Intraday Analysis for EURUSD, GBPUSD, USDJPY and XAUUSD, June 12, 2020

by Jun 12, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

EURUSD could not close above $1.14000, but bearish Pinbar formed after the price have slide down to $1.12806. Strong confluence level around $1.14000 was too strong to allow the price from moving further up.

Strong bearish candle have drive the price from the confluence level down to strong support level.

Now we have situation where we need break and close below or bullish signal for move up.

EURUSD daily analysis_12062020

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EURUSD Chart Forecast

Bears have shown strength, but it could be short lasting. Strong bullish sentiment is holding the price above $1.12806, so we need to have a clear signal to decide in which way the price will move.

EURUSD Bullish Scenario

Bulls need to form strong bullish signal in order to take over the market and move the price up. The price could move down to $1.12366 like few days ago when the price bounced from that level and move to higher levels.

For the entry point I would wait for bullish price action signal in the area between $1.12366 – $1.12805.

EURUSD Bearish Scenario

Bears have taken over and move the price down to strong support. There was a bearish Pinbar that pointed they are in charge. It was a signal for the entry.

If today the price form bearish price action signal on the $1.13427 that could drive the price down to $1.12366. Stop loss would be at $1.13650

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

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GBPUSD Outlook

GBPUSD Yesterday’s chart analysis

GBPUSD have slide down through $1.26228 which was previous support. Move through this level shows us bears strength.

In the previous trading sessions this support held the price above because of strong buyers. This time they could not hold the price. As we can see there was only small rejection from this level. Small pullback and after that a small Pinbar has formed.

GBPUSD daily analysis_12062020

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GBPUSD Chart Forecast

We are now below strong support level, and we have entered into the are where next strong support is at $1.24733. That level was holding the price for quite long time and it formed double top. This means there could be buyers waiting for the entry.

GBPUSD Bullish Scenario

For now we should watch bears and not bulls. Bulls have lost the lead and for now only point where they could appear is on the $1.24733 support level. From there we could watch for the reversal to $1.26228.

GBPUSD Bearish Scenario

GBPUSD is below strong resistance level, and we could see price make a pullback to the $1.26228 before moving down to $1.24733. If the pullback happens we should wait for the bearish price action signal for the entry. Profit target would be on $1.24733 with stop loss at $1.26743.

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

USDJPY have done what was predicted in the yesterday’s analysis. The price have stopped on the strong resistance at 106.50.

At that level the price have rejected to 107.00 and now we will see what will happen. For now there is no clear price action for the buy entry.

USDJPY daily analysis_12062020

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USDJPY Chart Forecast

While there is no clear bullish signal we should wait and see what will happen on the 107.00 level. Will the bears create bearish price action signal and drive the price down to 106.00, we will see today.

There is open road to the next resistance at 107.36 which is lower level of the previous range area where the price could find stronger resistance.

USDJPY Bullish Scenario

I would wait with bullish entries while we are in bears sentiment. Bears are controlling the game. Until the price manage to close above 107.939 we should watch for sell entries.

Bulls could find their way on the 106.00 level which is pretty strong support. But until the price gets there and show us how it behaves on that level we should avoid long entries.

USDJPY Bearish Scenario

The price could come to 107.36 and from there we should wait for the sell entries. On that level the price could make some signal if the bears are still controlling the market.

From there a profit target is at 106.50 and second target is on 106.00. Stop loss should be placed just above 107.60.

Second sell opportunity could be on the upper level of the previous range area, if the price manage to come that high. It is 107.939 level where we could see many sellers waiting to enter.

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

Gold did not manage to push the price higher in one strike. The price is currently in the indecision area where we have strong bullish Pinbar and indecision candle. The price bounced between $1744.63 and $1725.11.

XAUUSD daily analysis_12062020

XAUUSD Chart Forecast

As we can see the price is in the uptrend channel and it did not close below or above. Today is Friday and we could see some movements. As the chart shows, the bulls are holding, but there will be strong fight to bring the price above $1736.29.

XAUUSD Bullish Scenario

Bulls are running the market this week and it could stay like that. 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.

The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

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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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