Intraday Analysis for EURUSD, GBPUSD, USDJPY and XAUUSD, June 16, 2020

by Jun 16, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

EURUSD have bounced from the strong support confluence level that consists of horizontal support line and an uptrend support line.

Bullish Pinbar was a sign that the support will hold. Between six H4 candles that have formed on the confluence level none of them did not suggest bearish scenario. Last one that have closed above $1.12806 was clear signal that the price is moving up.

EURUSD daily analysis_16062020

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EURUSD Chart Forecast

The price is now right on the resistance level that has made a barrier for the price to continue moving up. Here we will have a possible pullback to $1.12806 before attempt to break above.

We need to see close above $1.13427 to see the price trying to reach $1.14000 and eventually $1.15000. At the $1.14000 we have resistance confluence level that could hold the price from moving higher or it could make a reversal.

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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 closed above resistance level which suggest further move up. Large Pinbar on the support level at $1.24733 pointed for the move up and it is level where bears did not show any strength.

The price manage to close above resistance level $1.26228, which has open the road to $1.27495. That level was a strong resistance level that made price break out from the uptrend channel and revers back to $1.24733.

GBPUSD daily analysis_16062020

GBPUSD Chart Forecast

Because of closing price above the resistance level $1.26228 I am bullish on this pair until the price close below $1.26228. This level acted as a nice support in previous day’s so I am expecting the same scenario.

But, I will be cautios because the GBPUSD could get back below easily. While I am on the bulls side I would wait for the pullback and then enter to catch a move of 100 pips.

Entry GBPUSD: If you want to see how to play this scenario join G-Trader

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

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USDJPY Outlook

USDJPY Yesterday’s chart analysis

USDJPY is currently in the indecision area where several signals interfere. We have bearish Pinbar, bullish engulfing and bearish engulfing bar that makes the current situation unclear.

Last candle on the H4 time frame have made a breakout above previous highs which suggest the price is making its way up. Strong engulfing bar and now the candle that has made a breakout points towards upper level of the previous range area.

USDJPY daily analysis_16062020

USDJPY Chart Forecast

Upper level of the previous range is at 107.939 where we now have resistance confluence level. It is the area of strong resistance horizontal line and daily support uptrend line that now acts as a resistance.

We could see the price moving in the range area from where we should see what happens next.

Entry USDJPY: If you want to see how to play this scenario join G-Trader

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

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XAUUSD Outlook

XAUUSD Yesterday’s chart analysis

The XAUUSD yesterday have done a nice jump around the $1725.11. The price lost its ground and drop down to $1704.57 and then bounced back up, above $1725.11.

On the daily time frame we have a bullish Pinbar that points move up. It is also on the daily support trend line which adds more to the bullish scenario.

XAUUSD daily analysis_16062020

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XAUUSD Chart Forecast

While we have daily Pinbar on the support trend line and we have the price above strong support level $1725.11 we could expect the price move higher. The price could make a pullback to one of the support levels which we can see on the chart.

Those are $1725.11 as the main one and second one at $1712.64 which is now confluence level of support. We have horizontal support line and uptrend support line.

As we have seen that the price can fluctuate a lot, we should be careful when deciding to enter into the trade. To protect yourself you should put stop loss on each trade.

Entry XAUUSD: If you want to see how to play this scenario join G-Trader

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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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