Intraday Analysis for EURUSD, GBPUSD, USDJPY and XAUUSD, June 9, 2020

by Jun 9, 2020Setups

EURUSD Outlook

Pinbar from Friday have pushed the price down to the first support level and for now price is staying there. Horizontal support and H4 trend line are supporting the price from moving down.

Few smaller Pinbar’s have formed next to the support level but they could not push the price either way. It seems the price is waiting for something and it will break strongly.

EURUSD daily analysis_09062020

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If the price close above $1.13427 we could see moving towards $1.15000. Trigger to have that scenario would be in breaking above this sideways moving or having a strong bullish price action signal by breaking down to $1.12366 and then moving up.

If the price break below and make a bullish price action that would be good trade opportunity. With stop loss below $1.12366 and take profit next to $1.15000.

Bears must bring the price down below $1.12366 in order to see it next to $1.11871. $1.11871 is a level where stronger support is. When the price comes to that level from there we would wait for break below or we would have a bullish price action signal.

Bearish trading opportunity lies in $1.15000 where many sellers are waiting. Around that level we could wait for bearish price action signal to enter with stop loss around $1.15300 and take profit around $1.13427.

GBPUSD Outlook

GBP/USD have returned to the support level at $1.26228 and from there a new bullish Pinbar has formed. Pinbar formation returned the price back up and it reached support at $1.27495. Now, the price is waiting for the next move.

As it looks like we could see price moving more up. There are no strong bearish candles that could suggest move down but we need to be prepared for any scenario.

GBPUSD daily analysis_09062020

Bulls need to close above $1.27495 in order to see price moving to $1.29748. That is the support on the daily time frame which could stop the price and even make a pullback.

At the $1.29748 is a nice sell opportunity with take profit at around $1.27495 with stop loss around $1.30200.

From this point if the bears wants to bring the price down they need to have a close below $1.26228 in order to make that happen. Close below that level would open road to $1.25000.

USDJPY Outlook

USD/JPY have fall down very hardly to the 107.939 level. 109.22 area was to strong for the bulls and Friday move was just false signal for further move up.

The price is now on the upper level of the previous range area that has held the price for quite long time.

Small bounce have returned the price back up but it does not look convincing that it will move more up.

USDJPY daily analysis_09062020

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For now the best is to wait what the price will do. Will it move down below 107.939, back in the range area and open a chance for further down or it will make its way up.

Move back in the range area would push the price to the lower level of the range area to 107.36.

If the price move up and and close above 108.17 it will suggest that bulls are back and the price could go for new highs, to 109.22 and 109.62.

XAUUSD Outlook

Strong bullish Pinbar from Friday was a catalyst for move up. Yesterday the price have returned back up above $1693.69.

Now we have another Pinbar and it is bearish that is pointing down. Bulls did not convince me that they could move the price up. It looks much more the price will move down at least to $1681.58.

XAUUSD daily analysis_09062020

Will the bulls manage to make bullish price action on that level and start moving up? We will see today.

If the price comes to that level and makes a bullish price action signal it will be nice opportunity to get into buy order with take profit around $1712.64. Stop loss would be below $1670.00.

If the price comes to $1712.64 we could see bearish price action signal that could be nice entry for sell. But, lets see what will happen in next few H4 trading sessions.

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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