Fractal analysis of the main currency pairs on June 8, 2020

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Forecast for June 8:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.1429, 1.1365, 1.1299, 1.1254 and 1.1170. Here, the price is in the correction zone from the upward structure on May 25. A short-term upward movement is possible in the range of 1.1365 – 1.1429, from here, we expect a reversal in correction.

A short-term downward movement is expected in the range of 1.1299 – 1.1254. The breakdown of the latter value will lead to an in-depth correction. In this case, the target is 1.1170. This level is a key support for the upward structure.

The main trend is the local structure for the top of May 25, the correction stage

Trading recommendations:

Buy: 1.1365 Take profit: 1.1420

Buy: Take profit:

Sell: 1.1299 Take profit: 1.1255

Sell: 1.1252 Take profit: 1.1180

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2845, 1.2777, 1.2685, 1.2642, 1.2566 and 1.2515. Here, we are following the ascending structure of May 25. The continuation of the upward movement is expected after the breakdown of the level of 1.2777. In this case, the target is 1.2845. Upon reaching this level, we expect a downward pullback.

A short-term downward movement is expected in the range of 1.2685 – 1.2642. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.2566. The range of 1.2566 – 1.2515 is the key support for the top. We expect the initial conditions for the downward cycle to be formed to the level of 1.2515.

The main trend is the local ascending structure of May 25

Trading recommendations:

Buy: 1.2777 Take profit: 1.2845

Buy: Take profit:

Sell: 1.2685 Take profit: 1.2644

Sell: 1.2640 Take profit: 1.2568

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9753, 0.9725, 0.9684, 0.9654, 0.9606, 0.9586, 0.9564 and 0.9541. Here, the price registered the expressed potential for the top of June 5. The continuation of the upward movement is expected after the breakdown of the level of 0.9654. In this case, the target is 0.9684. Price consolidation is near this level. The breakdown of the level of 0.9684 will lead to the development of a pronounced upward movement. In this case, the target is 0.9725. We consider the level of 0.9753 to be a potential value for the upward trend; upon reaching this level, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possibly in the range of 0.9606 – 0.9586. The breakdown of the latter value will lead to an in-depth correction. In this case, the target is 0.9564. This level is a key support for the top and the price passing this level will lead to the development of a downward movement. In this case, the first target is 0.9541 .

The main trend is building potential for the top of June 5

Trading recommendations:

Buy : 0.9655 Take profit: 0.9682

Buy : 0.9686 Take profit: 0.9725

Sell: 0.9606 Take profit: 0.9587

Sell: 0.9584 Take profit: 0.9565

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For the dollar / yen pair, the key levels on the scale are : 110.16, 109.87, 109.68, 109.24, 109.01, 108.72 and 108.50. Here, we are following the development of the upward cycle of May 29. Short-term upward movement is expected in the range of 109.68 – 109.87. The breakdown of the last level will lead to movement to a potential target – 110.16, from which we expect a downward pullback.

A short-term downward movement is possibly in the range of 109.24 – 109.01. The breakdown of the last level will lead to an in-depth correction. Here, the target is 108.72. For the potential value for the bottom, we consider the level of 108.50, to which we expect the initial conditions for the downward cycle.

The main trend is the upward cycle of May 29

Trading recommendations:

Buy: 109.68 Take profit: 109.85

Buy : 109.88 Take profit: 110.14

Sell: 109.24 Take profit: 109.03

Sell: 108.98 Take profit: 108.73

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3634, 1.3579, 1.3510, 1.3452, 1.3371, 1.3340 and 1.3283. Here, we are following the development of the local downward cycle of May 29. The continuation of the downward movement is expected after the price passes the noise range 1.3371 – 1.3340. In this case, the potential target is 1.3283, after which we expect consolidation, as well as an upward pullback.

A short-term upward movement is possible in the range of 1.3452 – 1.3510. The breakdown of the last value will lead to the development of an in-depth correction. Here, the target is 1.3579. We consider the level 1.3634 to be the potential value for the top, to which we expect the initial conditions to be formed for the upward cycle.

The main trend is the local descending structure of May 29

Trading recommendations:

Buy: 1.3452 Take profit: 1.3510

Buy : 1.3512 Take profit: 1.3578

Sell: 1.3340 Take profit: 1.3285

Sell: Take profit:

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.7132, 0.7073, 0.7011, 0.6902, 0.6850 and 0.6774. Here, we are following the development of the upward cycle of May 15. The continuation of the upward movement is expected after the breakdown of the level of 0.7011. In this case, the target is 0.7073. For the potential value for the top, we consider the level of 0.7132. Upon reaching which, we expect a downward pullback. However, it is most likely that the reversal to the correction will occur earlier than reaching the potential level, namely from the range 0.7011 – 0.7073.

A short-term downward movement is possible in the range of 0.6902 – 0.6850. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.6774. This level is a key support for the top.

The main trend is the upward structure of May 15

Trading recommendations:

Buy: 0.7011 Take profit: 0.7070

Buy: 0.7075 Take profit: 0.7130

Sell : 0.6902 Take profit : 0.6853

Sell: 0.6848 Take profit: 0.6780

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For the euro / yen pair, the key levels on the H1 scale are: 124.77, 124.09, 123.42, 123.08, 122.59 and 121.85. Here, the price forms the local potential for the top of June 4. The continuation of the upward movement is expected after the breakdown of the level of 124.09. In this case, the first goal is 124.77. Price consolidation is near this level.

A short-term downward movement is expected in the range of 123.42 – 123.08. The breakdown of the last level will lead to an in-depth correction. Here, the target is 122.59. This level is a key support for the top and the price passing this level will lead to the formation of initial conditions for the downward cycle. Here the goal is 121.85.

The main trend is the formation by the local structure of June 4

Trading recommendations:

Buy: 124.10 Take profit: 124.70

Buy: Take profit:

Sell: 123.42 Take profit: 123.10

Sell: 123.06 Take profit: 122.60

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For the pound / yen pair, the key levels on the H1 scale are : 142.25, 141.33, 140.68, 139.66, 138.62, 138.06 and 137.44 and 136.25. Here, the price drew up the local initial conditions for the upward movement of June 4. The continuation of the upward movement is expected after the breakdown of the level of 139.66. In this case, the target is 140.68. Short-term upward movement, as well as consolidation is in the range of 140.68 – 141.33. For the potential value for the top, we consider the level of 142.25. Upon reaching which, we expect a downward pullback.

Short-term downward movement is possible in the range of 138.62 – 138.06. The breakdown of the latter level will lead to an in-depth correction. Here, the potential target is 137.44. This level is a key support for the upward structure and its breakdown will lead to the development of a downward movement. In this case, the target is 136.25.

The main trend is the local ascending structure of June 4

Trading recommendations:

Buy: 139.67 Take profit: 140.68

Buy: 140.70 Take profit: 141.31

Sell: 138.62 Take profit: 138.08

Sell: 138.04 Take profit: 137.45

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

Source:: Fractal analysis of the main currency pairs on June 8

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