07 Jun Forex Weekly Technical Analysis & Chart Review (8th – 12th June 2020)
As you can see EURUSD market started the rally at 1.08000.After that it retraced a bit at the Resistance at 1.1000.But a some time later it broke this Resistance and made higher highs.It moved up constantly and almost without deep Pullbacks.The last high is the Level at 1.14000.Since then it is is moving now in the deepest Retrenchment after the Breakout.This Retrenchment has a some reasons:Trend-Traders taking Profits,Resistance-Traders selling now,Overbought-Traders selling now and Trend-Entrancement-Traders selling because of the Retrenchment.But this Bearish Pressure is going to end in the Buy-Zone.This has these reasons:Trend-Traders buy,Resistance-Traders taking Profits,Overbought-Traders taking Profits,Trend-Retrenchment-Traders taking Profits and Fibonacci – Traders buy. You can join our with paid signal channel on Telegram we have been the most consistent reliable Forex Signals service in world. Join us and change your life. If you want daily profit then you can join with us and get 90% profitable trade always. For more info about our paid group > inbox us or select our service package Click here Forex Signal, Forex Trading , Forex Best Signal Provide
Everyone is waiting for what the OPEC and non-OPEC allies meeting will come out today 6/06/2020.So then they agree to reduce production or increase the rate of production reduction, it will be a strong support for oil prices and thus will support the rise of the Canadian dollar .And If there is no agreement ,the petroleum price will descend, and therefore it is possible to push the Canadian Dollar down.Technically, the pair is moving inside a right triangle. Any breakout of the upper side of the triangle at 1.7120 represents an opportunity to buy. Any break of the lower side of the triangle and the uptrend represents an opportunity to sell.Buying Targets: the first target is 1.7346, and the second target is 1.7625Selling targets: the first target is 1.6640, the second target is 1.6503, and the third target is 1.6176.
In this week GBPUSD have big possibility to goes down again for retrenchment then goes up for next resistance level 1.32000.
OIL continues to recover it’s prices as major oil producers Saudi, Russia, Iraq and OPEC members agree to cut oil outputs till the end of July. Positive economic data around the globe has boosted the sharp recovery after the pandemic. We can see Oil to reach at 50 USD mark by the end of the month and retrenchment shall test the 34 marks to the downwards.
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