FX.co ★ Fractal analysis of major currency pairs on June 7, 2021

Outlook on June 7:

Analytical overview of popular currency pairs on the H1 chart:

The key levels for the EUR/USD pair are 1.2274, 1.2249, 1.2206, 1.2186, 1.2147, 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, but it is currently in correction and is forming an upward potential from June 4. We expect the downward movement to continue after the price breaks through the range of 1.2147 - 1.2133. The first target is set at 1.2108. This can be followed by a price consolidation in the 1.2108 - 1.2094 range. If the latter is broken, a strong decline will continue to the next target of 1.2065. The final potential downward target is 1.2018. After reaching it, the price may consolidate in the range of 1.2036 - 1.2018 and pull back upwards.

A short-term growth, in turn, is possible in the range of 1.2186 - 1.2206. If the level of 1.2206 is broken, the upward trend from June 4 will develop. The first target is set at 1.2249. We consider the level of 1.2274 as a potential value.

The main trend is the downward trend from June 1, correction stage.

Trading recommendations:

Buy: 1.2186 Take profit: 1.2204

Buy: 1.2208 Take profit: 1.2249

Sell: 1.2133 Take profit: 1.2108

Sell: 1.2092 Take profit: 1.2065

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 this trend to continue after the price breaks through the range of 1.4079 - 1.4059. The target is set at 1.4007. After that, a short-term decline and consolidation in the range of 1.4007 - 1.3985 will occur. The ultimate potential downward target is 1.3922. After reaching it, an upward pullback can be expected.

The price may consolidate in the range of 1.4116 - 1.4143. If the last value is broken, a deep correction will follow. The target is set at 1.4178, which is also the key support level of the downward trend from June 1. Its breakdown will allow us to move to the potential target of 1.4247.

The main trend is the downward trend from June 1.

Trading recommendations:

Buy: 1.4144 Take profit: 1.4178

Buy: 1.4190 Take profit: 1.4245

Sell: 1.4059 Take profit: 1.4008

Sell: 1.3985 Take profit: 1.3930

The key levels for the USD/CHF pair are 0.9095, 0.9081, 0.9053, 0.9023, 0.8985, 0.8972 and 0.8946. The price has been moving in a local upward trend since June 1, but it is now in a deep correction and is close to canceling the upward trend, which requires a breakdown of the range 0.8985 - 0.8972. In this case, the first potential target is 0.8946.

Meanwhile, upward movement is expected after the level of 0.9023 is broken. The breakdown of the first target, that is, the level of 0.9053, will allow us to expect a movement to the potential level of 0.9095. The price may consolidate and pull back downwards near it.

The main trend is the local upward trend from June 1, deep correction.

Trading recommendations:

Buy: 0.9023 Take profit: 0.9051

Buy: 0.9054 Take profit: 0.9080

Sell: 0.8971 Take profit: 0.8947

Sell: Take profit:

The key levels for the USD/JPY pair are 110.34, 109.98, 109.81, 109.68, 109.38, 109.15, 108.78, and 108.64. We are following the development of the long-term upward trend from May 25 and the formation of the downward potential from June 3. We expect the downward trend to resume after the level of 109.38 is broken. The target is set at 109.15 and the price may consolidate near it. If the above-mentioned target is broken, it will lead to the cancellation of the upward trend from May 25. If this happens, we can expect the strong downward movement to develop to the level of 108.78. The ultimate potential downward target is 108.64. After reaching it, an upward pullback can be expected.

On the other hand, a short-term upward movement is likely in the 109.68 - 109.81 range. If the last value breaks down, a deep correction will occur. The target is set at 109.98, which is the key support level for the downward potential from June 3.

The main trend is the long-term upward trend from May 25, downward potential from June 3.

Trading recommendations:

Buy: 109.68 Take profit: 109.80

Buy: 109.82 Take profit: 109.96

Sell: 109.38 Take profit: 109.17

Sell: 109.13 Take profit: 108.80

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 developing. At the moment, we expect a short-term growth 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 can be expected.

A short-term decline is possible in the range of 1.2092 - 1.2074. 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 0.7841, 0.7824, 0.7709, and 0.7686. The price is forming a strong upward trend from June 3. We expect this growth to continue after the level of 0.7752 is broken. The target is set at 0.7772 and the price may consolidate near it. If the price breaks through the range of 0.7772 - 0.7786, it will lead to the development of a strong upward movement. The target is set at 0.7824. The ultimate potential upward target is 0.7841. After reaching it, a downward pullback may occur.

A short-term decline is expected in the range of 0.7724 - 0.7709. If the last value is broken, a deep correction will follow. The target is set at 0.7686, which is also the key support level for the downward trend.

The main trend is the upward trend from June 3.

Trading recommendations:

Buy: 0.7752 Take profit: 0.7772

Buy: 0.7787 Take profit: 0.7824

Sell: 0.7724 Take profit: 0.7710

Sell: 0.7707 Take profit: 0.7690

The key levels for the EUR/JPY pair are 133.72, 133.48, 133.33, 132.87, 132.73, 132.34, and 132.19. The price has been moving in a downward trend since June 1. We expect this trend to resume after the price breaks through the noise range of 132.87 - 132.73. The target is set at 132.34. The ultimate potential downward target is 132.19. After reaching it, the price may consolidate and pull back upwards.

In turn, short-term growth can be expected in the 133.33 - 133.48 range. If the latter is broken, a deep correction will occur. The target is set at 133.72, which is also the key support level.

The main trend is the downward trend from June 1.

Trading recommendations:

Buy: 133.33 Take profit: 133.46

Buy: 133.50 Take profit: 133.72

Sell: 132.73 Take profit: 132.36

Sell: 132.33 Take profit: 132.20

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 a bullish trend since May 25, but it is currently in the corrective area. We expect the upward move 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.

The price may consolidate 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: Take profit:

Sell: 154.58 Take profit: 153.73