Intraday Analysis for EURUSD, GBPUSD, USDJPY and XAUUSD, June 11, 2020

by Jun 11, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

The EURUSD have done what I was talking about in yesterday’s analysis. Price have gone up and bounced from the $1.14000 to the support at $1.13427.

From there it has returned up but it did not reach the $1.1400 for the second time. As it looks like it will come back to $1.14000, but it takes some time.

Only one bearish candle has appeared which means there are no bears that could push the price down.

EURUSD daily analysis_11062020

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EURUSD Chart Forecast

As it looks we could see the price trying to close above $1.14000. Many bullish candle and gives a lot of confidence in bullish scenario. The price have gone through fight between bulls and bears which large indecision candles shows.

But, bulls have won this fight. So, everything is pointing we could see the price higher.

EURUSD Bullish Scenario

While the price have bounced from $1.14000 we need to see the price close above. If that happens we could see the price moving to $1.15000. The price is also on the upper side of the daily trend channel so there is some resistance.

But, for now I am bullish until something change the direction and take the price below $1.12806.

EURUSD Bearish Scenario

Bears are that strong to move the price below. They need much more power to bring the price below $1.12806 in order to open at least some chance to move the price down.

In the last few trading sessions we did not see too much from bears, so I cannot give them to much chance that they will turn around the market.

If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

GBPUSD Outlook

GBPUSD Yesterday’s chart analysis

GBPUSD have a fight between bulls and bears. Even though bulls are showing more strength, and they are more determined, they do not allow the price to move higher.

Yesterday the price have managed to break above $1.27495, but it did not stay there for too long. Indecision candle have formed that had a bounce between $1.27495 and daily trend line that acts as a resistance.

GBPUSD daily analysis_11062020

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GBPUSD Chart Forecast

Daily time frame shows two Pinbar candles. One is bullish and second one is bearish. While we have bearish Pinbar next to resistance level and next to daily resistance trend line I need to give more strength to bears.

On the H4 time frame the price have break below up trend channel which indicates that bulls are losing strength. The loss of power could be short lasting, but we need to wait and see what happens.

GBPUSD D1 timeframe_11062020

GBPUSD Bullish Scenario

Bulls need to show more strength to change my mind to full bullish scenario. From this point onward I would like to see bulls push the price above $1.27495. From there I would see $1.29748 as a possible target.

GBPUSD Bearish Scenario

Bears could bring the price down to $1.26228 where they have strong support that will not allow the price move down. If they manage to break below they will change the direction of the price.

Nice bearish Pinbar on the daily time frame suggest bearish strength.

While the pair is in between two daily Pinbar’s I am staying outside and waiting what the price will do between two levels where currently is.

If you want to know how much pips GBPUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: GBP/USD Pip Range Analysis

USDJPY Outlook

USDJPY Yesterday’s chart analysis

The USD/JPY is falling down without stopping on the support levels. Only 107.00 level has shown some strength where the price have bounced to the first resistance at 107.36.

What we can see is only bearish candles. Bulls have gone out from the market.

USDJPY daily analysis_11062020

USDJPY Chart Forecast

The price is heading to support level at 106.50 and there could find stronger support. That support have been great support in the past.

If the price breaks below it will move to 106.00. For now bear are only ones that are in the market. On the stronger support we could see bulls trying to hold the price, but when the price reach that level we will see what will happen.

For now bears are controlling, so it is not good to look for buy entry. To enter into the sell trade is quite late so it is not good to enter now because strong support is near.

For this pair I am currently on hold until I see some price action signal on the 106.50 or 106.00.

If you want to know how much pips USDJPY moves each day in a week or how much it moves on London or New York trading session, you should check this article: USD/JPY Pip Range Analysis

XAUUSD Outlook

XAUUSD Yesterday’s chart analysis

Another strong bullish day is behind the Gold and the price have done nice bounce back to previous levels from the week before.

Strong resistance at $1725.11 have shown power where the price pulled back to the first support at $1712.64. Pullback triggered strong engulfing bullish bar that pushed the price above $1725.11 and above second resistance  at $1736.29.

That is a sign of a strong bulls. The price is now pulling back and it could make its way to the strong support at $1725.11 before making a decision.

XAUUSD daily analysis_11062020

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XAUUSD Chart Forecast

We could see bullish price action signal on the $1725.11 where we could enter into buy order.  $1725.11 needs to hold the price above if we want to see the price reaching higher levels like $1753.87.

That support needs to hold and make strong bullish signal to move the price higher. If something does not change the market and sentiment bulls are at an advantage.

XAUUSD Bullish Scenario

Bulls are running the market this week and it could stay like that for the next two days. The price needs to make a bullish price action signal on the $1725.11 in order to move higher. Close above $1736.29 would expose $1753.87.

Buy order could be set on the $1725.11 with stop loss at $1720.00 with profit target at $1741.00 and second profit target at $1750.00

XAUUSD Bearish Scenario

Bears need to close below $1725.11 to make it possible for further move down. Stronger indication of a bear’s strength would be close below $1712.64. Until that happens sellers should wait for the opportunity to sell on the $1750.00 – $1753.00. There is strong resistance that could push the price down to $1736.00.

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Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners.

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