NZD/USD Intraday technical levels and trading recommendations for for June 6, 2018

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The price zone of 0.7320-0.7390 stood as a significant supply zone during recent bullish pullback. The bulls failed to execute a successful Bullish breakout above 0.7400 during the previous week's consolidations.

The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred.

Since April 13, significant bearish pressure has been applied. This probably turns the short-term outlook for the NZD/USD pair into bearish giving considerable significance to the multiple-top reversal pattern.

That's why, bearish breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been achieved already.

The bearish scenario needs obvious bearish persistence below 0.7050 to maintain significant bearish momentum towards 0.6860 and 0.6820. That's why, the price level of 0.7050 is currently considered a key-level for the NZD/USD bears.

Any bullish breakout above the price level of 0.7050 hinders further bearish decline allowing bullish pullback to occur towards 0.7170-0.7220.

On the other hand, if bearish momentum persists, the price zone of 0.6820-0.6780 will be the next destination for the NZD/USD pair. It should be watched for bullish rejection and a possible valid BUY entry.

The current bullish pullback towards the price level of 0.7050 (Broken Demand-Level) should be watched for a valid SELL entry. S/L should be placed above 0.7100.

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Intraday technical levels and trading recommendations for EUR/USD for June 6, 2018

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Daily Outlook

The short-term outlook turns to become bearish as long as the EUR/USD pair keeps trading below the broken uptrend as well as the lower limit of the depicted consolidation range remains broken.

Bearish persistence below the price level of 1.2200 allowed further bearish decline towards the price levels of 1.1990 and 1.1880.

The price zone (1.1850-1.1750) failed to offer sufficient bullish demand when a descending high was established around the price level of 1.1980.

The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, significant bearish pressure is being applied since then.

As bearish momentum dominates, bearish persistence below 1.1700-1.1750 (zone of previous daily lows) was maintained to enhance further bearish decline towards 1.1520 and probably 1.1420.

The price zone (1.1520-1.1415) was considered a prominent Demand zone to be watched for bullish price action and valid BUY entries. Early signs of bullish rejection have already been expressed around 1.1500 (the upper limit of the depicted demand zone).

Hence, conservative traders are waiting for the current bullish pullback towards the price zone (1.1800-1.1850) for valid SELL entries if the current bullish pullback persists.

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USD/CAD analysis for June 06, 2018

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Recently, the USD/CAD pair has been trading downwards. The price tested the level of 1.2900. According to the H1 time – frame, I found a broken support trendline in the background, which is a clear sign of weakness. I also found a confirmed head and shoulders pattern in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.2820.

Resistance levels:

R1: 1.2928

R2: 1.2935

R3: 1.2942

Support levels:

S1: 1.2914

S2: 1.2907

S3: 1.2900

Trading recommendations for today: watch for potential selling opportunities.

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Indicator analysis. Daily review for GBP / USD pair on June 6, 2018

On Wednesday, the following strong calendar news comes out:

- 14.30 London time. USD, stocks of crude oil. The expected value is -1.824M compared to the previous value of -3.629M.

Trend analysis (Figure 1).

On Tuesday, the price moved upward, breaking the recession level of 14.6% at 1.3373 (yellow dotted line), after which, it rushed upwards. On Wednesday, the price will most likely storm the next pullback level of 23.6% at 1.3479. A complex analysis will more accurately determine where the price will go next.

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Fig. 2 (daily chart).

Complex analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- volumes - upwards;

- candle analysis - neutral;

- trend analysis - up;

- Bollinger lines - up;

- Weekly schedule - up.

General conclusion:

On Wednesday, the GBP / USD pair will have an upward movement towards the first goal at 1.3479 with a recession rate of 23.6%.

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Global macro overview for 06/06/2018

Today's data is expected to show Canada's trade deficit at CAD 3.4 billion, while in the US it is to be USD 49 billion. In addition, the Ivey PMI for Canada will be published at 04:00 pm GMT. A slight decrease of this index is expected below 70 points after a good print of 71.4 last month. The Building Permits data are expected to decrease -1.0% this month after 3.1% increase in April.

Moreover, this weekend, the G7 meeting will take place, during which issues related to customs tariffs and negotiations in relation to the NAFTA agreement will be discussed. Canada refused to switch to negotiating a bilateral agreement with the US yesterday. Trump's chief economic advisor, Larry Kudlow, admitted yesterday that the White House chief is increasingly willing to talk 1 to 1 with Canada on the subject of the NAFTA contract, rather than in the formula three (plus Mexico). In addition, Mnuchin asked Trump to cancel tariffs on aluminium and steel in relation to Canada.

Trump guesses that there is no chance of accepting a new NAFTA treaty this year. The negotiations with Mexico are difficult, and at the beginning of July there are key elections to the parliament and the presidential election, which makes time for ratification of this the agreement very short, so he begins to put in bilateral agreements. In the context of the November partial elections to US Congress, the White House and Republicans are hungry for some successes, because the risk of losing the majority of votes is high.

In conclusion, this could be an element of NAFTA negotiations, but it is also a might signal that the issue of possible exemptions from customs duties for other countries begins to return. In that case, the USD might get weaken across the boards and the CAD might likely to move up, especially of the move will be supported by solid macroeconomic data.

Let's now take a look at the USD/CAD technical picture at the H4 time frame before the scheduled data are released. The market had made a fake breakout above the technical resistnace at the level of 1.3045 and since then the price is dropping. Currently, the USD/CAD is testing the local support at the level of 1.2905 and if the data will be solid, then the break out lower is imminent. In that case the target is seen at the level of 1.2834 - 1.2819 zone. The weak momentum indicator pointing to the downside supports the bearish outlook.

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Analysis of gold for June 06, 2018

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Recently, gold has been trading sideways at the price of $1,294.75. Anyway, according to the H1 time frame, I found a potential bullish flag in creation, which a sign that selling looks risky. My advice is to watch for potential breakout of the bullish flag to confirm further upward movement. The upward targets are set at the price of $1,304 and at the price of $1,314.10.

Resistance levels:

R1: $1,300.66

R2: $1,302.33

R3: $1,303.56

Support levels:

S1: $1,297.75

S2: $1,296.50

S3: $1,294.85

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of USD/CAD for June 06, 2018

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The USD/CAD pair will continue to rise from the levels of 1.2914/1.2961. The support is found at the level of 1.2914, which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom. Today, the major support is seen at 1.2914, while immediate resistance is seen at 1.3021. Accordingly, the USD/CAD pair is showing signs of strength following a breakout of the high at 1.2914. So, buy above the level of 1.2914 with the first target at 1.3021 in order to test the daily resistance 1 and move further to 1.3049. Also, the level of 1.3049 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CAD pair to climb from 1.2914 to 1.3049 today. At the same time, in case a reversal takes place and the USD/CAD pair breaks through the support level of 1.2914, a further decline to 1.2849 can occur, which would indicate a bearish market.

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Technical analysis of AUD/USD for June 06, 2018

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On the four-hour chart, the AUD/USD pair bullish trend from the support levels of 0.7509 and 0.7566. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7566, which coincides with a golden ratio (38.2% of Fibonacci). Consequently, the first support is set at the level of 0.7566. So, the market is likely to show signs of a bullish trend around the spot of 0.7566. In other words, buy orders are recommended above the level of 0.7566 with the first target at the level of 0.7661. Furthermore, if the trend is able to break out through the first resistance level of 0.7661. We should see the pair climbing towards the double top (0.7814) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7460.

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Global macro overview for 06/06/2018

The recent comments from the ECB have helped the EUR / USD to move out of the consolidation zone. EUR/USD is starting to climb higher which started meticulously building expectations ahead of the next week's ECB meeting.

Growths began on Tuesday afternoon after financial media reports that the next week's ECB meeting may be full of heated debate about the future of the asset purchase program (QE). A month ago this information would not mean much, but considering that in the present form the program is set up by the end of September (purchase of 30 billion / month), the decision on what to do next should be taken at one of the previous meetings, probably now in June or in July. However, recent turmoil in the Italian political scene has spurred speculation that it might be better if the ECB did not add reasons for tensions in financial markets and refrained from important decisions until July. Therefore, yesterday's leaks seem to have a verbal intervention that the ECB is not concerned about the events in Italy and does not intend to change its strategy, and even willing to communicate the future of QE sooner than later. One can not resist the impression that the ECB wants to calm the moods around Italian assets, even if this week it is not seen that the tensions "spilled" onto other European markets.

More remarks emerged this morning as the members of the Governing Council Praet and Weidmann reinforced the message. The first one stated that "there are signs showing that inflation is approaching the target ", and in the assessment of the second member, the market expectations of QE completion by the end of 2018" are justified ". This helps the EUR to forget about Italian problems and to pass speculations on the ECB.

Nevertheless, the revelations from the next week's ECB meeting would be an impulse to disperse strong appreciation of the EUR. Suggesting that the QE program will end this year - not suddenly in September, but rather in December - is a scenario that shares the majority of market participants. In order to build strong hawkish expectations regarding the ECB's policy, the global investors would have to hear that the first rate hike is possible in the first half of 2019. Mario Draghi and the company do not have the courage to make such a commitment, and therefore remain only a moderate optimist in assessing the outlook EUR/USD in the short term.

Let's then take a look at the EUR/USD technical picture at the H1 time frame after the comments hit the newswires. The market has broken out of the consolidation zone between the levels of 1.1719 - 1.1726 and made a new higher high around the level of 1.1769. The momentum remains strong and if the bulls will keep buying the local supports, then the next target is seen at the level of 1.1829.

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Technical analysis and trading recommendations for the GBP / USD currency pair as of June 6, 2018

The British pound currency pair continues to form a corrective movement, approaching the projected level of 1.3440. Earlier, we already discussed that the quotation managed to go into the correction stage after working off the value of 1.3200, where, as a result, we received an upward move of more than 220 points. Now, the quotation has closely approached the range of 1.3440 with a little slowing down movement. We can assume the formation of a bump in the level where traders will have two interesting variations: the first is a reverse move, we know that 1.3440 is a significant level and this can play to the bears, returning us to the values of 1, 3350 / 1,3300. The second variation is if we consider the pair in a global character, then we will see a massive downward movement of more than 1000 moves, and the current correction can continue.

Key Levels

Resistance zones: 1.3440 **; 1,3600 *; 1,3700

Support zones: 1,3300; 1,3200 *; 1,3000

* Periodic level

** Range level

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Trading plan 06/06/2018

Trading plan 06/06/2018

The picture: The question about the trend of the dollar is being decided.

The main theme remains the same about Trump and his duties against Europe and China. This issue will be put on hold until Friday - before the G-7 summit in Canada.

On Tuesday, rumors appeared on the market that the ECB will consider tightening from an ultra-soft monetary policy during the meeting on June 14 (within a week). This changed the mood of investors for the euro, as the currency is trying to grow.

In Italy, a new populist government began to work - the new prime minister hastened to state that he does not intend to try to leave the Eurozone.

GBP/USD pair: We are buying from the level of 1.3375.

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Bitcoin analysis for June 06, 2018

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Trading recommendations:

According to the H1 time - frame, I found a broken supply trendline in the background. This means that buyers are in control. I also found an intraday bullish flag in creation, which is another sign of strength. My advice is to watch for a potential breakout of the bullish flag to confirm a further upward movement. The upward target is set at the price of $7.755.

Support/Resistance

$7.647 – Intraday resistance

$7.533– Intraday support

$7.755 – Objective target

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Rumors fuel demand for euro

The European currency managed to regain its positions paired with the US dollar by the end of the North American session after rumors that the European Central Bank will discuss the curtailment of the quantitative easing program at its next meeting.

It is important to note that initially, in the plans of the ECB, there was a complete curtailment of the asset redemption program in early autumn of this year. However, due to a very weak "start" of the economy, and then the political crisis in Italy and Spain, many experts, as well as ECB representatives, started talking about the need to analyze new economic data for making an important decision on the complete curtailment of the asset repurchase program.

The US dollar enjoyed weak support from buyers even against the background of good fundamental statistics, which once again speaks about the revision of the market's attitude towards risky assets. We discussed about this in more detail earlier this week after the release of Friday's data on the US labor market.

According to the report of the Institute of Supply Management, the index of the non-manufacturing sphere in the US for the month of May this year rose sharply. So, the index of supply managers PMI for the non-manufacturing sphere in May rose to 58.6 points, while economists expected that the index in May will be 57.6 points. It is important to note that a value above 50 points indicates an increase in activity.

The index of supply managers for the service sector in May also showed steady growth compared to the previous month. According to the IHS Markit report, the index rose to 56.8 points.

The composite index of supply managers PMI, which consists of production and services, in May 2018 increased to 56.6 points.

All this again shows that the US economy continues to gain momentum, which will support the US dollar in the medium term.

The Australian dollar rose sharply against the US dollar after it became known that the Australian economy showed strong growth in the first quarter of this year.

According to the report, Australia's GDP in the first quarter of this year increased by 1.0% compared with the previous quarter. Compared to the same period in 2017, the economy grew by 3.1%. Economists forecast quarterly GDP growth in the first quarter at 0.9% and an annual growth of 2.9%.

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As noted in the report, the growth was due to an increase in exports, as well as a significant increase in profits of Australian companies.

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Dollar in correction mode

The US dollar, as part of the correction, continues to decline against most of the world's currencies. Despite the growth of PMI ISM in the services sector in May to 58.6p, which exceeded the forecast, the focus of the market is concentrated primarily on geopolitical news and the situation in the likely escalation of trade wars.

It should be noted that, despite Trump's efforts, the US trade balance still looks terrible. Despite a rather noticeable rebound in March from 57.7 billion deficit to -49.0 billion, this result is not a sign of stabilization or improvement of the situation in general. The fact that the trade deficit is held higher than in 2006/09 is due to the exceptionally slate boom that was launched under Obama.

The US, having significantly increased oil production, reduced its dependence on imports such as oil at the peak of prices in 2008 added up to $ 40 billion of trade deficit per month, so the overall deficit set record lows. The fall in oil prices and the increase in oil production have made it possible to reduce this component of the trade balance to almost zero and only then can the deficit be kept within acceptable limits.

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If we exclude oil and oil products from the balance (the purple line on the chart), then we can see a steady decline starting from 2010. By January 2018, the deficit reached 69 billion, and the rollback in February-March is just a correction from the absolute minimum and is not a sign of improving the overall situation.

Trump's desperate attempts to put pressure on the main US trading partners to break the growth trend of the trade balance is not a whim, but a necessity. If it fails to do so, the trade deficit will continue to grow, which will inevitably lead to an increase in the budget deficit with all the ensuing consequences including the need to cut costs and reduce the standard of living of the population against the backdrop of an inevitable recession.

Therefore, the trade war between the US and the rest of the world is inevitable, and how it will end is not yet clear. All the US trading partners - Japan, the European Union Canada, Mexico - have expressed their determination to challenge US actions in the WTO and to introduce counter measures to maintain the status quo. As for China, the agreements reached some time ago did not hold out for a week. On May 29, Trump announced the first tariffs of 50 billion. On June 15, a specific list of goods falling under the tariffs will be announced, and with a high degree of certainty, it can be asserted that it will be directed against the "Strategy 2025" which is China's main plan for the development of the country.

In other words, we are talking about restraining China's economic development. It is clear that this can only end with a trade war.

At the same time, one must bear in mind that the era of the dollar deficit is rapidly approaching. The Fed turns off the balance, and the pace of this process is accelerating, and taking into account the correlation of the balance and the monetary base, it is expected to reduce it in the coming months.

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Along with the planned increase in the rate at the FOMC meeting on June 14 and at least one more increase this year, the world risks to face the situation of the dollar deficit on one hand and its appreciation on the other hand. This will make servicing both world trade and existing loans all the more expensive.

These measures will inevitably lead to the value of the dollar. If the US manages to keep it as the main unit of account, then a strong dollar will push the whole world to a recession, but it will allow the US to remain as the dominant economic force of the planet. Apparently, the strategy of the US financial authorities is precisely this. However, the resistance to "tariff expansion" is growing all over the world, and at the moment, there is no indication that Trump will manage to get what he wants, and under all other scenarios the dollar will begin to weaken due to a reduction in the scope of distribution.

Before the G7 meeting on June 8-9, the dollar will weaken. Corrective growth in the EURUSD can continue to 1.1810 in the next day and 1.1880 before the end of the week. The pound can reach to 1.3450 today with a target at 1.3560. Gold is likely to grow until the end of the week and there will be another attack of bears on oil quotations.

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Technical analysis of GBP/USD June 06, 2018

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(Disclaimer)

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Technical analysis of GBP/USD June 06, 2018

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(Disclaimer)

The material has been provided by InstaForex Company - www.instaforex.com

Trading plan for the European session on June 6 GBP / USD

To open long positions for GBP / USD, you need:

Buyers need to break through and consolidate above the resistance level of 1.3420 to maintain the upward trend but it is important to pay attention to the MACD indicator, since it can form a divergence, which will limit the upside potential. The main goal for long positions will be the new highs around the level of 1.3476. If the pound declines in the morning, you can count on support in the area of 1.3376 and buy the pound immediately for a rebound from 1.3336.

To open short positions for GBP / USD, you need:

An unsuccessful break above the level of 1.3420 with a return to this level will be the first signal for the bears, which will try to quickly return the pair to the support area of 1.3376. However, the main target of the sellers will be the levels of 1.3336 and 1.3302, where it is recommended to lock in profits. In case of growth above the level of 1.3420 in the morning, selling the GBP / USD pair is best on the rebound from 1.3476.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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Trading plan for the European session June 6 EUR / USD

To open long positions for EURUSD, you need:

Buyers need to get above the level of 1.1736. This will be a good signal to buy the euro based on the continued growth in the area of 1.1785 and 1.1828, where it is recommended to lock in profits. In case of a decline in the euro in the first half of the day, the interim support will be the area of 1.1697. However, buying at this level is best only in the event of a false breakdown with a return to this level. Buyingto rebound is best at the lower border of the channel of 1.1657.

To open short positions for EURUSD, you need:

The unsuccessful consolidation above the resistance level of 1.1736 and a return at this level will be the first signal for opening short positions in the euro with the goal to reduce the middle of the channel at 1.1697 and then update the lower limit in the area of 1.1657, where it is recommended to lock in profit. If the EUR / USD pair rises above the level of 1.1736 in the morning, selling is best from the levels of 1.1785 and 1.1828.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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Technical analysis of EUR/JPY for June 06, 2018

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On the 4-hour chart, we clearly see that EUR/JPY has made a breakout and closed below the upward broadening channel. The pair gained brief downward momentum and now it is making a minor correction to test the previous resistance at 129.25. As long as the pair does not break out and closes above the 131.35, the price will continue to go down again and will test the nearest support level at 125.50.

(Disclaimer)

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Technical analysis of EUR/JPY for June 06, 2018

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On the 4-hour chart, we clearly see that EUR/JPY has made a breakout and closed below the upward broadening channel. The pair gained brief downward momentum and now it is making a minor correction to test the previous resistance at 129.25. As long as the pair does not break out and closes above the 131.35, the price will continue to go down again and will test the nearest support level at 125.50.

(Disclaimer)

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Ichimoku cloud indicator analysis of EUR/USD for June 6, 2018

EUR/USD is making new higher highs after back testing the Kumo (cloud) support and break out area of 1.1650-1.1670. Trend is bullish as long as we trade above the 1.1650 level. Our short-term target is at 1.1875 where we find the 38% Fibonacci retracement of the decline since the March highs.

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The EUR/USD pair is trading above the 4-hour Kumo (cloud) support. Price pulled back and tested the upper cloud boundary and bounced strongly off of it. This is a bullish sign. Short-term support is found at 1.17 and 1.1680. Resistance is at 1.1750. A 4 hour close above 1.1750 will open the way for 1.1870.

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Technical analysis on Gold for June 6, 2018

Gold price made a strong reversal from $1,290 support towards $1,300 but price remains below the critical resistance of $1,310. Eventually I expect price to break $1,310 for a minimum move towards $1,325-30, but as long as we do not break above $1,310, the precious metal is vulnerable.

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Yellow line - medium-term resistance

Red lines -extension targets

Green lines - Fibonacci targets

Gold price is testing the medium-term resistance trend line at $1,300. Bulls must first break above this level to show a sign of strength. Another rejection at $1,300 will open the way for a move lower and towards new lows even towards $1,275-70. Support is at $1,290. Bulls do not want to see this broken. It will mean we are heading for $1,275. Bears do not want to see $1,310 broken. If this happens, a short squeeze will follow at least towards the next major resistance at $1,330-40.

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Trade war destroys the EU economy

EUR / USD

The economic indicators that emerged on Tuesday were unequivocally on the side of the dollar, but the media reported that the adjusted monetary policy will be announced at the ECB meeting on June 14. With this, single European currency rose higher and close the day at 20 points. Of course, the reaction of the market is strange and mostly, no one doubts this forthcoming statement. But the markets should take into account that the economic prospects of the eurozone will deteriorate sharply as they expected this June. First of all, the US pressure on the EU led by trade wars. Regardless of what resolution the EU has come up with, it will surely weaken the region, since the EU-US trade turnover is positive for the EU (as for China), which will strike the first stronger blow.

The final estimate for May business activity indicator in the service sector of the euro area is expected to be unchanged at 53.9 but was lowered to 53.8. Retail sales in the euro area in April increased by only 0.1% against expectations of growth of 0.5%. In the United States, the non-manufacturing sector activity (ISM Non-Manufacturing PMI) in May showed an increase from 56.8 to 58.6, with the expectation of a smaller increase to 57.9.

Today, the US trade balance for April will be released. The forecast is -50.0 billion dollars against -49.0 billion in March. This is worse than in the previous 4 years for a given month, so even a slightly better indicator can bring optimism to the market.

We are waiting for the euro to return to 1.1620 and further to 1.1510.

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* The presented market analysis is informative and does not constitute a guide to the transaction.

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Fundamental Analysis of EUR/GBP for June 6, 2018

EUR/GBP has been quite volatile in the price range of 0.87 to 0.8850 for a few days now. The pair has come under bearish pressure. The positive economic reports from the UK propelled GBP gains over EUR, whereas EUR has been struggling amid mixed results.

Today, eurozone's Retail PMI report is due today which previously was at 48.6 and expected to have a certain increase in PMI today. Ahead of the G7 meetings this week, certain economic reports are going to make a neutral impact on the EUR gains for the coming days.

On the other hand, today on the GBP side MPC Member Tenreyro and McCaffertey are going to speak about the interest rate and upcoming monetary policy decisions. Their remarks are likely to be quite hawkish leading to more gains on the GBP side in the short term.

As for the current scenario, GBP is expected to gain much more momentum over EUR in light of the recent economic reports and events, whereas GBP is quite strong ahead of upcoming economic developments. Though the pair is still quite volatile, trading in the range, if the UK continues to provide positive economic reports in the coming days, GBP will find solid support.

Now let us look at the technical view. The price has been quite bearish with the gains yesterday which nearly engulfed the previous bullish price action with ease leading the price to reside below 0.8750 in the process. The dynamic level of 20 EMA has been violated lots of times so far, whereas the current slope is quite bearish. Though the price is residing currently in a support area of 0.8700-50 area, the pressure is bearish and break below 0.87 will lead to further bearish pressure in the coming days with a target towards 0.8550 area. As the price remains below 0.8750 with a daily close, the bearish pressure is expected to continue.

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Bitcoin analysis for 06/06/2018

The Municipal Court in St. Petersburg, annulled the District Court's earlier decision to block the Crypto Media website Bitcoininfo.ru, informs the local TASS newsletter. The District Court's verdict was released in July 2016 in line with the ban on cryptocurrencies - because digital currencies, such as Bitcoin, were not legal in this country.

As reported by TASS, a new decision was passed after the Supreme Court of Russia referred the case to the St. Petersburg Metropolitan Court, after filing a complaint from the owner of Bitcoininfo website. "The court in St. Petersburg annulled the decision of the District Court, which recognized the information posted on the Bitcoininfo.ru website as prohibited for viewing."

The Court's press service also announced that in July 2016 the District Court in St. Petersburg prohibited the use of the website at the request of local prosecutors. The case was heard by the court without the presence of website owners. According to the Bitcoininfo representative, the application process was unilaterally initiated by prosecutors without involving website owners and without requesting removal of content deemed illegal. He also noted that the Municipal Court refused to accept the application for an appeal after the ban.

Based on case files, local prosecutors demanded a ban on the website because it contained information about crypts that are "out of government control", "facilitate the growth of the shadow economy" and "do not have specific consumer characteristics".

The Municipal Court in St. Petersburg annulled previous court decisions prohibiting the operation of 40 websites related to Bitcoin in the Russian Federation. Initially, the ban was initiated because the websites disseminated information about the digital currency "which is not supported by any real resource and does not provide information about its owners". The court's decision is preceded by the upcoming regulatory framework for cryptography, which is scheduled for July 1, by the decree of Russian President Vladimir Putin. These frameworks are supported by the Legislative Work Committee of the Russian State Duma and include a bill on 'Digital financial assets', which was released in March this year.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market had tested the golden trend line from below and bounced back up from it towards the weekly pivot at the level of $7,523. Nevertheless, to reassure a valid bounce the price must break through the intraday resistance at the level of $7,752 and head towards the level of $7,890. Otherwise, the bear will make their presence visible again and will try to push the prices lower towards the technical support at the level of $7,232.

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Fractal analysis for GOLD on June 6

Forecast for June 6:

Analytical review on the scale of H1:

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For Gold, the key key levels on the scale of H1 are: 1317.09, 1308.97, 1305.28, 1300.97, 1287.67 and 1281.60. Here, the continuation of the upward movement is expected after the breakdown of 1300.97. In this case, the first target is 1305.28. In the area of 1305.28 - 1308.97 is the consolidation of the price. The breakdown of the level of 1308.97 should be accompanied by a pronounced upward movement. Here, the potential target is 1317.09

The level of 1287.70 is the key support for the top. Its breakdown will lead to the development of the downward trend. Here, the target is 1281.60.

The main trend is the medium-term upward structure of May 21, the stage of the initial conditions.

Trading recommendations:

Buy: 1301.00 Take profit: 1305.00

Buy 1305.30 Take profit: 1308.90

Sell: 1287.60 Take profit: 1283.00

Sell: Take profit:

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Fractal analysis for major currency pairs as of June 6

Dear colleagues.

For the EUR / USD pair, we have expanded the potential for the upward structure from May 30 to the level of 1.1907. For the GBP / USD pair, we expect movement towards the level of 1.3457. The level of 1.3354 is the key support. For the USD / CHF pair, we expect the continuation of the movement downwards after passing through the price of the noise range at 0.9842 - 0.9826. The level of 0.9897 is the key support. For the USD / JPY pair, the price issued a pronounced structure for the upward trend of May 29. The upward movement is expected after the breakdown of 110.08. For the EUR / JPY pair, we expect the movement towards the level of 129.22. The level of 127.52 is the key support. For the GBP / JPY pair, we follow the development of the upward cycle from May 29. The continuation of the upward movement is expected after the breakdown of 148.00.

Forecast for June 6:

Analytical review of currency pairs in the scale of H1:

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For the EUR / USD pair, the key levels on the scale of H1 are: 1.1907, 1.1849, 1.1824, 1.1774, 1.1743, 1.1693, 1.1666, 1.1631 and 1.1562. Here, we continue to follow the upward structure of May 30. Short-term upward movement is expected in the area of 1.1743 - 1.1774. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 1.1824. In the area of 1.1824 - 1.1849 is the consolidation of the price. The potential value for the top is the level of 1.1907. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 1.1693-1.1666. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.1631. This level is the key support for the upward structure of May 30. Its breakdown will lead to the development of a downward structure. In this case, the potential target is 1.1562.

The main trend is the upward structure of May 30.

Trading recommendations:

Buy: 1.1743 Take profit: 1.1772

Buy 1.1775 Take profit: 1.1822

Sell: 1.1691 Take profit: 1.1666

Sell: 1.1664 Take profit: 1.1632

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For the GBP / USD pair, the key levels on the scale of H1 are 1.3548, 1.3495, 1.3457, 1.3381, 1.3354, 1.3311 and 1.3273. Here, we follow the upward structure from May 29. Currently, we are waiting for the movement towards the level of 1.3457. The breakdown of this level, in turn, will lead to a movement towards the level of 1.3495. Near this level, we expect the consolidation of the price. The potential value for the top is the level of 1.3548. From this level, we expect a departure towards correction.

Short-term downward movement is possible in the area of 1.3381 - 1.3354. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3311. This level is the key support for the top. It's breakdown will lead to a downward structure. In this case, the potential target is 1.3273.

The main trend is the upward structure of May 29.

Trading recommendations:

Buy: 1.3460 Take profit: 1.3490

Buy: 1.3497 Take profit: 1.3545

Sell: 1.3380 Take profit: 1.3355

Sell: 1.3352 Take profit: 1.3313

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For the USD / CHF pair, the key levels on the scale of H1 are: 0.9954, 0.9927, 0.9897, 0.9876, 0.9842, 0.9826, 0.9784 and 0.9754. Here, the subsequent development of the downward structure from May 29 is expected after passing the price of the noise range at 0.9842 - 0.9826. In this case, the target is 0.9784. The potential value for the bottom is the level of 0.9754. Upon reaching this level, we expect a rollback upward.

Short-term upward movement is possible in the area of 0.9876 - 0.9897. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9927. This level is the key support for the downward structure. Its breakdown will allow us to count on the movement towards 0.9954.

The main trend is a local downward structure from May 29.

Trading recommendations:

Buy: 0.9876 Take profit: 0.9895

Buy: 0.9898 Take profit: 0.9925

Sell: 0.9826 Take profit: 0.9786

Sell: 0.9782 Take profit: 0.9755

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For the USD / JPY pair, the key levels on a scale are: 110.92, 110.69, 110.08, 109.13, 108.77, 108.14, 107.64, 106.99 and 106.58. Here, the price is in deep correction from the downward structure on May 21. The development of the upward movement is expected after the breakdown of 110.08. In this case, the first target is 110.69. In the area of 110.69 - 110.92 is the consolidation of the price.

Short-term upward movement is possible in the area of 109.13 - 108.77, hence the probability of a turn upwards is high. The breakdown of the level of 108.75 is expected after the continuation of the development of a downward trend. In this case, the first potential target is 108.14.

The main trend is a downward structure from May 21, a stage of deep correction.

Trading recommendations:

Buy: 110.10 Take profit: 110.66

Buy: Take profit:

Sell: 109.12 Take profit: 108.80

Sell: 108.70 Take profit: 108.20

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For the CAD / USD pair, the key levels on the scale of H1 are: 1.3278, 1.3219, 1.3159, 1.3093, 1.3053, 1.2905, 1.2856, 1.2819 and 1.2758. Here, we follow the upward structure of May 31. The development of this level is expected after passing the price of the noise range of 1.3053 - 1.3093. In this case, the target is 1.3159. Near this level is the consolidation of the price. The breakdown of 1.3160 will lead to the movement towards the level of 1.3219. From this level, there is a high probability of a departure towards correction. The potential value for the top is the level of 1.3278.

Short-term downward movement is possible in the range 1.2905 - 1.2856. The breakdown of the last value will lead to the development of the the downward structure. In this case, the potential target is 1.2758.

The main trend is the upward structure of May 31.

Trading recommendations:

Buy: 1.3093 Take profit: 1.3156

Buy: 1.3162 Take profit: 1.3216

Sell: 1.2905 Take profit: 1.2858

Sell: 1.2819 Take profit: 1.2760

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For the AUD / USD pair, the key H1 scale levels are: 0.7756, 0.7731, 0.7692, 0.7666, 0.7628, 0.7607 and 0.7573. Here, we follow the development of the upward cycle of May 30. The continuation of the upward movement is expected after the breakdown of 0.7666. In this case, the target is 0.7692. In this range is the consolidation of the price. The breakdown at the level of 0.7692 should be accompanied by a pronounced upward movement. The target here is 0.7731. The potential value for the top is the level of 0.7756. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.7628 - 0.7607. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7573. This level is the key support for the upward structure.

The main trend is the upward cycle of May 30.

Trading recommendations:

Buy: 0.7666 Take profit: 0.7690

Buy: 0.7694 Take profit: 0.7730

Sell: 0.7626 Take profit: 0.7608

Sell: 0.7602 Take profit: 0.7575

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For the EUR / JPY pair, the key levels on the scale of H1 are: 131.40, 130.83, 129.85, 129.22, 128.16, 127.52 and 126.55. Here, we follow the upward structure of May 29. Short-term upward movement is expected in the area of 129.22 - 129.85. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 130.83. In the area of 130.83 - 131.40 is the consolidation of the price.

Short-term downward movement is possible in the area of 128.16 - 127.52. The breakdown of the last value will lead to in-depth correction. Here, the target is 126.55. This level is the key support for the top.

The main trend is the upward structure of May 29.

Trading recommendations:

Buy: 129.22 Take profit: 129.83

Buy: 129.87 Take profit: 131.40

Sell: 128.14 Take profit: 127.55

Sell: 127.50 Take profit: 126.60

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For the GBP / JPY pair, the key levels on the scale of H1 are: 149.48, 148.79, 147.96, 147.50, 146.89, 146.38 and 145.64. Here, we follow the development of the upward cycle of May 29. Short-term upward movement is possible in the area of 147.50 - 147.96. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 148.79. The potential value for the top is the level of 149.48. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 146.89 - 146.38. The breakdown of the last value will lead to in-depth correction. Here, the target is 145.64. This level is the key support for the top.

The main trend is the upward cycle from May 29.

Trading recommendations:

Buy: 147.50 Take profit: 147.94

Buy: 148.00 Take profit: 148.75

Sell: 146.85 Take profit: 146.40

Sell: 146.35 Take profit: 145.70

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Trading plan for 06/06/2018

The overnight Asian session run in a climate of growing risk appetite. Among the majors CHF, JPY and USD currencies are on the lead and AUD, NZD and CAD lead the way. The Australian is additionally strengthened by a better GDP reading. Only the stock market remains quite lethargic in rises, but crude oil rises from wells.

On Wednesday 6th of June, the event calendar is busy in important data releases. Switzerland will issue CPi and Consumer Price Index - EU Harmonised data, the Eurozone will post Retail PMI data, Canada will release Ivey Purchasing Managers Index, Trade Balance and Building Permits data and the US will post Non-Farm Productivity, Trade balance and Crude Oil Inventories data. There are two speeches scheduled from MPC Member Silvana Tenreyro and MPC Member Ian McCafferty.

EUR/USD analysis for 06/06/2018:

It is difficult to link a specific reason with a positive sentiment on the currency market. Some economists argue that investors may be optimistic about the prospects of US trade relations with China, dismissing fears of trade wars aside. Beijing suggested yesterday that it is ready to buy US products for USD 70m, which is currently being discussed with Republican senators. There is also information that the Chinese government is considering purchasing additional goods for USD 25 billion.

The second reason is a better than expected data from Australian economy. Australian GDP for the first quarter increased by 1.0 q/q, more than expected 0.9%. The annual dynamics amounted to 3.1% vs. expected 2.8%. After the data AUD/USD goes up to 0.7670.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market has been seen hovering around the level of 1.1726 resistance, but this level was broken in the last hour as the price spiked towards the level of 1.1756 resistance. In the current environment of the positive sentiment, the price might move upward towards the level of 1.1829 resistance as the momentum is supporting the bullish bias. The immediate technical support is again the zone of 1.1719 - 1.1726 and then 1.1682.

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Technical analysis: Intraday levels for EUR/USD, June 06, 2018

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When the European market opens, some economic data will be released such as Retail PMI. The US will release a series of economic reports too such as Crude Oil Inventories, Trade Balance, Revised Unit Labor Costs q/q, and Revised Nonfarm Productivity q/q. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1784.

Strong Resistance:1.1777.

Original Resistance: 1.1766.

Inner Sell Area: 1.1755.

Target Inner Area: 1.1727.

Inner Buy Area: 1.1699.

Original Support: 1.1688.

Strong Support: 1.1677.

Breakout SELL Level: 1.1670.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis: Intraday levels for USD/JPY, June 06, 2018

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In Asia, Japan will release the Average Cash Earnings y/y. On the US dollar front, the US will release a batch of economic data such as Crude Oil Inventories, Trade Balance, Revised Unit Labor Costs q/q, Revised, and Nonfarm Productivity q/q. So, there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 110.44.

Resistance. 2: 110.22.

Resistance. 1: 110.01.

Support. 1: 109.75.

Support. 2: 109.54.

Support. 3: 109.32.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Services PMI - the latest good news for the pound sterling

GBP / USD

On Tuesday, the British pound grew by 80 points thanks to the sharp growth of the Services PMI. In May, the index was 54.0 versus April's 52.8 and the forecasted 52.9. But the American ISM Non-Manufacturing PMI showed no less impressive growth from 56.8 to 58.6. Stock index S & P500 added 0.07%, and Dow Jones further decreased by 0.06%, which led to the weakening of dollar pressure and the pound was able to take advantage of it.

The dollar base remains reliable and strengthened. Market expectations of the rate hike at the Fed meeting on June 13 rose from 92.5% to 97.5%, while government bond yields for today show slight growth, remaining to be in the range generally since Monday. According to the UK, there will be no important data until the end of the week, while the US trade balance for April will be released today, the forecast for which is -50.0 billion dollars against -49.0 billion in March. Tomorrow, the volume of consumer loans for April will be published, with a forecast of 13.9 billion dollars against 11.6 billion in March.

We are waiting for the pound to return to 1.3330 and further decrease in the range of 1.3225 / 45.

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* The presented market analysis is informative and does not constitute a guide to the transaction.

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Daily analysis of EUR/JPY for June 6, 2018

EUR/JPY

Some JPY pairs are rising and generating "buy" signals. EUR/JPY is no exception. Since testing the demand zone at 125.00, price has gained 400 pips and that is significant enough change the short-term trend in the market. Price is now above the demand zone at 128.50, targeting the supply zone at 129.00 and 129.50.

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The EMA 11 is now above the EMA 56, and the RSI period 14 is above the level 50. This shows a Bullish Confirmation Pattern in the chart, and it means price is expected to be going further and further upwards.

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Daily analysis of USD/JPY for June 6, 2018

USD/JPY

A bullish signal has already been generated on the USD/JPY pair, owing to an ongoing, perpetual bullish correction, which has succeeded in invalidating the recent bearishness in the market. Price is above the demand level at 109.50 and it may reach the supply levels at 110.00 and 110.50 soon.

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The bias on the market has eventually turned bullish, as the EMA 11 crosses the EMA 56 to the upside. The RSI period 14 is above the level 50. It is possible that price may gain another 100 pips (at least) within the next 48 hours.

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Daily analysis of USD/CHF for June 6, 2018

USD/CHF

The outlook on the market remains bearish and price is going southwards gradually. It is now below the resistance level at 0.9850, and it may reach the support levels at 0.9800 and 0.9750. Since the trend has been going on for some weeks in a row, it is supposed to continue for the next several trading days.

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There is a Bearish Confirmation Pattern in the 4-hour chart and the Williams' % Range period 20 is in the oversold region. Further southwards movement is expected until USD gains stamina, for that is what can reverse the trend.

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BITCOIN Analysis for June 5, 2018

Bitcoin has been quite bearish with the gains today as expected which was quite slower today in comparison to yesterday's daily close. Though bitcoin has been widely accepted by big financial institutions and traders, the ban on the cryptocurrency advertising in Facebook and Google has recently picked up an issue whereas cryptocurrency experts are speaking out about this matter which might enable the feature again in the future. The price has been ranging for a few days now, which is expected to push higher towards the $8,000 area but with certain retracement and correction along the way. As of the current scenario, the price may push much lower towards the $6,500 area before showing any impulsive bullish momentum in the coming days with target towards the $10,000 area. As the price remains above the $5,000 area with a daily close, the bullish bias is expected to continue further.

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