FOREX:Euro Negates Bearish Trend, Pound at Key Resistance: Major Support and Resistance 07.06.2018

07.06.2018 / 15:36

Rating:

EUR/USD -- Wednesday close above 1.1763 suggests a short-
term bottom is firmly in place; 21-DMA resistance also goes, at
bar 6 on daily DeMark sell set-up as bullish set-up extends;
bulls need June 1 low to hold on pullbacks to keep cycle lows
intact
* 3rd resistance: 1.1996, May 14 high
* 2nd resistance: 1.1855, 38.2% Fibonacci retracement of losses
since 1.2336
* 1st resistance: 1.1823-30, May 9 low-May 22 high
* Spot: 1.1804
* 1st support: 1.1753, 21-DMA
* 2nd support: 1.1713, June 6 low
* 3rd support: 1.1611-17, Trender-June 1 low

GBP/USD -- Cable rebound tests 21-DMA as flagged and
marginally closes above; room for correction around 1.3600
should key resistance at 1.3450-60 fail to cap on a closing
basis
* 3rd resistance: 1.3569, May 17 high
* 2nd resistance: 1.3492, May 22 high
* 1st resistance: 1.3451-60, May 15-10 lows
* Spot: 1.3443
* 1st support: 1.3406, 21-DMA
* 2nd support: 1.3381, June 6 low
* 3rd support: 1.3324, conversion line

USD/JPY -- Bearish bias negation continues as 21-DMA gives
way; close above 110.27 suggests test of cycle highs possible;
55-weekly MA comes into play
* 3rd resistance: 110.92, May 23 high
* 2nd resistance: 110.33, 55-WMA
* 1st resistance: 110.12, 61.8% Fibonacci retracement of losses
since May 21
* Spot: 110.01
* 1st support: 109.84, 21-DMA
* 2nd support: 109.19, conversion line
* 3rd support: 108.72, June 1 low

AUD/USD -- Close above 55-DMA keeps upside risks intact,
tries to move away from the cloud; 0.7660, 61.8% Fibonacci
retracement of drop since April 19 under test
* 3rd resistance: 0.7738, April 12 low
* 2nd resistance: 0.7692, pivot r1
* 1st resistance: 0.7677, June 6 high
* Spot: 0.7648
* 1st support: 0.7614, 55-DMA
* 2nd support: 0.7566, May 22 high
* 3rd support: 0.7562, 21-DMA

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

FOREX:Euro Negates Bearish Trend, Pound at Key Resistance: Major Support and Resistance 07.06.2018

London

Universal numbers