Euro managed to rally for days, making new highs, targeting a 61.8% retracement around 1.1420 before price starts to decline.
We adjusted our view with AUDUSD, believing that a bottom has been placed already last 24th of May. Hence, current price may retrace up towards 0.7490 - 0.7570.
Crude Oil is slowly moving up, where a break beyond flat channel (blue) might suggest that price would soar towards 54.00 area.
Like its partner Gold, Silver too is bullish with target at 16.90 - 17.20.
Gold is currently bullish, with 1263-1265 as target.
Yen may continue to move lower. A break below previous low 105.54 would lead us to consider the alternate view of this market. Profit targets 106 area before bulls come to play.
Temporary upward correction of 16.455-16.539, as stated in the previous analysis, was hit last Friday. Looking at the 30- minute time frame, we can see a gap just like Gold's. Price is still contained inside a bullish channel, which may touch 16.50-16.90.
In the previous analysis, we stated that temporary correction up 0.7367-0.7382 is attainable. Last Friday, price almost reached our targeted area which, after hitting the said numbers, AUDUSD may move lower once again.
In the last analysis, we targeted the temporary upward correction of 1.1216-1.1242 and price did break past the said prices, reaching a new high of 1.1370, which is around its 50% retracement. Price may still reach a high of 1.1415 before turning bearish.
In our previous analysis, we said that USDJPY might temporarily correct down towards 109.40-109.20. And last Friday, price did hit even lower, making a new low at 106.40. We can see chances of it going up as long as 105.50 low remains intact.
Oil managed to respect the red bullish channel where price barely touched its lower boundary. We adjusted the blue channel, which still hold oil's price. A break up or down the said channel may signal that the corrective stage is over.
As stated in the last analysis, we anticipated GBPUSD to temporarily correct upwards 1.4509-1.4554 and price did hit the target, making new highs at 1.4580. However, a gap is visible from 4 hours time frame to lower period. Hence, we believe that cable is soon to resume its downward trend which may temporarily go down at around 1.4170-1.4180.
As stated in the last analysis, temporary correction up 1230-1235 is expected, and this was hit last Friday. At 30-minute time frame, a gap was made. Price will return to the said gap, maybe before or after reaching its 61.8% retracement at 1263-1265 area.
Oil is moving sideways inside the blue channel . A break below signals bearish trend, especially when red channel is broken around 48.25.
USDJPY, as shown below, managed to break below red bullish channel. This may suggest that price is starting to correct down towards 109.40-109.20 after which it will move up once again before finishing its corrective move downward.
EURUSD like other currencies paired against dollar, is still contained inside a bearish channel. Upward movement is seen as a correction which may reach 1.1216-1.1242.
Silver, like Gold is temporarily correcting up towards,16.455-16.539.
Gold's short term movement is believed to be corrective, with limited bullish moves toward 1230-1235. Happy trading everyone!