Outlook on June 2, 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 has been moving in an upward trend since May 28. We expect this trend to continue after the level of 1.2236 is broken. The target is set at 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 upward trend from May 28.
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, 1.4136, and 1.4088. The price is close to canceling the local upward trend from May 27, which requires a breakdown of the level of 1.4136. The first potential target is 1.4088. In turn, we expect growth to continue after the level of 1.4203 is broken. The first target is set at 1.4247. The continuation of the main trend will occur after the price breaks through the range of 1.4247 - 1.4265. Here, the target is 1.4315. The final potential upward target is 1.4335. After reaching it, the price may consolidate and pull back downwards.
The main trend is the local upward trend from May 27, correction stage.
Trading recommendations:
Buy: 1.4205 Take profit: 1.4247
Buy: 1.4265 Take profit: 1.4315
Sell: 1.4134 Take profit: 1.4090
Sell: Take profit:
The key levels for the USD/CHF pair are 0.9067, 0.9030, 0.8998, 0.8987, 0.8946, 0.8928, 0.8896 and 0.8882. The price entered an equilibrium state: an upward trend from May 25 and a downward trend from May 28. We expect the decline to resume after the level of 0.8946 is broken. The target is set at 0.8928, and the price may consolidate around it. If the indicated target is broken, a strong decline will continue to the next target of 0.8896. The ultimate downward target is 0.8882. After reaching it, a downward pullback can be expected.
On the other hand, short-term growth is expected in the 0.8987 - 0..8998 range. If the latter is broken, it will favor the development of an upward trend. The first potential target is 0.9030.
The main trend is an equilibrium situation.
Trading recommendations:
Buy: 0.9000 Take profit: 0.9030
Buy: 0.9033 Take profit: 0.9066
Sell: 0.8946 Take profit: 0.8930
Sell: 0.8926 Take profit: 0.8896
The key levels for the USD/JPY pair are 110.23, 109.90, 109.71, 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 downward movement to resume 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 109.71 - 109.90. If the last value is broken, it will encourage the development of an upward trend. The potential target is seen at 110.23.
The main trend is the upward trend from May 25, deep correction stage.
Trading recommendations:
Buy: 109.72 Take profit: 109.90
Buy: 109.94 Take profit: 110.23
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 bearish trend since May 27. At the moment, we expect a short-term decline in the 1.2042 - 1.2025 range. If the level of 1.2025 breaks down, a strong decline 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.
The price is expected to consolidate in the 1.2067 - 1.2088 range. If the latter is broken, a deep correction may follow. 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: 1.2089 Take profit: 1.2107
Buy: 1.2109 Take profit: 1.2140
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 extend after the level of 0.7773 is broken. The target is set at 0.7793, and the price may consolidate near it. If the price breaks through the range of 0.7793 - 0.7805, strong growth will continue to the next target of 0.7839. The final potential upward target is 0.7867. After reaching it, a downward pullback may occur.
Alternatively, 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 resume 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, a short-term decline is possible in the 133.71 - 133.48 range. If the level of 133.48 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, 155.14, 154.60, and 153.71. The price has been moving in a bullish trend since May 25, but it is currently in the corrective area. We expect growth 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.
In contrast, a short-term decline is likely in the range of 155.14 - 154.60, wherein a key upward reversal is expected. If the latter is broken, it will encourage the development of a downward trend. The potential target is set at 153.71.
The main trend is the upward trend from May 25, correction stage.
Trading recommendations:
Buy: 156.10 Take profit: 156.57
Buy: 156.58 Take profit: 156.88
Sell: 155.12 Take profit: 154.64
Sell: 154.58 Take profit: 153.73
