GBP/USD: plan for the European session on June 10. Further movement of the pound depends on the data on GDP and industrial

To open long positions on GBP/USD you need:

Pound buyers are required to save the situation in the region of the lower boundary of the rising channel of 1.2700. Good data on the UK economy, with the formation of a false breakdown at this level, will be the first signal to open long positions based on the trend's continuation and the update of the highs of 1.2735 and 1.2765, where I recommend taking profits. Under the scenario of reducing the pound under the support of 1.2700, it is best to treat long positions with caution since the trend will be broken. Good support levels are seen at 1.2673 and 1.2644.

To open short positions on GBP/USD you need:

Pound sellers will expect the formation of a false breakdown in the resistance area of 1.2735, and weak UK GDP data will push the pound below the support of 1.2700, which will lead to a big sale to 1.2673 and 1.2644, where I recommend taking profits. With growth above 1.2735, buyers can push GBP/USD in the area of last week's highs to 1.2765 and 1.2795, from where you can sell directly to a rebound.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market and the possible return of sellers.

Bollinger bands

In case the pound increases, the average border of the indicator in the 1.2725 area as well as the upper level in the 1.2760 area will act as resistance. A break of the lower border in the 1.2700 area will be a signal to sell the pound.

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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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The strengthening of the dollar will be local (we expect a corrective decline in the EURUSD and NZDUSD pairs)

After the publication of extremely weak data on the number of new jobs in the United States on Friday, expectations of a possible reduction in the interest rates of the Fed has increased markedly in the markets.

According to the data provided by the Ministry of Labor in May, the US economy received 75,000 new jobs in the non-agricultural sector, in comparison with an expected growth of 185,000 in April values. Although it was revised down to 224,000, but still noticeably high.

After the publication of such values in the markets, there was a wave of growth in demand for risky assets, and the US dollar was under noticeable pressure. This behavior of the markets can be explained by one thing - the rising expectations of a decrease in interest rates by the Fed, which is perhaps already at the September meeting.

We have previously indicated that if the data on the number of new jobs prove to be stronger than forecast, then this will stimulate the growth of expectations of the beginning of the process of lowering interest rates by the US regulator, which means the cost of capital in dollars will decrease and become attractive for borrowing. Another reason, and no longer economic, but of a political nature, which may initiate a reduction in interest rates, is the start of this fall of the company by choosing a new US president. In this case, D. Trump will have to increase pressure on the Fed in order to force it to lower rates to stimulate the local stock market. The growth or reduction of which during his presidency is associated with his success or not.

In our opinion, the dynamics of demand for risky assets and the movement of the dollar will now depend not only on news from the fields of trade wars unleashed by Trump around the world, but also on the fresh economic data. If, following the weak numbers from the labor market, the same unimpressive values of production indicators will start to come out, and, in our opinion, this will be the case, then the Federal Reserve will have nothing to do but to reduce the cost of borrowing, which can eventually the basis for a new rally in the markets of risky assets (shares of companies, the assets of the commodity market) with a simultaneous weakening of the US dollar.

Forecast of the day:

EURUSD pair, after reaching our target level on Friday, is weakly adjusted down on the weekend wave in Germany on Monday. It is possible that it will correct down to 1.1260 before resuming its growth again to 1.1350.

A pair of NZDUSD also adjusted downward after strong growth last week. The pair may fall first to 0.6600, if it does not hold above the level of 0.6610, and then to 0.6575, which will correspond to a correction of 23% and 38% Fibonacci.

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Burning forecast 06.10.2019 EURUSD

The Fed's statements about a possible rate cut gave impetus to the movement against the dollar - gold succeeded most of all in this, but the euro also showed growth.

Thus, there is a signal for an upward trend in the euro. We are seeing a decline during Monday morning, but for now this is part of a pullback.

We are waiting for continued growth.

We keep buying from 1.1190 and from 1.1220.

Buying from 1.1280 is possible.

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EUR/USD: plan for the European session on June 10. It will be hard for the euro to continue to grow

To open long positions on EURUSD you need:

Against the background of the euro's strong growth and speculative purchases on Friday afternoon, major players have recorded a profit. Continuing the further trend without a good downward correction will be extremely difficult. It is best to open long positions on a rebound after updating the low of 1.1285 or after the test of support for 1.1253. The main task of the bulls in the first half of the day will be the level of 1.1336, consolidation on which will keep the upward momentum and will lead to the update of highs of 1.1366 and 1.1392, where I recommend to lock in the profit.

To open short positions on EURUSD you need:

Sellers will try to break through the support of 1.1304, however, the main task will be to consolidate at a low of 1.1285, which will lead to a larger sale of EUR/USD to the areas of 1.1253 and 1.1203, where I recommend to lock in profits. With the euro growth scenario in the first half of the day, short positions can be seen in the rebound from a resistance of 1.1336, where bears will try to form the upper limit of the new downward channel. With growth above 1.1336, it is best to consider selling the euro after updating highs of 1.1366 and 1.1392.

Indicator signals:

Moving averages

Trade is conducted just above 30 and 50 moving averages, which maintains the hope of buyers for continued growth.

Bollinger bands

In the event of a decline in the euro, support will be provided by the lower boundary of the indicator in the area of 1.1285, while the upper limit in the area of 1.1350 will act as resistance with growth.

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

Trading recommendations for the currency pair GBPUSD - placement of trading orders (June 10)

By the end of the last trading week, the currency pair pound / dollar showed, we can already say, stable volatility in the amount of 73 points, as a result of pulling into a closely located level. From the point of view of technical analysis, we saw that the quotes reluctantly continued the upward movement, moving closer to the near level of 1.2770. Considering the graph in general terms, we see that the pound managed to grow a little more, and probably dragged its rapidly growing euro due to the high correlation. The clock part is still more prone to the correction phase, and now, the main question is whether the level of 1.2770 can play the role of resistance to restore the original stroke.

Moving on to the information and news background, we see that the key event on Friday was the report of the United States Department of Labor, where they published devastating data about NonFarm. What we have? New jobs were created only 75 thousand in comparison with the previous period of 224 thousand. The data is actually staggering, in addition to everything, the average hourly wage (compared to the same period last year) decreased from 3.2% to 3.1 %. Now, we understand the reason for the further strengthening of the British currency, since the dollar felt pressure on all fronts. Let me remind you that even on June 5, the ADP report stunned all the data on the decline, which we saw later.

We close the information and news background, as always, with Brexit. On Friday, the Prime Minister left her post safely, and she's also the leader of the Conservative Party. Theresa May, saying: "I'm very sorry that I couldn't complete the exit of Great Britain from the European Union, noting that I was very proud of the progress that was made over the years." What kind of progress has been made is really incomprehensible. She will continue to perform her duties until a successor is chosen. This process can take several weeks.

In turn, a key candidate for the prime minister's place, Boris Johnson, having heard a lot about Donald Trump, said that Britain would not pay the EU $ 50 billion without an acceptable Brexit deal.

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Today, in terms of the economic calendar, we have data on UK GDP, where a slowdown is expected from 1.9% to 1.8%, while at the same time, data on manufacturing output will be published, and they are also expected to decline from 2.6% to 2.2%. In the afternoon, there will be data on the number of open vacancies in the JOLTS labor market in April in the USA, where they expect a decline from 7.488M to 7.240M.

Further development

Analyzing the current trading chart, we see that the quotation felt resistance at the level of 1.2770 and returned to the area at 1.2700 where Friday started the day. It is likely to assume that a temporal amplitude of 1.2680 / 1.2740 is possible, where traders analyze the behavior of quotes and fixation points for further layout of bars.

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Based on the available information, it is possible to expand a number of variations, let's consider them:

- Positions for purchase is considered in the case of price fixing higher than 1.2770.

- Positions for sale are considered in the case of price fixing lower than 1.2668.

Indicator Analysis

Analyzing a different sector of timeframes (TF), we see that indicators in the short-term perspective have changed from an ascending plan to a descending one due to the recovery process and the level of 1.2770. The intraday and mid-term outlook still maintains an upward interest, but the indicators are already on the sidelines of a mood shift.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.

(June 10 was based on the time of publication of the article)

The current time volatility is 39 points. Analyzing the behavior of quotes relative to the previously designated boundaries, as in the case of their breakdown, the volatility can accelerate.

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Key levels

Zones of resistance: 1.2770 **; 1.2880 (1.2865-1.2880) *; 1.2920 * 1.3000 **; 1.3180 *; 1,3300 **; 1.3440; 1.3580 *; 1.3700

Support areas: 1.2620; 1,2500 *; 1.2350 **.

* Periodic level

** Range Level

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EUR/USD. Happy June: The dollar awaits inflation and the Fed meeting

The US dollar opened the trading week with a small, but ubiquitous growth, despite the failed Nonfarms report, which was published on Friday. The meeting of the US finance minister with the chairman of the People's Bank of China gave hope to traders that talks between Beijing and Washington would resume. At the very least, Stephen Mnuchin said that he had a "constructive conversation" with Yi Gang, during which they had a discussion on trade issues. This precedes the meeting of the leaders of the United States and China, which will take place (or rather, should be held) at the G20 summit in Osaka, Japan.

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In general, the events of the second half of June can affect the fate of the US currency in the long term. So, on June 19, a key Fed meeting will take place, following which it will become clear whether the regulator intends to reduce the interest rate in the foreseeable future or still "reluctantly" maintain a defense in the form of a wait-and-see position. Following a weak data on the labor market, traders increased the likelihood of monetary policy easing at one of the upcoming Fed meetings to almost 60%. Jerome Powell also did not rule out the implementation of such a scenario, and he made the corresponding statement even before the release of the latest Nonfarms.

The June meeting of the Fed will be held next week, but this week extremely important macroeconomic reports will be published that may affect the position of many members of the regulator. If we talk about a peculiar hierarchy of economic indicators, then the US consumer price index is in the first place, the release of which is scheduled for Wednesday, June 12.

General forecasts do not bode well for the US dollar, which has recently demonstrated a certain vulnerability. Let me remind you that on a monthly basis, the indicator for several months (from November to February) was at the zero level. From February to April, it fluctuated in the range of 0.2% -0.4%, but in May it can again drop to zero: according to some experts, to 0.1%, according to others - to 0%. On an annualized basis, since February there has been a positive dynamics of the CPI: in April it reached a two percent mark. But in May, analysts expect a slowdown to 1.9%. Core inflation for May should remain at the same values: on a monthly basis - 0.1%, in annual terms - 2.1%. Any deviation from this scenario (especially in the direction of a deterioration) will have a strong downward pressure on the dollar. Slowing inflation against the background of a weaker labor market and lower wage growth will increase the likelihood of Fed monetary policy easing at the next meetings.

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However, other economic indicators, which will be published this week, may also affect the determination of the members of the US regulator. We are talking, in particular, about the producer price index, which is an early signal of changes in inflation trends. A downward trend is observed here, after reaching an annual peak (0.6%). In May, the negative trend may continue - in the opinion of most analysts, the indicator will fall to zero in monthly terms, and in annual terms - to 1.9%. The inflation indicator is the import price index. Since February, it gradually decreases, and this week it might be in the negative area - the first time in six months (release is scheduled for Thursday). On Friday, we will learn the May data on the volume of retail trade In April, it fell into a negative area, but this week, analysts expect minimal growth - both with regard to auto sales and excluding this category.

Chinese data may also have a definite impact on the EUR/USD pair. In particular, release of data on inflation growth in China is expected on Wednesday (it is expected to grow to 2.7% - the peak value since February last year), and on Friday - the volume of industrial production in China (positive dynamics is also predicted).

By the way, China will increasingly remind traders of themselves over the coming weeks. 28-29, the G-20 summit will take place, the results of which will make it possible to understand whether the United States and China will return to the negotiating table or a trade war will continue. Thus, according to the head of the US Treasury, Trump will decide on new duties on China after meeting with Xi Jinping at the G20 summit. In turn, the Chinese leader, speaking at a forum in St. Petersburg, said that the US is not interested in breaking ties with China, since the countries are "united" by large-scale investments.

Here it is worth remembering that in a year and a half, a presidential election will be held in the United States, following which the Democrats, led by Joe Biden, may come to power. Given this factor, the Chinese may well take a defensive position in the trade conflict, not agreeing to the unfavorable conditions for themselves offered by the Trump deal. In addition, China has recently explicitly hinted that it is ready to strike back not only in the area of tariff policy. In particular, Beijing can use its monopoly position in the market of rare earth metals by restricting or prohibiting the export of China.

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However, this week, the US-China relationship will have a background effect on the dynamics of the EUR/USD pair. In the near future, traders will focus on key macroeconomic reports from the United States, which in turn may affect the position of Fed members. In a technical point of view, bulls of the pair need to stay above the mark of 1.1310 (the top line of the Bollinger Bands indicator on the daily chart), thereby demonstrating the priority of an upward direction.

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Technical analysis of Ethereum for 10/06/2019:

Crypto Industry News:

The Reserve Bank of India (RBI) has denied any knowledge or involvement in a government bill that would impose a total ban on cryptocurrencies, according to an official document.

Varun Sethi, a lawyer specializing in Blockchain, filed a request to RBI for information regarding the Indian daily's report from April, which suggested that several government departments supported a total ban on the "sale, purchase and issue of all types of cryptocurrencies".

Although the RBI refused to answer some of Sethi's questions, the bank confirmed that he had not received any information from the central government about the proposed law - and said he had not received a copy of the bill.

The bank refused to answer the question of whether it is the competent authority to take a decision on banning cryptocurrencies. RBI said, however, that he did not support such a ban for any government department and that he did not receive any written communication suggesting that the government department supported such a move.

Sethi asked if it was possible for such a bill to be adopted without RBI's approval, but the bank refused to respond.

RBI has played a key role in regulating cryptocurrencies and Blockchain, and also provides advice to investors. In April, the organization presented a regulatory sandbox that would allow testing of Blockchain products on a small number of consumers, but cryptocurrencies, exchanges, and ICO were excluded.

Technical Market Overview:

The ETH/USD pair has made a new local low at the level of $226.10 during the weekend low-volatility trading hours and now is trying to bounce, but it was stopped by the technical resistance at the level of $233.74 so far. From the Elliott Wave point of view, the market is ready to make another wave down, which will be labeled as the wave (c) of the overall corrective structure. The first target for this wave is seen at the level of $212.19.

Weekly Pivot Points:

WR3 - $291.72

WR2 - $280.83

WR1 - $249.36

Weekly Pivot Point: $237.71

WS1 - $207.19

WS2 - $196.25

WS3 - $166.76

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.

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Technical analysis of Ethereum for 10/06/2019:

Crypto Industry News:

The Reserve Bank of India (RBI) has denied any knowledge or involvement in a government bill that would impose a total ban on cryptocurrencies, according to an official document.

Varun Sethi, a lawyer specializing in Blockchain, filed a request to RBI for information regarding the Indian daily's report from April, which suggested that several government departments supported a total ban on the "sale, purchase and issue of all types of cryptocurrencies".

Although the RBI refused to answer some of Sethi's questions, the bank confirmed that he had not received any information from the central government about the proposed law - and said he had not received a copy of the bill.

The bank refused to answer the question of whether it is the competent authority to take a decision on banning cryptocurrencies. RBI said, however, that he did not support such a ban for any government department and that he did not receive any written communication suggesting that the government department supported such a move.

Sethi asked if it was possible for such a bill to be adopted without RBI's approval, but the bank refused to respond.

RBI has played a key role in regulating cryptocurrencies and Blockchain, and also provides advice to investors. In April, the organization presented a regulatory sandbox that would allow testing of Blockchain products on a small number of consumers, but cryptocurrencies, exchanges, and ICO were excluded.

Technical Market Overview:

The ETH/USD pair has made a new local low at the level of $226.10 during the weekend low-volatility trading hours and now is trying to bounce, but it was stopped by the technical resistance at the level of $233.74 so far. From the Elliott Wave point of view, the market is ready to make another wave down, which will be labeled as the wave (c) of the overall corrective structure. The first target for this wave is seen at the level of $212.19.

Weekly Pivot Points:

WR3 - $291.72

WR2 - $280.83

WR1 - $249.36

Weekly Pivot Point: $237.71

WS1 - $207.19

WS2 - $196.25

WS3 - $166.76

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.

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Technical analysis of Bitcoin for 10/06/2019:

Crypto Industry News:

Bitcoin analyst Oliver Isaacs believes that at the end of 2019, the currency will reach $ 25,000, according to a publication in the financial media: "There are many factors driving the recent rebirth. There are geopolitical, technological and regulatory factors. The net effect of the trade war between the US and China has led to sudden interest in Bitcoin as security for investment"- Isaacs said.

Tim Draper likewise commented on the state of major adoption trends when corporate giants such as Microsoft, Amazon, Starbucks, and Whole Foods are already accepting crypto payments. Investor Tim Draper believes that mainstream adoption will take place over the next few years. It goes so far as to claim that Bitcoin will reach $ 250,000 by 2023: "I think that when you go to Starbucks to buy a cup of coffee trying to pay with dollars, they will laugh at you because you do not use Bitcoins or another cryptocurrency [...] It will be like an old lady who pays finely"- Draper says.

SFOX analysts were more pessimistic, calling the perspective of the "uncertain" crypto market and warning that the recent rise of Bitcoin could have been a simple FOMO (Fear Of Missing Out). They also pointed to the ongoing US trade war with China as the cause of the Bitcoin value jump last month.

Technical Market Overview:

The BTC/USD pair moved lower during the weekend as the battle for the technical resistance level located at $8.102 was won by bears and this side of the market has pushed the prices back towards the recent technical support level at $7,48. The good news is the downward momentum was not that strong and it was decreasing as the price moved lower, so there is a chance for a test of the support level and a strong bounce. On the other hand, any violation of the level of $7,405 will lead to the sell-off towards the level of $6,986.

Weekly Pivot Points:

WR3 - $9,578

WR2 - $9,128

WR1 - $8,319

Weekly Pivot Point: $7,869

WS1 - $7,020

WS2 - $6,556

WS3 - $5,664

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.

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Trading plan for EURUSD for June 10, 2019

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Technical outlook:

We have presented a Daily chart view here to have a bigger picture. Please note that EURUSD might be carving out a potential ending diagonal and could be into its last Wave 5, after printing highs last week at 1.1347 levels. An ending diagonal consists of 5 waves labeled as 1 through 5 and each wave within, sub-divides into 3 waves labeled as an a-b-c wave structure. Furthermore, also notice that EURO has stalled its rally and hit resistance trend line, passing through the highs at 1.1514 and 1.1448 levels respectively. Apart from the above, Wave 4 seems to have reached the fibonacci 0.618 resistance of Wave 3, as depicted here at 1.1320 levels. Taking all the above into consideration, it is better to remain short again with stop above 1.1350 levels, as Wave 5 unfolds lower towards 1.1025/50 levels going forward. If a meaningful bottom has been formed at 1.1107 levels earlier, the EURUSD pair could still drop lower towards 1.1190/1.1200 levels as a retracement. Either ways, a high probable count seems lower from here at least towards 1.1190 levels or a fresh low.

Trading plan:

Remain short or initiate fresh shorts @ 1.1300/20 stop above 1.1350, target at least 1.1200 levels.

Good luck!

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Technical analysis of GBP/USD for 10/06/2019:

Technical Market Overview:

The GBP/USD pair did not make the breakout above the technical resistance at the level of 1.2747, just a local high was made at 1.2761. The market reversed slightly, but there is still no new low made, so the outlook is not certain for now, but due to the face that the short-term trendline dynamic resistance has not been broken as well, the outlook remains bearish. The nearest technical support is seen at the level of 1.2668.

Weekly Pivot Points:

WR3 - 1.2954

WR2 - 1.2856

WR1 - 1.2800

Weekly Pivot Point: 1.2708

WS1 - 1.2658

WS2 - 1.2549

WS3 - 1.1502

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.

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Technical analysis: Important intraday Level For EUR/USD, June 10,2019

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When the European market opens, some economic data such as Italian Industrial Production m/m will be released. The US will

publish JOLTS Job Openings. So, amid the reports,EUR/USD will move in a low to medium volatility during this day.TODAY'S TECHNICAL LEVEL:Breakout BUY Level: 1.1375.Strong Resistance:1.1368.Original Resistance: 1.1357.Inner Sell Area: 1.1346.Target Inner Area: 1.1319.Inner Buy Area: 1.1292.Original Support: 1.1281.Strong Support: 1.1270.Breakout SELL Level: 1.1263.(Disclaimer)

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Control zones EURUSD 06.10.19

The close of last week's trading occurred above the middle turn zone, which indicates a 90% probability of returning to it. The upper limit of the zone is at the level of 1.1280, so a decline to this mark is most likely. Just below this level is the WCZ 1/2 1.1267-1.1259. As long as the pair is trading above the indicated zone, the upward movement will remain an impulse.

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It is important to note that the rise on Friday occurred at the time when the option contract expired. This makes it insignificant and the probability of its absorption increases to 70%.

An alternative model will be developed if the pair can consolidate below the level of 1.1259 in today's US session. This will change the direction of trade in the current week. Selling will come to the fore, and the upward momentum can be considered complete.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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Technical analysis: Important intraday level for USD/JPY, June 10,2019

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Today Japan will release the Economy Watchers Sentiment, Final GDP q/q, Final GDP Price Index y/y, Current Account. The US will post such economic data as JOLTS Job Openings. So there is a probability the USD/JPY will move with low to medium volatility during this day.TODAY'S TECHNICAL LEVEL: Resistance. 3:109.08.Resistance. 2:108.87. Resistance. 1:108.65.Support. 1:108.13.Support. 2:108.17.Support. 3:107.96.(Disclaimer)

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Technical analysis of EUR/USD for 10/06/2019:

Technical Market Overview:

The EUR/USD pair has made another higher high on its way up and the last one was made at the level of 1.1347, just below the technical resistance at the level of 1.1361. Nevertheless, there is a clear bearish divergence between the price and momentum oscillator in overbought market conditions. If the local technical support at the level of 1.1305 is clearly violated, then the sell-off might accelerate towards the level of 1.1250 or even 1.1224. That move down will be considered as a local pull-back as along as new low is made below 1.1118, so the outlook remains bullish.

Weekly Pivot Points:

WR3 - 1.1598

WR2 - 1.1464

WR1 - 1.1422

Weekly Pivot Point: 1.1290

WS1 - 1.1228

WS2 - 1.1091

WS3 - 1.1040

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is now up. All the local pull-backs and corrections should be treated as another opportunity to open the buy orders for a better price. There is a downtrend reversal sign on the weekly time-frame chart, which is why the recent move up might be the beginning of the new uptrend.

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Control zones AUDUSD 06.10.19

The pair's decline which occured today is a logical continuation of the test weekly CZ 0.7014-0.7001. Since a consolidation above the zone did not happen, the weakening of the Australian dollar at the beginning of the current week became logical. The first target of the fall is the WCZ 1/2 0.6955-0.6948. If the pair remains above the specified zone, the upward movement will resume, and the update of the monthly high will be the first goal.

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It is important to understand that the last four days the accumulation zone is forming. Work in this phase implies searching for favorable prices for buying and selling from the limits of the range.

In order to cancel the upward impulse and resume the fall, you will need to close today's trading below 0.6948. If this happens then there will be an update of the low of June with a high degree of probability, and the fall target will be the weekly CZ 0.6887-0.6874. The probability of moving to the May low will increase significantly.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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Forecast for GBP/USD for June 10, 2019

GBP/USD

On Friday, the British pound gained 46 points, having failed to overcome the resistance of the embedded line of the price channel of the daily chart. A divergence with the Marlin oscillator formed on the four-hour chart, which lowers the pound's chances of overcoming the resistance and growth to the balance line of the daily chart (1.2830).

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Today's release of economic data for the UK is expected to worsen. Industrial production in April is expected to decrease by -0.7%, the volume of production in the manufacturing industry is expected to decline by 1.1%. The trade balance for April may slightly improve - the forecast is -13.1 billion pounds against -13.7 billion a month earlier. GDP for April is expected to decline by 0.1%.

As a consequence of the factors, we are waiting for the pound to decline to the MACD line of the four-hour scale in the area of 1.2610 (in the process of price reduction, the MACD line itself will also decrease). Next, the target is 1.2530.

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Forecast for EUR/USD for June 10, 2019

EUR/USD

On Friday evening, Mexico and the United States managed to very quickly agree on migration and trade, therefore, according to Donald Trump, the United States will not impose duties on Mexican goods, which was scheduled for today. This is good news for the dollar. But the bad news was the labor data. The number of jobs outside the agricultural sector (Non-Farm Employment Change) in May amounted to only 75 thousand against an expectation of 177-185 thousand, the unemployment rate remained at 3.6% in April, the average hourly wage increased by 0.2% against an expectation of 0.3%.

Actually, the data itself cannot be called bad, we have already paid attention to the simple connection of the unemployment rate with nonfarms - with unemployment at 3.6%, the historical rate of monthly employment (namely in the public sector) is about 15-85 thousand people. Indeed, earlier unemployment was considered by other rules, and the current 3.6% may well correspond to 4.1% of 30 years ago, but this level is quite acceptable.

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The euro closed the day with an increase of 58 points, slightly reaching the upper shadow of the Fibonacci level of 76.4%. It can be assumed that the goal has been reached. Something that we were somewhat afraid of in the last review has occured - a double divergence formed with the Marlin oscillator on a four-hour scale. We also said that growth, in the event of disappointing US data, may continue for several days. However, double divergence growth may stop today. It is also noteworthy that the growth occurred on smaller volumes than on Thursday. The reversal is our main scenario. The immediate goal is 1.1255.

But while it is not there, the danger of further improvement has not disappeared. Consolidating the price above the Fibonacci level of 76.4% will encourage the euro to move to the level of 61.8% on the price of 1.4444. On the weekly scale chart, the MACD line is moving here.

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Forecast for USD/JPY on June 10, 2019

USD/JPY

The expected difficulties with the growth of the pair from the supposed bottom of June 4-5 are already evident. On Friday, the price at the moment fell by more than 70 points, not reaching this very bottom. Today's session began with a price break up, which is another sign of a price drop for its closure. The convergence of the price with the Marlin oscillator is increasing, on the four-hour chart the signal line of the oscillator tends upwards and now it is in the growth zone. But the growth of the pair before its release over the MACD line on the scale of H4 (108.70) is premature. And the price should go above this line only after the closing of the morning gap so that the signal is not false.

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The price reduction under the signal level of 107.78 can unleash a new round of decline to support the price channel line of the daily chart – 107.00.

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GBP/USD approaching resistance, potential drop!

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Price is approaching our first resistance where we might see a drop below this level.

Entry : 1.2763

Why it's good : Horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement

Stop Loss : 1.2810

Why it's good : horizontal pullback resistance, 38.2% Fibonacci retracement

Take Profit : 1.2645

Why it's good : 61.8% Fibonacci retracement,61.8% Fibonacci extension, Horizontal swing low support

analytics5cfdc23af41ca.png

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USD/CAD approaching support, potential bounce!

Price is testing its support where we expect to see a bounce up to its resistance.

Entry : 1.3257

Why it's good : 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing low support

Stop Loss : 1.3170

Why it's good : 78.6% Fibonacci retracement

Take Profit : 1.3362

Why it's good : Horizontal pullback resistance, 38.2% Fibonacci retracement

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Fractal analysis of major currency pairs for June 10

Forecast for June 10:

Analytical review of H1-scale currency pairs:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1435, 1.1416, 1.1384, 1.1363, 1.1305, 1.1286, 1.1259 and 1.1214. Here, we are following the local ascending structure from June 5th. Short-term upward movement is possible in the corridor 1.1363 - 1.1384. The breakdown of the latter value will lead to a pronounced movement. Here, the target is 1.1416. We consider the level 1.1435 to be a potential value to the top. Upon reaching this level, we expect consolidation in the corridor 1.1416 - 1.1435, as well as a rollback to the correction.

Short-term downward movement is possible in the corridor 1.1305 - 1.1286. Breaking the last value will lead to a prolonged correction. Here, the goal is 1.1259. This level is a key support for the upward structure. Its price will have the formation of the initial conditions for the downward cycle. Here, the potential goal is 1.1214.

The main trend is the local structure for the top of June 5th.

Trading recommendations:

Buy 1.1363 Take profit: 1.1382

Buy 1.1386 Take profit: 1.1416

Sell: 1.1305 Take profit: 1.1286

Sell: 1.1284 Take profit: 1.1262

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2808, 1.2789, 1.2754, 1.2727, 1.2687, 1.2667 and 1.2633. Here, we continue to monitor the development of the upward cycle of May 31. At the moment, the price is in the correction area. Continuation of the movement to the top is expected after the breakdown at level 1.2727. In this case, the goal is 1.2754. Near this level is price consolidation. Breakdown at 1.2755 should be accompanied by a pronounced upward movement. Here, the goal is 1.2808. Price consolidation is in the corridor 1.2789 - 1.2808 and from here, we expect a rollback to the bottom.

Short-term downward movement is possible in the corridor 1.2687 - 1.2667. The breakdown of the latter value will lead to a prolonged correction. Here, the target is 1.2633. This level is a key support for the rising structure.

The main trend is the upward cycle of May 31.

Trading recommendations:

Buy: 1.2728 Take profit: 1.2752

Buy: 1.2755 Take profit: 1.2787

Sell: 1.2686 Take profit: 1.2668

Sell: 1.2664 Take profit: 1.2638

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9987, 0.9961, 0.9930, 0.9911, 0.9858, 0.9846, 0.9816 and 0.9795. Here, the price forms a local structure to continue the downward trend of June 6. Continuation of the movement to the bottom is expected after the price passes the noise range 0.9858 - 0.9846. In this case, the goal is 0.9816. For the potential value to the bottom, we consider the level of 0.9795, near which, we expect consolidation.

Short-term upward movement is possible in the range of 0.9911 - 0.9930. The breakdown of the last value will lead to the cancellation of the downward structure of June 6. In this case, the first potential target is 0.9961. To the level of 0.9987, we expect the initial conditions for the upward cycle to be completed.

The main trend is the downward cycle of May 30, the local structure for the bottom of June 6.

Trading recommendations:

Buy : 0.9911 Take profit: 0.9928

Buy : 0.9932 Take profit: 0.9960

Sell: 0.9846 Take profit: 0.9816

Sell: 0.9814 Take profit: 0.9796

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For the dollar / yen pair, the key levels on the scale are : 108.84, 108.43, 107.76, 107.44 and 106.99. Here, we continue to monitor the downward structure of May 30. Short-term downward movement is expected in the corridor 107.76 - 107.44. The breakdown of the last value will lead to the movement of the potential target - 106.99. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement, as well as consolidation, are possible in the corridor 108.45 - 108.84. Level 108.84 is a key support for the downward structure. Its price passage will lead to the formation of the initial conditions for the upward cycle.

The main trend: the local structure for the bottom of May 30, the stage of correction.

Trading recommendations:

Buy: 108.45 Take profit: 108.82

Sell: 107.74 Take profit: 107.45

Sell: 107.42 Take profit: 107.00

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For the Canadian dollar / dollar pair, the key levels on the H1 scale are: 1.3403, 1.3379, 1.3339, 1.3299, 1.3250, 1.3225, 1.3167 and 1.3122. Here, we are following the development of the downward structure of May 31. The continuation of the development of the main trend is expected after the price passes the noise range of 1.3250 - 1.3225. In this case, the goal is 1.3167. Consolidation is near this level. For the potential value to the bottom, we consider the level of 1.3122. And from which, we expect a rollback to the top.

Short-term upward movement is possible in the corridor 1.3299 - 1.3339. The breakdown of the latter value will lead to a prolonged correction. Here, the target is 1.3379. The range is between 1.3379 - 1.3403 noise. Before it, we expect the registration of the expressed initial conditions for the ascending cycle.

The main trend is the downward structure of May 31.

Trading recommendations:

Buy: 1.3300 Take profit: 1.3337

Buy : 1.3342 Take profit: 1.3379

Sell: 1.3225 Take profit: 1.3170

Sell: 1.3165 Take profit: 1.3124

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For the Australian dollar / dollar pair, the key levels on the H1 scale are : 0.7065, 0.7042, 0.7023, 0.6976, 0.6961 and 0.6941. Here, the subsequent targets for the top is determined from the local ascending structure on June 6th. Continuation of the movement to the top is expected after the breakdown of 0.7004. Here, the first target is 0.7023. Short-term upward movement, as well as consolidation, is in the corridor 0.7023 - 0.7042. For the potential value to the top, we consider the level of 0.7065.

The range of 0.6976 - 0.6961 is a key support to the top. Its price passage will lead to the formation of the initial conditions for the downward cycle. In this case, the potential target is 0.6941.

The main trend is the local ascending structure of June 6.

Trading recommendations:

Buy: 0.7023 Take profit: 0.7040

Buy: 0.7044 Take profit: 0.7065

Sell : 0.6976 Take profit : 0.6962

Sell: 0.6958 Take profit: 0.6941

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For the euro / yen pair, the key levels on the H1 scale are: 124.10, 123.77, 123.47, 123.06, 122.87, 122.54, 122.31 and 121.98. Here, we continue to monitor the ascending structure of June 3. Continuation of the movement to the top is expected after the price passes the noise range 122.87 - 123.06. In this case, the goal is 123.47. Price consolidation is in the corridor 123.47 - 123.77. For the potential value to the top, we consider the level of 124.10. After reaching which, we expect a departure to the correction. After reaching which, we expect a departure to the correction.

Short-term downward movement is expected in the corridor 122.54 - 122.31. The breakdown of the last value will lead to a prolonged correction. Here, the goal is 121.98. This level is a key support to the top.

The main trend is the ascending cycle of June 3.

Trading recommendations:

Buy: 123.06 Take profit: 123.45

Buy: 123.48 Take profit: 123.75

Sell: 122.54 Take profit: 122.33

Sell: 122.25 Take profit: 122.00

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For the pound / yen pair, the key levels on the H1 scale are : 139.44, 138.98, 138.67, 138.19, 137.47, 137.25, 136.97 and 136.52. Here, we are following the development of the ascending structure of June 4. Continuation of the movement to the top is expected after the breakdown of 138.20. In this case, the goal is 138.67. Short-term upward movement, as well as consolidation, is in the corridor 138.67 - 138.98. For the potential value to the top, we consider the level of 139.44. After reaching which, we expect a rollback to the bottom.

Short-term downward movement is expected in the corridor 137.47 - 137.25. The breakdown of the last value will lead to a prolonged correction. Here, the goal is 136.97. This level is a key support to the top.

The main trend is the ascending structure of June 4.

Trading recommendations:

Buy: 138.20 Take profit: 138.65

Buy: 138.69 Take profit: 138.96

Sell: 137.47 Take profit: 137.27

Sell: 137.20 Take profit: 136.98

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USD/JPY near key resistance, a drop is possible!

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USDJPY near key resistance, a drop to 1st support is possible

Entry: 108.96

Why it's good : 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback resistance

Stop Loss : 109.91

Why it's good :50% Fibonacci retracement,horizontal swing high resistance

Take Profit : 107.74

Why it's good: 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing low support

analytics5cfdc0be37f5d.png

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