On the H4 chart, the uptrend is very strong. The instrument is at the upper border of Bollinger Bands; the indicator cloud is expanded, which indicates the preservation of growth in the short term. MACD histogram is in the positive zone preserving a steady signal for opening long positions. Stochastic is crossing the overbought zone boundary from below, keeping a signal to open long positions.
Forex forecasts and market outlooks
High-quality Forex forecasts and financial market reviews from professional analysts are added daily!
Clients of the Tifia broker get exclusive access to high-quality materials from independent analytical agency Claws&Horns in their Client Cabinet: technical and fundamental market analysis, Forex economic event calendar, currency, stock, index forecasts, trading indicators signals and much more.
AUD is showing moderate growth against USD during the Asian session on Friday, again preparing to test the important resistance at 0.7000.
EUR shows ambiguous dynamics of trading against USD during today's Asian session, located near its highs since March 11, which the instrument managed to update the day before.
Today, during the Asian session, the USD/CHF pair shows flat dynamics, trading near the local lows of March 30.
EUR shows ambiguous dynamics of trading against USD during today's Asian session, located near its highs since March 11, which the instrument managed to update the day before. On Thursday, EUR showed the strongest growth in recent times, responding to the ECB's decision to sharply increase the volume of the bond purchase program by an additional EUR 600B. In addition, the purchase program will be extended until the end of June 2021. An additional optimistic signal for the instrument was the fact that the German government approved additional incentive measures worth EUR 130B. European investors are focused on April statistics on the dynamics of factory orders from Germany. The main intrigue of the day will be concentrated around the publication of the May report on the US labor market.
The leading index of the American economy S&P 500 continues a stable uptrend due to the strong growth of the air transportation sector after receiving information about a possible resumption of flights. Today, the instrument is trading above yesterday's high around 3136.0.
Brent crude oil prices continue to rise amid data on a reduction in world stocks, as well as expectations from the OPEC+ meeting that will be held on June 9–10.
The pair may fall.
On the 4-hour chart, the third wave of the higher level (3) develops, within which a downward correction develops as the second wave 2 of (3). Now, the wave c of 2 is developing, within which the wave (v) of c is forming. If the assumption is correct, the pair will fall to the levels of 1.3400–1.3300. In this scenario, critical stop loss level is 1.3576.
The pair may grow.
On the 4-hour chart, an upward wave C of the higher level develops, within which the first wave 1 of (1) of C formed, a correction developed as the wave 2 of (1), and the formation of the wave 3 of (1) began. Now, the first entry wave of the lower level i of 3 has formed, the local correction ii of 3 has ended, and the wave iii of 3 is developing. If the assumption is correct, the pair will grow to the levels of 110.75–111.80. In this scenario, critical stop loss level is 108.20.
The GBP/USD pair continues to show an upward trend amid the publication of data from the UK and the fall of the US dollar, trading at 1.2610.