Outlook on June 1, 2021:
Analytical overview of popular currency pairs on the H1 TF:
The key levels for the EUR/USD pair are 1.2311, 1.2285, 1.2263, 1.2236, 1.2207, 1.2188, 1.2161, 1.2132, 1.2118 and 1.2091. The price is in a deep correction from the downward trend on May 25 and is forming a local upward potential from May 28. We expect the growth to resume after the level of 1.2236 is broken. Here, the target is 1.2263. After that, short-term growth and consolidation can be expected in the 1.2263 - 1.2285 range. The final potential upward target is 1.2311. After reaching it, a downward pullback can be expected.
A short-term decline, in turn, is possible in the range of 1.2207 - 1.2188. If the latter breaks down, a deep correction will occur. The target is set at 1.2161, which is also the key support. The price breaking through it will encourage the continuation of the downward trend. The first potential target is 1.2132.
The main trend is the local upward trend from May 13, deep correction stage.
Trading recommendations:
Buy: 1.2236 Take profit: 1.2263
Buy: 1.2264 Take profit: 1.2283
Sell: 1.2207 Take profit: 1.2190
Sell: 1.2186 Take profit: 1.2161
The key levels for the GBP/USD pair are 1.4335, 1.4315, 1.4265, 1.4247, 1.4203, 1.4176, and 1.4135. The price has been following the development of the upward trend from May 13, and the local upward trend from May 27. We expect this trend to extend after the price breaks through the noise range of 1.4247 - 1.4265. The target is set at 1.4315. The final potential upward target is 1.4335. After reaching this level, the price may consolidate and pull back downwards.
A short-term decline is likely in the 1.4203 - 1.4176 range. If the last value breaks down, a deep correction will occur. The target is set at 1.4135, which is also the key support level. The price breaking through it will encourage the development of a downward trend. Here, the potential target is 1.4088.
The main trend is the local upward trend from May 27.
Trading recommendations:
Buy: 1.4265 Take profit: 1.4315
Buy: 1.4316 Take profit: 1.4335
Sell: 1.4203 Take profit: 1.4180
Sell: 1.4174 Take profit: 1.4140
The key levels for the USD/CHF pair are 0.9091, 0.9067, 0.9036, 0.9018, 0.8988, 0.8976, 0.8959 and 0.8928. The price has been moving in a bullish trend since May 25. We expect the upward movement to continue after the level of 0.9018 is broken. The target is set at 0.9036 and the price may consolidate near it. The breakdown of the specified target will continue the strong growth to the next target of 0.9067. The ultimate potential upward target is 0.9091. After reaching it, a downward pullback is possible.
A short-term decline can be expected in the 0.8988 - 0.8976 range. If the latter breaks down, a deep correction will occur. The target is set at 0.8959, which is also the key support level.
The main trend is the upward trend from May 25.
Trading recommendations:
Buy: 0.9018 Take profit: 0.9034
Buy: 0.9037 Take profit: 0.9066
Sell: 0.8988 Take profit: 0.8976
Sell: 0.8974 Take profit: 0.8960
The key levels for the USD/JPY pair are 110.23, 109.90, 109.71, 109.59, 109.37, 109.19, 109.08, 108.75, and 108.62. The price is in the correction from May 25 and is forming a downward potential for May 28. We expect the decline to continue after the level of 109.37 is broken. The target is set at 109.19. After that, a short-term decline and consolidation can be expected in the range of 109.19 - 109.08. The breakdown of the last value should be accompanied by a strong decline towards the next target of 108.75. The final potential downward target is 108.62. After reaching it, an upward pullback can be expected.
Meanwhile, short-term growth is possible in the range of 109.59 - 109.71. If the level of 109.71 breaks down, the movement will continue to the level of 109.90, which, in turn, is a key resistance for the subsequent development of an upward trend.
The main trend is the upward trend from May 25, deep correction stage.
Trading recommendations:
Buy: 109.60 Take profit: 109.70
Buy: 109.72 Take profit: 109.90
Sell: 109.36 Take profit: 109.20
Sell: 109.08 Take profit: 108.77
The key levels for the USD/CAD pair are 1.2140, 1.2107, 1.2088, 1.2067, 1.2042, 1.2025, 1.1993, and 1.1978. The price has been moving in a downward trend since May 27. Now, we expect a short-term decline in the 1.2042 - 1.2025 range. If the last value breaks down, strong downward movement will continue to the next target of 1.1993. The ultimate potential downward target is 1.1978, After reaching it, a price consolidation and upward pullback can be expected.
On the other hand, short-term growth can be expected in the range of 1.2067 - 1.2088. If the latter is broken, a deep correction will occur. The target is set at 1.2107, which is also the key support level. The price breaking through it will lead to the subsequent development of the upward trend from May 25. The potential target is 1.2140.
The main trend is the formation of a downward trend from May 27.
Trading recommendations:
Buy: 1.2068 Take profit: 1.2086
Buy: 1.2089 Take profit: 1.2107
Sell: 1.2042 Take profit: 1.2026
Sell: 1.2025 Take profit: 1.1995
The key levels for the AUD/USD pair are 0.7867, 0.7839, 0.7805, 0.7793, 0.7773, 0.7734, 0.7715 and 0.7681. The price is forming an upward trend from May 28. We expect this trend to resume after the level of 0.7773 is broken. The target is set at 0.7793, and the price may consolidate around it. If the price breaks through the 0.7793 - 0.7805 range, strong growth will continue to the next target of 0.7839. The ultimate potential upward target is 0.7867. After reaching it, a downward pullback may follow.
A short-term decline is expected in the range of 0.7734 - 0.7715. If the latter is broken, it will favor the development of a downward trend. The first target is set at 0.7681.
The main trend is the formation of upward potential from May 28.
Trading recommendations:
Buy: 0.7774 Take profit: 0.7793
Buy: 0.7805 Take profit: 0.7839
Sell: 0.7734 Take profit: 0.7717
Sell: 0.7713 Take profit: 0.7681
The key levels for the EUR/JPY pair are 134.74, 134.39, 133.98, 133.71, 133.48, 133.30 and 132.87. The price has been moving in a local upward trend since May 24. We expect this trend to extend after the level of 133.98 is broken. The target is set at 134.39 and the price may consolidate near it. The ultimate potential upward target is set 134.74. After reaching it, a downward pullback can be expected.
In turn, the short-term decline is possible in the range of 133.71 - 133.48. If the last value breaks down, a deep correction will occur. The target is set at 133.30. The key support is in the range of 133.48 - 133.30.
The main trend is the local upward trend from May 24.
Trading recommendations:
Buy: 133.98 Take profit: 134.37
Buy: 133.41 Take profit: 134.74
Sell: 133.69 Take profit: 133.48
Sell: 133.47 Take profit: 133.30
The key levels for the GBP/JPY pair are 156.88, 156.57, 156.09, 155.55, 155.14, and 154.60. The key upward targets from the impulsive movement on May 25 were already determined. Now, we expect the upward movement to continue after the level of 156.09 is broken. The target is set at 156.57. The final potential upward target is 156.88. After reaching it, the price may consolidate.
Alternatively, a short-term decline can be expected in the range of 155.55 - 155.14. If the level of 155.14 breaks down, a deep correction will occur. The target is set at 154.60, which is also the key support level.
The main trend is the upward trend from April 23.
Trading recommendations:
Buy: 156.10 Take profit: 156.57
Buy: 156.58 Take profit: 156.88
Sell: 155.55 Take profit: 155.17
Sell: 155.12 Take profit: 154.66
