Gold analysis for 02.06.2016

Gold had been moving with bearish bias within the long term descendant channel since the previous high at 1303.67 but it seems that it is starting to climb the ascendant channel for now. The support rests at 1198.75 with resistance at 1227.13. The EMA of 10 is located below the EMA of 75 but it is trying to grow. While RSI is staying close to the 50 level and the MACD indicator is in neutral territory, the Stochastic is signaling price growth. The resistance level breakout will push the price in higher ranges targeting 1250.

https://fxglory.com/gold-analysis-for-02-06-2016/

EURJPY analysis for 02.06.2016

EURJPY is under the influence of economic reports such as Monetary Base (YoY) and Monetary Base End of Period in Japan and Deposit Facility Rate, E-12 Interest Rate and Marginal Lending Facility Rate in Europe. This pair is moving with neutral bias in a choppy pattern. The support lies at 121.750 with resistance at 122.730 which both lines are below the monthly pivot point at 123.05. The EMA of 10 has already passed the EMA of 75 creating a sharp fall. The RSI is in the negative zone under the 50 level and the ADX is showing stronger sellers than buyers. It seems that this pair is going to continue its downward trend within the descendant channel. The support level breakthrough can pave the way for further decline targeting 120 area.

https://fxglory.com/eurjpy-analysis-for-02-06-2016/

EURUSD analysis for 02.06.2016

There are several economic reports today to affect EURUSD such as Deposit Facility Rate, E-12 Interest Rate and Marginal Lending Facility Rate for Eurozone and ADP Employment Change, Continuing Claims (Wkly), Initial Jobless Claims, EIA Natural Gas Storage Change, DOE Crude Oil Inventories, DOE Distillate Inventories, DOE Gasoline Inventories and DOE Refinery Utilization for the US. As we mentioned in our yesterday analysis, the price had already reached the 61.8 level of Fibonacci retracement and it was time for a rebound. The support lies at 1.11730 with resistance at 1.12290 which both lines are above the weekly pivot point at 1.11420. The EMA of 10 is rallying up towards the EMA of 75 confirming the recent price growth. The active indicators on the chart are all signaling buy opportunity; the MACD indicator is in positive territory, the RSI is above the neutral zone and the ADX is showing strong buyers. The resistance level breakout will push the price towards 1.1250.

https://fxglory.com/eurusd-analysis-for-02-06-2016/

USDCAD analysis for 01.06.2016

There is no important economic report in Canada but the US has announced and Total Vehicle Sales, Construction Spending m/m, the Beige Book and ISM Manufacturing PMI therefore this pair will be chiefly under the influence of strong USD. The price is climbing us the ascendant channel within Andrews’ pitchfork. The support lies at 1.30230 with resistance at 1.31010 which both lines are above the monthly pivot point at 1.2895. The MACD indicator is in neutral zone and the RSI are moving close to 50 level. The EMA of 10 is located close but above the EMA of 75. There is no clear signal for traders at the moment. It would be a good idea to wait for better signals however buyers can target 1.3200 in case of the resistance breakout.

https://fxglory.com/usdcad-analysis-for-01-06-2016/

USDJPY analysis for 01.06.2016

USDJPY is under the influence of several economic reports such as Capital Spending q/y and Final Manufacturing PMI for JPY and Total Vehicle Sales, Construction Spending m/m, the Beige Book and ISM Manufacturing PMI for USD. The pair moved with bullish bias yesterday but could not break the 111.40 level and today it started its downward movement. The support lies at 109.980 with resistance at 111.090 which both lines are above the monthly pivot point at 109.20. The EMA of 10 is falling down and is getting close to the EMA of 75. The RSI is in negative area, the Stochastic is showing downward momentum and the ADX is showing strong sellers. The support level breakthrough will smooth the way for further decline targeting 109.70.

https://fxglory.com/usdjpy-analysis-for-01-06-2016/

GBPUSD analysis for 01.06.2016

Due to the Fed chairman speech, Yellen, USD gained momentum and could drag down GBPUSD yesterday. Despite its bullish bias yesterday, GBPUSD had a sharp fall within the descendant channel. Now the support rests at 1.44360 with resistance at 1.45320 which both lines are below the weekly pivot point at 1.4603. The EMA of 10 is sharply falling down crossing the EMA of 75. All indicators are signaling sell opportunity; the MACD indicator is in negative territory, the RSI is in neutral zone, the Stochastic is showing downward momentum and the ADX is showing strong sellers. It worth mentioning that this pair is also prone to sudden changes due to the Brexit issue therefore traders must be really cautious. At the moment, short positions are recommended with the target at 1.4400.

https://fxglory.com/gbpusd-analysis-for-01-06-2016/

EURUSD analysis for 01.06.2016

EURUSD is chiefly under the influence of ECB meeting in Eurozone and Construction Spending (M/M), ISM Manufacturing and ISM Prices Paid in the US. This pair has been moving with bearish bias within the descendant channel since the previous high at 1.16155. The support lies at 1.11010 with resistance at 1.11430 which both lines are below the monthly pivot point at 1.12900. The EMA of 10 is staying below the EMA of 75 confirming the recent bearish movement. The MACD indicator is in negative territory and the RSI is below the neutral zone. The pair may continue its downward trend however it has already passed 61.8 of Fibonacci retracement so there might be a rebound at any time. The support level breakthrough can pave the way for further decline to 1.10 however the resistance level breakout can be a good sign for buyers.

https://fxglory.com/eurusd-analysis-for-01-06-2016/