Outlook on June 3, 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, 1.2188, 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 1.2188 - 1.2161. The latter is the key support and the price breaking through it will encourage the formation of the downward trend. The potential target is set at 1.2132. The price may consolidate in the 1.2132-1.2118 range. The potential for the decline is the level of 1.2091.
The main trend is the upward trend from May 28, correction stage.
Trading recommendations:
Buy: 1.2236 Take profit: 1.2263
Buy: 1.2264 Take profit: 1.2283
Sell: 1.2188 Take profit: 1.2164
Sell: 1.2159 Take profit: 1.2132
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 ultimate 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: 1.4086 Take profit: 1.4010
The key levels for the USD/CHF pair are 0.9098, 0.9085, 0.9054, 0.9034, 0.9015, 0.8976, 0.8964, 0.8946 and 0.8928. The price has formalized a local upward trend from June 1. Now, we expect a short-term growth in the range of 0.9015 - 0.9034. If the latter is broken, the movement will continue to the level of 0.9054. The price may consolidate around it. A breakdown of 0.9055 should be accompanied by strong growth towards the target of 0.9085. The final potential upward target is 0.9098, After reaching it, a price consolidation and downward pullback can be expected.
On the other hand, the short-term decline is likely in the 0.8976 - 0.8964 range, hence a key upward reversal is expected. If the last value is broken, a downward trend will develop. The target is set at 0.8946. The potential downward target is 0.8928. An upward pullback is possible after reaching it.
The main trend is the local upward trend from June 1.
Trading recommendations:
Buy: 0.9015 Take profit: 0.9033
Buy: 0.9036 Take profit: 0.9054
Sell: 0.8964 Take profit: 0.8947
Sell: 0.8944 Take profit: 0.8928
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 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 109.19 - 109.08 range. The breakdown of the last value should be accompanied by a strong decline towards the next target of 108.75. The ultimate 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: Take profit:
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 downward trend since May 27. Currently, we expect a short-term decline in the range of 1.2042 - 1.2025. If the latter is broken, a strong decline will continue to the next target of 1.1993. The final potential downward target is 1.1978, After reaching it, a price consolidation and upward pullback can be expected.
Alternatively, the price may consolidate in the range of 1.2067 - 1.2088. If the level of 1.2088 breaks down, 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 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 resume after the level of 0.7773 is broken. The target is set at 0.7793, and the price may consolidate closer to 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 can be expected.
A short-term decline may occur 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: Take profit:
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 the upward movement to continue 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 134.74. After reaching it, a downward pullback may follow.
In turn, a 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, 155.14, 154.60, and 153.71. The price has been moving in an upward trend since May 25, but it is currently in the corrective area. We expect growth to resume 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.
On the contrary, a short-term decline can be expected in the 155.14 - 154.60 range, wherein a key upward reversal is expected. If the level of 154.60 breaks down, 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
