of 1.2032-1.2137.

Alternative scenario: if the price breaks out through the 1.2137 resistance level and fixes above, a local corrective uptrend is likely to form.

There is no news feed for today.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

by JustForex

The US stock market closed higher on Wednesday. The Dow Jones index rose by 0.07%, the S&P 500 added 0.14% and the NASDAQ also increased by 0.14%. BriaCell Therapeutics Corp (BCTX) and Koss Corporation (KOSS) were among the leaders, which increased by 94% and 68%. The US Federal Reserve released its Beige Book report yesterday, which indicated that the pace of economic growth slightly accelerated.

European stock indices also ended Wednesday’s trading with a rise. The British FTSE 100 added 0.39%, the German DAX increased by 0.23% and the French CAC 40 jumped by 0.49%. Europe is on the road to economic recovery. Ireland’s Ryanair Holdings is showing a good trend right now, with competitor Wizz Air Holdings Plc lagging behind. Also, the UK is negotiating with Australia to promote a free trade agreement.

The rise in gold prices has slowed. The price has entered a wide price range. Investors are waiting for the non-farms statistics to be released tomorrow. Negative data could result in a situation where investors would start shifting more funds into defensive assets such as gold and silver.

Oil prices continue to rise. With OPEC not planning to significantly increase production of “black gold,” the supply shortage will be preserved at least until late summer, pushing oil prices up. News on the US crude oil inventories and natural gas reserves are expected to be released today. Volatility will be higher than usual.

Asian indices rose slightly on Wednesday. Japan’s Nikkei added 0.4% and the broadest index of Asia-Pacific shares outside Japan, MSCI, rose to a three-month high. Australia plans to cut stimulus measures as early as next month. At the moment, the correlation between the Asian and the US stock markets is very high.

Main market quotes:

S&P 500 (F) 4,208.12 +6.08 (+0.14%)

Dow Jones 34,600.38 +25.07 (+0.07%)

DAX 15,602.71 +35.35 (+0.23%)

FTSE 100 7,108.00 +27.54 (+0.39%)

USD Index 89.90 +0.07 (+0.08%)

• – Australia Retail Sales (m/m) at 04:30 (GMT+3);
• – US ADP Non-Farm Employment Change at 15:15 (GMT+3);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
• – US ISM Service PMI (m/m) at 17:00 (GMT+3);
• – Natural Gas Storage (w/w) at 17:30 (GMT+3);
• – US Crude Oil Reserves (w/w) at 18:00 (GMT+3);
• – UK BOE Governor Andrew Bailey Speaks at 19:00 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Lukman Otunuga Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the correction continues. After forming several reversal patterns, such as Doji, close to the resistance level, XAUUSD is reversing and may form a new pullback to reach the support area at 1875.00. At the same time, an opposite scenario implies that the price may continue growing towards 1925.00 without testing the support area.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the correctional impulse continues. By now, NZDUSD has formed several reversal patterns, such as Shooting Star, close to the resistance level. The pattern materialization target may be the channel’s downside border at 0.7215. Later, the price may test this level, rebound from it, and resume moving upwards. However, an alternative scenario implies that the price may continue growing towards 0.7315 without testing the support level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is still correcting within the uptrend. By now, GBPUSD has formed several reversal patterns, such as Shooting Star, not far from the resistance area. At the moment, the pair may reverse and start a new pullback. In this case, the correctional target may be at 1.4090. However, the next upside target after the pullback may be at 1.4240. After breaking the resistance level, the instrument may boost its ascending tendency.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is still consolidating around 1.2230. If later the price breaks this range to the upside, the market may expand it up to 1.2286; if to the downside – start a new decline to break 1.2150 and then continue the correction with the target at 1.2100.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the descending impulse at 1.4144, GBPUSD is expected to form a new consolidation range above this level. Possibly, the pair may correct towards 1.4194. Later, the market may form a new descending structure with the target at 1.4090 or even reach 1.4035.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating above 73.13 without any particular direction. Possibly, today the pair may correct towards 73.86 and then resume falling to reach 72.54. After that, the instrument may start another correction to test 73.13 from below and then resume trading downwards with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

After forming another consolidation range, this time above 109.32, USDJPY is trading to break it to the upside. Today, the pair may form one more ascending structure with the short-term target at 110.35.

USDCHF, “US Dollar vs Swiss Franc”

After completing the correctional wave at 0.8950, USDCHF is growing to break 0.8993. Later, the market may continue trading upwards with the target at 0.90387 or even reach 0.9125.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating below 0.7767. Possibly, the pair may break the range to the downside and resume trading downwards with the short-term target at 0.7603.

BRENT

Brent has finished the ascending wave at 71.00. Today, the asset may correct towards 69.84 and then form one more ascending structure with the short-term target at 73.00, thus continuing the uptrend towards 75.00.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1900.00; it has already expanded the range up to 1916.20. Today, the metal may form a new descending structure to reach 1887.60 and then start another correction with the target at 1902.00.

S&P 500

The S&P index is still consolidating around 4168.3 without any particular direction. Possibly, the asset may expand the range towards the short-term target at 4272.1. Later, the market may fall to reach 4168.3 and then resume trading upwards with the target at 4297.3.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2223
• Prev Close: 1.2213
• % chg. over the last day: -0.09%

The EUR/USD currency pair failed to break through the resistance level of 1.2243, and the price was slightly corrected, mainly due to the strengthening of the dollar index. Short-term support for the US currency was provided by the US Treasury Department, which held several treasury bond auctions yesterday. Such actions usually lead to the withdrawal of liquidity from the financial system, which is good for the dollar index.

Trading recommendations

• Support levels: 1.2205, 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
• Resistance levels: 1.2243, 1.2311

The trend remains bullish. The price is trading above the moving average. The divergence on the MACD indicator has already been executed. Under such market conditions, it is better to look for buy trades from the support levels, relying on the continuation of the price growth.

Alternative scenario: if the price breaks down through the 1.2168 support level and fixes below, the general uptrend is likely to be broken.

There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.4205
• Prev Close: 1.4147
• % chg. over the last day: -0.41%

Yesterday, the British pound unexpectedly fell on the impulse movement and returned to the wide corridor, forming a false break area above. The price also broke through the local uptrend line. The main reason for the fall is the strengthening of the dollar index. Also, the Governor of BoE Andrew Bailey said yesterday that economic recovery in the Foggy Albion could cause a substantial rise in inflation and lead to the tightening of monetary policy the following year.

Trading recommendations

• Support levels: 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.4207, 1.4338

For the GBP/USD currency pair, the trend remains bullish. The price is trading near the moving average, and the MACD indicator is in the negative zone. Under such market conditions, traders are better to look for buy trades from the nearest support levels. With a high probability, the price will go down to the lower boundary of the wide range of 1.4110-1.4207.

Alternative scenario: if the price breaks through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 109.55
• Prev Close: 109.48
• % chg. over the last day: -0.06%

On Tuesday, the USD/JPY currency pair formed a narrow flat. It is easy to notice that the buyers are pushing the price higher, relying on a breakout. If the price fixes above the resistance level of 109.64, the local upward momentum will resume.

Trading recommendations

• Support levels: 109.28, 109.00, 108.66, 108.44, 108.19, 107.77, 107.47
• Resistance levels: 109.64, 109.95, 110.51

At the moment, the mid-term trend is bullish. The price is above the moving average and the priority change level of 109.00. Under such market conditions, traders are better to look for buy trades from the support levels, relying on the continuation of the price growth.

Alternative scenario: if the price falls below 109.00, the general downtrend is likely to resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2058
• Prev Close: 1.2070
• % chg. over the last day: +0.10%

Yesterday, the USD/CAD currency pair tried to break through the support level of 1.2032 but failed to consolidate below. Buyers sharply pushed the price back, forming a false breakdown of the level.

Trading recommendations

• Support levels: 1.2032, 1.1944
• Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

The local downtrend line has not yet been broken, so the trend remains bearish. Given that the price formed a false breakdown and returned to the moving average on an impulse move, buyers behave more aggressively. Under such market conditions, traders are better to look for both sell trades from the nearest resistance levels and buy trades from the support levels, but only on intraday timeframes within the upside momentum. But it should not be missed that the price is inside a wide corridor of 1.2032-1.2137.

Alternative scenario: if the price breaks out through the 1.2137 resistance level and fixes above, a local corrective uptrend is likely to form.

There is no news feed for today.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

by JustForex

The US stock indices closed mixed yesterday. On Tuesday, the Dow Jones rose by 0.13%, the S&P 500 decreased by 0.05%, the NASDAQ Composite fell by 0.09%. The energy, financial and real estate sectors became the growth leaders. Among the Dow Jones companies, Boeing (+3.12%) and Dow Inc (+2.8%) showed the biggest gains. However, the boom in meme stocks continues. For example, BlackBerry gained 14.8% yesterday.

Positive statistics from the eurozone stimulated the growth of Western European stock indices. The unemployment rate is falling, indexes of business and consumer confidence are increasing and the PMI also shows an upward dynamic. All this indicates that the European economy is recovering.

Gold futures declined in the US trading session. Yesterday, the US Treasury Department held an auction on Treasury bonds distribution, which led to a liquidity withdrawal from the financial system. All this influenced a temporary strengthening of the dollar index. Recently there has been a very noticeable inverse correlation between gold and the US dollar.

As expected, OPEC+ representatives did not change their plans to increase oil production. Thanks to the economic recovery and balanced OPEC+ policies, oil prices have risen by more than 30% this year. The issue of Iranian oil is still open.

Asian markets closed in the positive zone on Tuesday. Japan’s Nikkei added 0.48% and Australia’s ASX 200 gained 0.77% thanks to the positive GDP data (GDP up 1.8% QoQ).

Main market quotes:

S&P 500 (F) 4,202.04 -2.07 (-0.05%)

Dow Jones 34,575.31 +45.86 (+0.13%)

DAX 15,567.36 +146.23 (+0.95%)

FTSE 100 7,080.46 +57.85 (+0.82%)

USD Index 89.90 -0.14 (-0.15%)

• – Australia GDP (q/q) at 04:30 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Lukman Otunuga Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com