GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.2714; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.2670 and then resume moving upwards to reach 1.2845. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2585. In this case, the pair may continue falling towards 1.2495.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3387; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3425 and then resume moving downwards to reach 1.3275. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3505. In this case, the pair may continue growing towards 1.3595.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.6997; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6995 and then resume moving upwards to reach 0.7105. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.6920. In this case, the pair may continue falling towards 0.6830.

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the convergence made EURUSD resume the ascending tendency, which has already reached the long-term 38.2% fibo and broken 76.0% fibo. The next upside targets may be the fractal high and the long-term 50.0% fibo at 1.1495 and 1.1595 respectively. At the same time, in the nearest future, there might be a pullback towards the support at 61.8% fibo (1.1166).

In the H1 chart, the pair is correcting downwards after the divergence on MACD and approaching 23.6% fibo at 1.1238. The next downside targets may be 38.2%, 50.0% and 61.8% fibo at 1.1147, 1.1075, and 1.1002 respectively. The resistance is the high at 1.1384.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the convergence made the pair start a new growth to reach 61.8% fibo, which was later followed by another decline to return to 38.2% fibo. The current situation may be described as a pullback within the rising tendency. After finishing the pullback, the instrument may continue trading upwards towards the next target at 76.0% fibo at 110.33.

The H1 chart shows a more detailed structure of the current descending movement after the divergence. The price has reached 50.0% fibo and may continue falling towards 61.8% and 76.0% fibo at 107.45 and 106.90 respectively. The resistance is the high at 109.85.

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, EURUSD has rebounded from 5/8. In this case, the price is expected to continue falling towards the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may continue growing to reach the resistance at 6/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is moving inside the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price fixes above 8/8. After that, the instrument may continue growing to reach at +1/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.

EURUSD, “Euro vs US Dollar”

After finishing another ascending structure at 1.1380, EURUSD is correcting downwards to reach 1.1270. Possibly, the pair may reach this level and then grow towards, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may fall to reach 1.1174; if to the upside – resume trading upwards with the target at 1.1400.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading upwards. Today, the pair may reach 1.2740 or even extend this ascending structure up to 1.2770. After that, the instrument may start a new decline with the target at 1.2615.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is falling to reach 67.55. Later, the market may resume growing to break 68.40 and then continue the correction towards 70.00. After that, the instrument may resume trading inside the downtrend.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is correcting towards 109.35. Possibly, the pair may reach this level and then form one more ascending structure with the target at 110.10. Later, the market may start another correction towards 108.77.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still growing towards 0.9666. After that, the instrument may start a new correction with the target at 0.9600.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is growing towards 0.7020. Possibly, the pair may reach this level and then start another correction to break 0.6926. Later, the market may continue falling with the target at 0.6787.

BRENT

Brent is still growing towards 43.46. After that, the instrument may correct to break 38.85 and then continue falling with the target at 33.00. Later, the market may resume trading upwards to reach 45.50.

XAUUSD, “Gold vs US Dollar”

Gold is correcting to test 1690.37 from below. Later, the market may continue forming the third descending wave with the target at 1658.25. After that, the instrument may start another growth to return to 1690.40 and then resume trading downwards to reach 1600.00.

BTCUSD, “Bitcoin vs US Dollar”

After completing the ascending wave at 9700.00, BTCUSD is consolidating around this level. If later the price breaks the range to the upside, the market may continue the correction to reach 10000.00; if to the downside – resume trading downwards with the target at 9100.00.

S&P 500

The Index has completed the ascending wave at 319.4; right now, it is consolidating near the highs. Possibly, today the asset may fall to reach 3125.5 and then form one more ascending structure with the target at 3252.7.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after testing the resistance level and forming several reversal patterns, including Hammer, XAUUSD is reversing. The upside target may be the resistance level at 1710.00. If the price continues falling instead of reversing, it may return to 1670.80.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, after changing the rising channel’s borders, NZDUSD is still moving upwards. By now, it has formed a Shooting Star pattern not far from the resistance level. Possibly, the pair may reverse and start a new correction to reach 0.6420. After this pullback, the instrument may resume the ascending tendency. In this case, the upside target may be at 0.6585.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Shooting Star reversal pattern while testing the resistance level. At the moment, the pair is starting to reverse. After the correction, the upside target will be at 1.2800. However, there is another scenario, which implies that the instrument may fall to return to the support level at 1.2530.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1690.00; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1698.00 and then resume moving downwards to reach 1645.00. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1720.00. In this case, the pair may continue growing towards 1750.00.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3423; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3465 and then resume moving downwards to reach 1.3255. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3565. In this case, the pair may continue growing towards 1.3655.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is trading at 0.9630; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.9655 and then resume moving downwards to reach 0.9535. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.9685. In this case, the pair may continue growing towards 0.9775.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the divergence prevented XAUUSD from updating the high at 1764.86 and made the pair start a new decline, which has already reached 23.6% fibo. The next downside targets may be 38.2%, 50.0%, and 61.8% fibo at 1645.06, 1607.83, and 1570.90 respectively.

In the H1 chart, the local convergence made the pair start a new growth, which has already reached 23.6% fibo. The next upside targets may be 38.2% and 50.0% fibo at 1699.00 and 1707.75 respectively. The support is the low at 1670.60.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the downside border of the Triangle pattern, USDCHF attempted to re-test 50.0% fibo. At the same time, after the local convergence, the pair has started a strong rising impulse to break the resistance at 23.6% fibo (0.9730). if it succeeds, the market may reach the high at 0.9901. However, one shouldn’t exclude another scenario, according to which the instrument may continue falling towards 61.8% fibo at 0.9453.

In the H1 chart, after the convergence, the pair has reached 38.2% fibo. The next rising impulse will be heading towards 50.0% and 61.8% fibo at 0.9663 and 0.9692 respectively. The local support is the low at 0.9542.

On Monday, the major currency pair is slightly correcting after an avalanche of news and reactions.

After a very volatile week, EURUSD is barely moving this Monday. The current quote for the instrument is 1.1283.

The US Labor market statistics supported the USD and acted as an obstacle that prevented the major currency pair from further growth. So, for example, the Unemployment Rate went from 14.7% in April to 13.3% in May. The forecast was much worse – 19.8%.

The Non-Farm Employment Change showed 2.5M in May although it was expected to be -8M. At the same time, the April reading was revised from -20.537M to -20.687M but market players didn’t pay any attention to it because they were completely focused on the positive actual reading.

The components of the report showed that large employment increases occurred in leisure and hospitality, construction, education and health services, and retail trade.

The Average Hourly Earnings lost 1.0% m/m in May, which is worse than the expected reading of +1.0% m/m. The Average Weekly Hours increased a little bit and was 34.7.

No important statistics from the USA are scheduled for today but in the evening one should pay attention to the ECB Governor speech.