Intraday Analysis, June 10, 2020

by Jun 10, 2020Setups

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EURUSD Outlook

Yesterday’s analysis

EURUSD has made false breakout down after several indecision candles on H4 time frame. I have talked about possibility that price could make a test on the support at $1.12366 and make a bullish price action signal.

If we take a look on the H1 time frame we can see that there is a nice bullish Pinbar that points to the upper side.

Price have made its way to the resistance level at $1.13427 and now it sits there and waits.

EURUSD H1 analysis_10062020

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EURUSD Daily Outlook

As it looks like everything is pointing that we will see price moving higher from this point. Two strong bullish candles have engulfed all previous indecision candles. Small indecision candles on the resistance without strong pullback does not show any bear strength.

EURUSD daily analysis_10062020

Bullish Scenario

I am bullish oriented on EURUSD and I am watching price to reach $1.14000. If the price close above $1.13427, the next resistance is at $1.14000 where the price could stop for a while. After that, we could see small pullback to around $1.13427.

If the pullback appears, we should watch for the bullish price action signal. That opportunity will give us a nice buy trade with stop loss below $1.13500 and with profit target at $1.14700.

Bearish Scenario

Bears have a lot to do in order to bring the price down. First step is to break below $1.12366 which will indicate their strength over bulls.

Until that happens I am waiting for the bullish signals.

Read more: EUR/USD Pip Range Analysis

GBPUSD Outlook

Yesterday’s analysis

GBPUSD has made a pullback two times to the previous support level at $1.26228. Second time was a bounce from $1.27495 resistance level with two bearish candles. Strong bullish candles have pushed the price higher and last strong bullish candle has closed above previous H4 candles close.

That close suggests further move up.

GBPUSD daily analysis_10062020

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GBPUSD Daily Outlook

If we take a look on the Daily time frame we will see bullish Pinbar pointing further move up. Strong H4 bullish candles confirms that Pinbar so I am currently bullish on GBPUSD.

GBPUSD D1 analysis_10062020

Bullish Scenario

While everything I can see is pointing further move up, the next stop we could see is at resistance level at $1.27463, which is a cross of multiple lines.

We have daily trend line, H4 uptrend line and horizontal resistance which makes a confluence level. That level of confluence could stop the price.

Will that stop be for a short time we need to see what will happen. Currently, resistance $1.27495 will become strong support when the price breaks above. We can expect that buyers will defend this support from bears attack.

Bearish Scenario

Bears have hard time to move the price down. They have tried, but they did not manage to bring the price down.

If the price falls below $1.26228, we can think about bearish scenario. While the price is above that level I am for the bulls.

We could see sellers on the strong resistance at $1.28463 where we should wait and see what they will show.

Read more: GBP/USD Pip Range Analysis

USDJPY Outlook

Yesterday’s analysis

USDJPY have bears in the play and everything looks like they will run the game for a while. The price have fall strongly this week and it seems it will not stop.

We had bounce on the upper level from previous range area but it did not hold for too long. Bearish Pinbar has formed and push the price down in the range area.

USDJPY daily analysis_10062020

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USDJPY Daily Outlook

For now the price could come to 107.36 level, and we will see what will happen there. We could see small pullback before moving down to 107.00. When the price reach that level we should wait and see what will happen.

Will the price stay inside range area or it will break down and move to 106.50 level.

Bullish Scenario

As it looks like now we do not have bulls anywhere. The price is moving down, and we need to see where the bulls could hold the price before trying moving up.

Strong 107.00 level could be that level but to make that happen bulls will need to hold the price inside previous range are.

Bearish Scenario

Bears are steering the price, and they are pointing to move down. First support where they could stop is 107.00. At that level we could expect to have stronger support.

If the price manage to break below 106.50 is the next stop. If the price bounce from 107.36 back to the upper level of the range area we could wait for a nice bearish price action signal if we want to enter for further move down.

Read more: USD/JPY Pip Range Analysis

XAUUSD Outlook

Yesterday’s analysis

Yesterday, the price had a bearish Pinbar that I have mentioned but the Pinbar did not manage to push the price down.

Price have pull back to the first support at $1639.69 and then reversed further up with bullish Pinbar. From there the price did not stop until it has broken through resistance at $1712.64. When the price broke above it reversed back and touched previous resistance that now acts as a support.

XAUUSD daily analysis_10062020

XAUUSD Daily Outlook

The price have managed to close above 1712.64 and now we have in a small range from where the price should find its way. Will it be up or down, we will see.

We had strong bullish candles this week and that leads us that we could see price moving higher. But last week we had also strong bearish candles that did not manage to break below 1670.00.

So, we should wait until the price breaks from the range between $1712.64 and $1725.11.

Bullish Scenario

If the bulls manage to break above $1725.11 we will have bulls in the game steering the price. From there, the next resistance where they could stop is $1736.29.

Bearish Scenario

Bears have same chance to drive the price down like bulls driving the price up. If they push the price below $1712.64 the next support is $1693.69.

Current situation tells us that the best is to wait until the price defines the direction.

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. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.


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