Forecast for EUR/USD on May 31, 2023
EUR/USD
On Tuesday, the euro went through a correction, defined by the convergence with the Marlin oscillator. The price once again tested the target level of 1.0738 and the embedded line of the descending channel. The signal line of the oscillator has entered its own descending channel.
According to the main scenario, the price can now consolidate below the support level of 1.0692 and continue moving towards 1.0620, which is the lower embedded line of the price channel. The alternative scenario is simple - after settling above 1.0738, a test of the target resistance at 1.0804 is possible. This would extend the correction.
On the four-hour chart, the price has returned below the MACD indicator line after a false breakout above it. The Marlin oscillator has moved into the negative territory after briefly staying in the positive area. The trend is bearish
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31-05-2023, 05:20 AM #3861
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01-06-2023, 06:35 AM #3862
Forecast for EUR/USD on June 1, 2023
EUR/USD:
The euro closed yesterday with a black candle. The lower shadow almost reached the target line of the descending price channel. Surprisingly, such a strong movement from the technical side did not improve the bears' position. A convergence between the price and the Marlin oscillator has only intensified, and the oscillator's signal line has not reversed from the upper limit of its own channel. In addition, the price did not consolidate below the target level of 1.0692.
As a result, we return to yesterday's state: a breakout above 1.0738 opens the target of 1.0804, while a consolidation below 1.0692 allows the price to once again attack 1.0620. Breaking through this level opens the path to 1.0497.
On the 4-hour chart, the price is still below the balance and MACD indicator lines, and the Marlin oscillator is in negative territory. Therefore, the bears have a chance to prevail.
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02-06-2023, 04:57 AM #3863
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02-06-2023, 05:09 AM #3864
Technical analysis of GBP/USD for June 01, 2023
Overview :
The GBP/USD pair faced resistance at the level of 1.2545, while minor resistance is seen at 1.2545. Support levels found at the levels of 1.2493 and 1.2454.
Yesterday, the GBP/USD pair continued to move upwards from the levels of 1.2493 and 1.2454. The pair rose from the levels of 1.2493 or 1.2454 to the top around 1.2523.
In consequence, the GBP/USD pair broke resistance, which turned strong support at the level of 1.2545.
Moreover, the RSI starts signaling an upward trend, and the trend is still showing strength above the moving average (100). Hence, the market is indicating a bullish opportunity above the area of 1.2493 - 1.2454. So, the market is likely to show signs of a bullish trend around 1.2493 and 1.2454.
Today, the level of 1.2493 is expected to act as major support. Hence, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.2493 towards the target level of 1.2545.
If the pair succeeds in passing through the level of 1.2545, the market will indicate the bullish opportunity above the level of 1.2545 in order to reach the second target at 1.0002 to test the double top in the H1 time frame.
However, the price spot of 1.2593 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.2454 is not breached.
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05-06-2023, 05:10 AM #3865
Forecast for GBP/USD on June 5, 2023
GBP/USD: On Friday, the pound fell by 75 pips amid mixed but not exactly weak US employment data. This morning, upon the news of President Biden signing a bill to lift the debt ceiling on Saturday, the pound lost another 20 pips, entering the range of the May 31 candle.
The nearest target at 1.2403, the MACD daily line, is now open. Breaking below this line opens up the target of 1.2273, which is both the April 3 low and the February 14 high. The Marlin oscillator is moving deeper into the downtrend area, and it may reach the oversold zone when the price approaches the target range of 1.2125/53.
On the four-hour chart, the price is moving between two target levels while the Marlin oscillator remains negative. It is likely that the price will attempt to break 1.2403. If successful, the pound will aim for the MACD line on the four-hour chart around 1.2370. Breaking below this support, the British pound will be aiming for 1.2273.
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06-06-2023, 11:11 AM #3866
Technical Analysis of GBP/USD for June 6, 2023
Technical Market Outlook:
The GBP/USD pair had reversed sharply lower after the technical resistance level seen at 1.2550 was too strong to be broken. The bears moved below all of the MA levels, but eventually the market bounced from the short-term trend line support seen at the level of 1.2367. The momentum reversed sharply from the extremely overbought conditions on the H4 time frame as well and is currently moving testing the level of fifty. There is still a room for a momentum and price to move lower, so the short-term outlook remains bearish.
Weekly Pivot Points:
WR3 - 1.25080
WR2 - 1.24565
WR1 - 1.24223
Weekly Pivot - 1.24050
WS1 - 1.23708
WS2 - 1.23535
WS3 - 1.23020
Trading Outlook:
A Bearish Engulfing candlestick pattern on the Weekly time frame chart 100 pips away from the 61% Fibonacci retracement located at the level of 1.2778 might indicate the corrective cycle to the upside had been terminated. Any sustained breakout below the technical support at 1.2444 will be the first indication of stronger bearish pressure.
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07-06-2023, 04:06 AM #3867
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07-06-2023, 05:32 AM #3868
Technical Analysis of Intraday Price Movement of Silver Commodity Asset, Wednesday, June 07 2023
With the appearance of Deviation between price movement of Silver commodity asset with osMA indicator on its 4 hour chart, then it can be confirmed that if in the neareast future Silver will go down up to the level 23,204, and if this level successfully broken below, then Silver has the opportunity to continue its downside up to the level 22,875. But, if there is a quite significant upward correction, especially if it go up to the level 23,920, then the downward scenario which has been described below will become invalid and will cancel itself.
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08-06-2023, 06:13 AM #3869
USDCHF, H4 | Break above the resistance?
The USD/CHF chart exhibits bullish momentum as the price remains above a significant ascending trend line, suggesting further potential for upward movement.
There is a possibility of continued bullishness towards the first resistance level at 0.9117, identified as an overlap resistance.
Support levels at 0.9023 and 0.8954, the latter coinciding with the 61.80% Fibonacci retracement, serve as significant levels of potential support.
An intermediate resistance level at 0.9091 is recognized as a multi-swing high resistance, highlighting its importance.
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09-06-2023, 05:22 AM #3870
Forecast for EUR/USD on June 9, 2023
EUR/USD
Yesterday, the euro surged upward by 83 pips, coming close to the target level of 1.0804. Now the situation is threefold: since the level of 1.0804 is based on the peak of February 14 (and the trough of January 31), the euro may still move a few pips to test this strong level. However, if the market is more keenly aware of the trough on April 3, it has already reached this level and the price may reverse downward right now. The corrective movement will end, and the pair will start to fall towards the 1.0600 target. If the 1.0804 level weakens over time, the corrective movement may continue until the price reaches the MACD indicator line (1.0830).
Yesterday, the Reserve Bank of India maintained the benchmark rate at 6.50% as expected, which left market participants confused, boosted by an increase in initial jobless claims (261,000 versus 233,000 the previous week) - fear of a possible pause in the Federal Reserve's tightening cycle resurfaced. Additional turmoil came with the announcement that the eurozone officially entered a recession with the release of GDP data for the first quarter (-0.1%) and the revision of fourth-quarter GDP from 0.1% to -0.1%.
Such news doesn't actually help the euro to strengthen. Moreover, on Tuesday, a day before the Fed's rate decision, US CPI data will be released, which may further agitate investors. Therefore, it is risky to buy the euro right now. On the four-hour chart, the price is rising above both indicator lines, but the Marlin oscillator seems to have finished rising. Therefore, it is still possible to test the target level of 1.0804, but further growth would appear illogical and purely speculative.
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