Daily analysis of EUR/JPY for June 8, 2018

EUR/JPY

The cross went upwards by 200 pips this week, reached the supply zone at 130.00, before the current bearish correction (almost 180 pips from the high of the week). Another 100 pips to the downside can result in a "sell" signal, while a rally from here would enable bulls to resume pushing price upwards.

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The EMA 11 is still above the EMA 56, but the RSI period 14 has crossed the level 50 to the downside. Further downwards movement will result in a bearish bias, and a movement to the upside (from here) will save the recent bullish bias on the market.

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Daily analysis of USD/JPY for June 8, 2018

USD/JPY

What the USD/JPY pair has done so far this week is best called a week-long consolidation. And price is now coming downwards gradually. A movement above the supply level at 110.50 will result in a bullish signal, and a movement below the demand level at 108.50 will result in bearish signal.

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There is an ongoing threat to the bullishness in the market, as price has been coming downwards gradually. In case the current situation holds out a little longer, the EMA 11 would cross the EMA 56 to the downside. The RSI period 14 has already crossed the level 50 to the downside, and that could result in a Bearish Confirmation Pattern.

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Daily analysis of USD/CHF for June 8, 2018

USD/CHF

Price touched the support level at 0.9800 and bounced upwards. The upwards bounce pales into insignificance when compared to the overall bias on the market, and it may thus proffer an opportunity to enter the market at a better price (in favor of bears). Price could breach the support level at 0.9850 to the downside.

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The current upwards bounce is not significant unless the resistance level at 0.9950 is breached to the upside. There is a Bearish Confirmation Pattern in the 4-hour chart and the Williams' % Range period 20 is not far from the oversold region.

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Intraday technical levels and trading recommendations for EUR/USD for June 8, 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 (the upper limit of the depicted demand zone).

The price zone (1.1420-1.1520) stood as a prominent Demand zone where the current bullish pullback was established on May 30.

Conservative traders can wait for bullish pullback towards the current price levels (1.1800-1.1850) for a valid SELL entry. S/L should be placed above 1.1530.

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NZD/USD Intraday technical levels and trading recommendations for for June 8, 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, when 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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Daily analysis of Silver for June 07, 2018

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Overview

Silver price traded higher yesterday to reach the sideways range's resistance at 16.80. The price is still confined inside this range, so that its support line is located at 16.15. It might witness a bearish bias in the nearest sessions because stochastic is approaching the overbought areas. In general, we still suggest the sideways move until the price manages to surpass one of the above mentioned levels. Let me remind you that breaching the resistance will push the price towards 17.43 initially, while breaking the support will make the price visit 15.49 before any new attempt to rise. The expected trading range for today is between 16.45 support and 16.90 resistance.

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