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Daily Technical analysis for June 09, 2021

EUR/USD

Current level – 1.2180

The recovery from last week’s sell-off is still intact. The currency pair is in a consolidation phase above the support at 1.2170, and the most likely scenario is for an attack on the next most important resistance at 1.2200, followed by a further attack on the next major level at 1.2244. In the event of bear predominance, the main support zone remains at 1.2050.

USD/JPY

Current level –  109.42

The situation from the previous trading session remains intact, with the currency pair consolidating around the support level at 109.36. The forecast is for the U.S. dollar to continue to lose ground against the Japanese yen and buyers are likely to be able to limit the sell-off to the support level at 108.56. In an upward direction, the main resistance remains the level of 110.00, which in the lower time frames also plays the role of a psychological barrier for investors.

GBP/USD

Current level – 1.4157

The Cable continues its range-bound trading in the narrow channel between 1.4101 – 1.4209 for a fourth week in a row and, at the time of writing, neither the buyers nor the sellers are managing to prevail. The expectations for today’s trading session are for this rather neutral market sentiment to remain unchanged. Only a confirmed breach of one of the boundaries of the range could give rise to the momentum necessary to outline a clearer direction for the currency pair.

Gold price gets a positive signal

Gold price settles above the EMA50, and stochastic begins to provide positive signals now, waiting to motivate the price to resume the expected bullish trend on the intraday and short term basis, which targets 1928.60 as a next station.

Therefore, our bullish overview will remain valid and active, noting that breaking 1868.00 will press on the price to start bearish correction on the intraday basis.

The expected trading range for today is between 1880.00 support and 1920.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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