Trading plan for June 8
The US dollar index continues its downward movement. It tested levels below $93.30. The next support lies at $93.
Daily Market Analysis
In-depth technical & fundamental analysis for currencies & commodities
USD/JPY: yen can strengthen
On the daily chart of USD/JPY, the “Shark” pattern is transforming into 5-0. After a correction to 50% of the wave CD, an advance above May high will open the way up to the pair.
EUR/JPY: euro is hunting sharks
On the daily chart, bulls counterattacked after EUR/JPY reached 161.8% target of AB=CD. They managed to return the pair inside the previous consolidation range of 129.15-132.15.
USD/CHF: franc is resuming a trend
USD/CHF is forming a “Spike and reversal with acceleration”. Bears managed to keep the pair below the trendline of the initial stage.
GBP/USD: pound testing SSB’s resistance
Narrow bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with a rising lines
EUR/USD: euro keeps staying inside Cloud
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines
USD/CAD: loonie is flirting with a triangle
Recommendation: BUY 1…
XAU/USD: gold is making a wedge
The inability of bulls to overcome resistance at 23.6% of the wave 4-5 and lead the pair out of the descending trade channel points at their weakness.
USD/JPY: the Dollar in positive mood
Bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.
AUD/USD: aussie is overbought
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Kijun-sen.
NZD/USD: the kiwi met a dragon
On the daily chart of NZD/USD, after the pair reached the 88.6% target of the “Bat” pattern, it rebounded to 23.6%, 38.2% and 50% of the CD wave.
AUD/USD: the aussie strives forward
On the daily chart of AUD/USD, after the pair reached 88.6% target of the “Shark” pattern, it rebounded to 23.6%, 38.2% and 50% of the CD wave within its transformation to 5-0.
