Trading plan for June 8

Trading plan for June 8

The US dollar index continues its downward movement. It tested levels below $93.30. The next support lies at $93. No important economic data will be released on Friday. As a result, the further fall may happen.

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Oil managed to recover from the negative economic data, however, it didn’t support the Canadian dollar. USD/CAD pair is rising, however, 50-hour MA doesn’t let the pair to move higher. On Friday, traders will take into consideration Canadian job data. The forecast is mixed. If the data are positive, the CAD will be able to rise. The support is at 1.2930 (50.0 Fibo level) and 1.2860. Otherwise, the USD/CAD pair will go up. Resistances are at 1.2975 and 1.3050.

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The pound can’t break the resistance at 1.34. No important economic data will be released on Friday. If the pair closes below the resistance, a fall to 1.33 (the pivot point) may be anticipated. However, if the pair is able to break the resistance at 1.34, the further rise will be stopped at 1.3460 (50-week MA). Moreover, the pound fell to a one-month low versus the euro as investors sold the British currency before the British government publishes its proposals for a “backstop” plan for the Irish border.

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On Thursday, Australian trade balance data was at the same level as anticipated (0.98B), however, it didn’t support the AUD. As a result, AUD/USD couldn’t stick above the resistance at 0.7660 again, 100-week MA weighs on it. The pair has already tested the support at 0.7640. If the pair closes below the support, the further fall is anticipated. No important economic data will be released on Friday.

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The G7 summit is an important thing to look at. It starts on Friday in the morning. Traders will be able to get clues on the world economic growth and make a forecast on future currency movements. The summit is supposed to be interesting as the France President Mr. Macron has signaled that a progress on tariffs, Iran nuclear agreement and Paris climate accord must be made before he'll be willing to sign a joint statement. Let’s see what new we will learn from the summit.

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How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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