FX.co ★ Fractal analysis of major currency pairs on June 4, 2021

Forecast for June 4:

Analytical overview of currency pairs on the H1 scale:

The key levels for the EUR/USD pair are 1.2176, 1.2152, 1.2133, 1.2108, 1.2094, 1.2065, 1.2036, and 1.2018. The price has been moving in a local downward trend since June 1. We expect this trend to extend after the price breaks through the range of 1.2108 - 1.2094. The target is set at 1.2065 and the price may consolidate around it. If this target breaks down, the movement will continue towards the potential target of 1.2018. After reaching it, the price may consolidate and pull back upwards.

A short-term growth, in turn, is possible in the range of 1.2133 - 1.2152. If the latter is broken, a deep correction will occur. The target is set at 1.2176, which is the key support level.

The main trend is the downward trend from June 1.

Trading recommendations:

Buy: 1.2133 Take profit: 1.2150

Buy: 1.2153 Take profit: 1.2176

Sell: 1.2094 Take profit: 1.2066

Sell: 1.2063 Take profit: 1.2036

The key levels for the GBP/USD pair are 1.4178, 1.4143, 1.4116, 1.4079, 1.4059, 1.4007, 1.3985, and 1.3922. The price has been following the development of the downward trend since June 1. We expect the decline to continue after the price breaks through the 1.4079 - 1.4059 range. The target is set at 1.4007. After that, a short-term decline and consolidation can be expected in the range of 1.4007 - 1.3985. The ultimate potential downward target is 1.3922. After reaching it, an upward pullback may follow.

Short-term growth can be expected in the range of 1.4116 - 1.4143. If the level of 1.4143 breaks down, a deep correction will occur. The target is set at 1.4178, which is also the key support level.

The main trend is the downward trend from June 1.

Trading recommendations:

Buy: 1.4116 Take profit: 1.4141

Buy: 1.4144 Take profit: 1.4178

Sell: 1.4059 Take profit: 1.4008

Sell: 1.3985 Take profit: 1.3930

The key levels for the USD/CHF pair are 0.9130, 0.9095, 0.9081, 0.9054, 0.9034, 0.9015 and 0.9004. The price has been moving in a local upward trend since June 1. We expect this growth to resume after the price breaks through the range of 0.9055. The target is set at 0.9081. After that, short-term upward movement and consolidation can be expected in the 0.9081 - 0.9095 range. The ultimate potential upward target is 0.9130. After reaching it, a downward pullback may follow.

The correction is likely to develop after the level of 0.9034 is broken. The target is set at 0.9015 and the key support is the range 0.9015 - 0.9004.

The main trend is the local upward trend from June 1.

Trading recommendations:

Buy: 0.9055 Take profit: 0.9080

Buy: 0.9097 Take profit: 0.9130

Sell: 0.9032 Take profit: 0.9015

Sell: 0.9014 Take profit: 0.9004

The key levels for the USD/JPY pair are 110.82, 110.70, 110.52, 110.34, 110.12, 109.98 and 109.78. The price has been moving in a local upward trend since June 1. We expect the upward movement to continue after the level of 110.34 is broken. The target is set at 110.52 and the price may consolidate near it. If the specified target is broken, strong growth will continue to the next target of 110.70. The final potential upward target is 110.82. After reaching it, the price may consolidate and pull back downwards.

Meanwhile, a short-term decline is possible in the range of 110.12 - 109.98. If the last value breaks down, a deep correction will occur. The target is set at 109.78, which is the key support level.

The main trend is the local upward trend from June 1.

Trading recommendations:

Buy: 110.35 Take profit: 110.50

Buy: 110.53 Take profit: 110.70

Sell: 110.12 Take profit: 110.00

Sell: 109.97 Take profit: 109.78

The key levels for the USD/CAD pair are 1.2241, 1.2205, 1.2147, 1.2124, 1.2092, 1.2074, and 1.2048. The upward trend from June 1 is forming. Now, we expect a short-term decline in the range of 1.2124 - 1.2147. If the last value is broken, a strong upward movement will continue to the target of 1.2205. The final potential upward target is 1.2241. After reaching it, a downward pullback will occur.

On the other hand, a short-term decline is possible in the 1.2092 - 1.2074 range. If the latter is broken, a deep correction will occur. The target is set at 1.2048, which is also the key support level.

The main trend is the formation of the upward trend from June 1.

Trading recommendations:

Buy: 1.2125 Take profit: 1.2146

Buy: 1.2148 Take profit: 1.2205

Sell: 1.2092 Take profit: 1.2075

Sell: 1.2073 Take profit: 1.2050

The key levels for the AUD/USD pair are 0.7715, 0.7690, 0.7675, 0.7651, 0.7636, 0.7603 and 0.7571. The next targets for the downward movement from May 18 are determined. Thus, we expect a short-term decline in the 0.7651 - 0.7636 range. If the last value is broken, a strong decline will continue to the target of 0.7603. The price may consolidate near this level. The ultimate potential downward target is 0.7571. After reaching it, an upward pullback can be expected.

Short-term growth is expected in the range of 0.7675 - 0.7690. If the level of 0.7690 is broken, a deep correction will occur. The target is set at 0.7715, which is the key support level.

The main trend is the downward trend from May 18.

Trading recommendations:

Buy: 0.7675 Take profit: 0.7690

Buy: 0.7692 Take profit: 0.7715

Sell: 0.7651 Take profit: 0.7637

Sell: 0.7634 Take profit: 0.7605

The key levels for the EUR/JPY pair are 134.74, 134.39, 133.98, 133.48, 133.30 and 132.87. The price has been moving in a local upward trend since May 24. We expect the upward movement to continue after the level of 133.98 is broken. The target is set at 134.39 and the price may consolidate near it. The ultimate potential upward target is 134.74. After reaching it, a downward pullback may follow.

In turn, a short-term decline is possible in the 133.48 - 133.30 range. If the latter is broken, the downward trend will develop. The first potential target is set at 132.87.

The main trend is the local upward trend from May 24.

Trading recommendations:

Buy: 133.98 Take profit: 134.37

Buy: 133.41 Take profit: 134.74

Sell: 133.28 Take profit: 132.90

Sell: 132.82 Take profit: 132.50

The key levels for the GBP/JPY pair are 156.88, 156.57, 156.09, 155.14, 154.60 and 153.71. The price has been moving in an upward trend since May 25, but it is currently in the corrective area. We expect growth to resume after the level of 156.09 is broken. The target is set at 156.57. The ultimate potential upward target is 156.88. After reaching it, the price may consolidate.

Alternatively, a short-term decline is possible in the 155.14 - 154.60 range, wherein a key upward reversal is expected. If the latter breaks down, it will encourage the development of a downward trend. The potential target is set at 153.71.

The main trend is the upward trend from May 25, correction stage.

Trading recommendations:

Buy: 156.10 Take profit: 156.57

Buy: 156.58 Take profit: 156.88

Sell: 155.12 Take profit: 154.64

Sell: 154.58 Take profit: 153.73