Outlook on June 9:
Analytical overview of popular currency pairs on the H1 chart:
The key levels for the EUR/USD pair are 1.2274, 1.2249, 1.2206, 1.2186, 1.2147, 1.2133, 1.2108, 1.2094, 1.2065, 1.2036 and 1.2018. The price has been moving in a local downward trend since June 1, but it is currently in the correction stage and is forming an upward potential from June 4. We expect the downward movement to continue after the price breaks through the range 1.2147 - 1.2133. The first target is set at 1.2108. After that, the price may consolidate in the 1.2108 - 1.2094 range. If the latter is broken, a strong decline will continue to the next target of 1.2065. The final potential downward target is 1.2018. After reaching it, the price may consolidate in the range of 1.2036 - 1.2018 and pull back upwards.
A short-term growth, in turn, is possible in the range of 1.2186 - 1.2206. If the last value breaks down, the upward trend from June 4 will develop. The first target is set at 1.2249. We consider the level of 1.2274 as the next potential target.
The main trend is the downward trend from June 1, correction stage.
Trading recommendations:
Buy: 1.2186 Take profit: 1.2204
Buy: 1.2208 Take profit: 1.2249
Sell: 1.2133 Take profit: 1.2108
Sell: 1.2092 Take profit: 1.2065
The key levels for the GBP/USD pair are 1.4178, 1.4143, 1.4116, 1.4079, 1.4059, 1.4007, 1.3985, and 1.3922. The price has been following the development of the downward trend since June 1, but it is in the corrective area at the moment and forms an upward potential from June 4. The key support is the range of 1.4178 - 1.4199 and its breakdown will encourage the development of the initial conditions for the upward cycle from June 4. Here, the first potential target is 1.4247.
On the other hand, the level of 1.4116 is the key support for the upward trend, whose breakdown will trigger the development of the downward trend. We expect the main continuation of the decline after the price breaks through the range of 1.4079 - 1.4059. The target is set at 1.4007. After that, a short-term decline and consolidation are possible in the 1.4007 - 1. 3985 range. The potential downward target is 1.3922. After reaching it, an upward pullback can be expected.
The main trend is the downward trend from June 1, correction stage.
Trading recommendations:
Buy: 1.4178 Take profit: 1.4198
Buy: 1.4200 Take profit: 1.4247
Sell: 1.4116 Take profit: 1.4080
Sell: 1.4059 Take profit: 1.4008
The key levels for the USD/CHF pair are 0.9053, 0.9025, 0.9009, 0.8988, 0.8963, 0.8951, 0.8924 and 0.8911. The price is forming a downward potential from June 4. In this case, we expect a short-term decline in the range of 0.8963 - 0.8951. If the latter breaks down, a strong decline will continue to the next target of 0.8924. The ultimate downward target is 0.8911. After reaching it, the price may consolidate and pull back upwards.
The breakdown of the level of 0.8988 will lead to the development of a correction. The target is set at 0.9009. After that, a short-term upward movement can be expected in the range of 0.9009 - 0.9025. If the latter is broken, it will lead to the formation of local initial upward conditions. The potential target is 0.9053.
The main trend is the long-term upward trend from May 25, as well as forming a downward trend from June 4.
Trading recommendations:
Buy: 0.8988 Take profit: 0.9008
Buy: 0.9010 Take profit: 0.9025
Sell: 0.8963 Take profit: 0.8951
Sell: 0.8949 Take profit: 0.8925
The key levels for the USD/JPY pair are 110.34, 109.98, 109.81, 109.68, 109.38, 109.15, 108.78, and 108.64. We are following the development of the long-term upward trend from May 25 and the formation of the downward trend from June 3. We expect the downward movement to resume after the level of 109.38 is broken. The target is set at 109.15 and the price may consolidate around it. If the specified target is broken, it will lead to the cancellation of the upward trend from May 25. If so, we can expect the strong decline to develop to the level of 108.78. The ultimate potential downward target is 108.64. After reaching it, an upward pullback can be expected.
Alternatively, short-term growth is possible in the range of 109.68 - 109.81. If the level of 109.81 breaks down, a deep correction will occur. The target is set at 109.98, which is the key support level for the downward potential from June 3.
The main trend is the long-term upward trend from May 25, the formation of the downward trend from June 3.
Trading recommendations:
Buy: 109.68 Take profit: 109.80
Buy: 109.82 Take profit: 109.96
Sell: 109.38 Take profit: 109.17
Sell: 109.13 Take profit: 108.80
The key levels for the USD/CAD pair are 1.2241, 1.2205, 1.2147, 1.2124, 1.2092, 1.2074, and 1.2048. The formation of the upward trend from June 1 is being monitored. At the moment, we expect a short-term growth in the range of 1.2124 - 1.2147. If the last value is broken, a strong upward movement will continue to the target of 1.2205. The final potential upward target is 1.2241. After reaching it, a downward pullback can be expected.
The price is expected to consolidate in the 1.2092 - 1.2074 range. If the latter is broken, a deep correction will occur. The target is set at 1.2048, which is also the key support level.
The main trend is the formation of the upward trend from June 1.
Trading recommendations:
Buy: 1.2125 Take profit: 1.2146
Buy: 1.2148 Take profit: 1.2205
Sell: 1.2073 Take profit: 1.2050
Sell: 1.2046 Take profit: 1.2005
The key levels for the AUD/USD pair are 0.7841, 0.7824, 0.7709, and 0.7686. The price is forming a strong upward trend from June 3. We expect this trend to continue after the level of 0.7752 is broken. The target is set at 0.7772 and the price may consolidate near it. If the price breaks through the range of 0.7772 - 0.7786, it will lead to the development of a strong upward movement. The next target is set at 0.7824. The ultimate potential upward target is 0.7841. After reaching it, a downward pullback may occur.
A short-term decline can be expected in the range of 0.7724 - 0.7709. If the last value is broken, a deep correction will follow. The target is set at 0.7686, which is also the key support level for the downward trend.
The main trend is the upward trend from June 3.
Trading recommendations:
Buy: 0.7752 Take profit: 0.7772
Buy: 0.7787 Take profit: 0.7824
Sell: 0.7724 Take profit: 0.7710
Sell: 0.7707 Take profit: 0.7690
The key levels for the EUR/JPY pair are 133.72, 133.48, 133.33, 132.87, 132.73, 132.34, and 132.19. The price has been moving in a downward trend since June 1. We expect this decline to continue after the price breaks through the noise range of 132.87 - 132.73. The target is set at 132.34. The final potential downward target is 132.19. After reaching it, the price may consolidate and pull back upwards.
Alternatively, short-term growth can be expected in the range of 133.33 - 133.48. If the latter is broken, a deep correction will occur. The target is set at 133.72, which is also the key support level.
The main trend is the downward trend from June 1.
Trading recommendations:
Buy: 133.33 Take profit: 133.46
Buy: 133.50 Take profit: 133.72
Sell: 132.73 Take profit: 132.36
Sell: 132.33 Take profit: 132.20
The key levels for the GBP/JPY pair are 156.88, 156.57, 156.09, 155.14, 154.60, and 153.71. The price has been moving in a bullish trend since May 25, but it is currently in the corrective area. We expect growth to resume after the level of 156.09 is broken. The target is set at 156.57. The ultimate potential upward target is 156.88. After reaching it, the price may consolidate.
The price may consolidate in the 155.14 - 154.60 range, wherein a key upward reversal is expected. If the latter breaks down, it will encourage the development of a downward trend. The potential target is set at 153.71.
The main trend is the upward trend from May 25, correction stage.
Trading recommendations:
Buy: 156.10 Take profit: 156.57
Buy: 156.58 Take profit: 156.88
Sell: Take profit:
Sell: 154.58 Take profit: 153.73
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