18 june 2020 · 2020-06-17 · source tradingview. the figures stated are as of the 18 june 2020...

18 June 2020

218 June, 2020Source Tradingview. The figures stated are as of the 18 June 2020. Past performance is not a reliable indicator of future performance. This report does not

contain and is not to be taken as containing any financial product advice or financial product recommendation

S&P500

• The price action from the 3231.25 high is viewed as corrective/counter trend rather than being part of the early stages of a reversal

lower.

• Should the S&P500 break the recent 2923.75 low it is likely to find support broadly between 2830 and 2700, before the uptrend

resumes.

• A break and daily close above this weeks 3156.25 high, would be the earliest indication the correction is complete.

• Short Term Summary: Allow the current correction to continue to unfold.

318 June, 2020Source Tradingview. The figures stated are as of the 18 June 2020. Past performance is not a reliable indicator of future performance. This report does not


AUDUSD

• In line with the view in the S&P500, the AUDUSD appears to be midway through a corrective pullback, rather than being in the early

stages of a significant reversal lower.

• Should the AUDUSD break below this weeks .6776 low it would be expected to find support ahead of the key .6680 support area.

• Presuming the move unfolds as outlined above, we will look to be a buyer near .6680 in anticipation of the commencement of the

next leg higher.

• A break/close above the .7064 high would then suggests that a move towards the next upside level .73/.75c is underway.

• Short Term Summary: The bias is to look for a long entry near .6680.

418 June, 2020Source Tradingview. The figures stated are as of the 18 June 2020 Past performance is not a reliable indicator of future performance. This report does not


EURUSD

• In line with the S&P500 and the AUDUSD analysis on the previous pages, the view is the EURUSD is also tracing out a corrective

pullback from the recent 1.1423 high.

• Should the correction EURUSD continue to correct lower towards support at 1.1150 and providing evidence of a base forming

emerges (e.g. bullish daily reversal candle) we will look to re-open EURUSD longs.

• Keeping in mind that a break/close above trendline resistance 1.1350/60 would be initial confirmation the uptrend has resumed and

that a move towards the March 1.1495 high is underway.

• Short Term Summary: The bias is to look for a long entry near 1.1150.

518 June, 2020Source Tradingview. The figures stated are as of 18 June 2020. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation

NZDUSD

• In line with the analysis on the preceding pages, the ensuring pullback counts as a minor Wave iv that should hold the .6320/10

support from the 200-day moving average.

• Should signs of a base emerge in this support region it would be viewed as a buying opportunity before the uptrend resumes.

• Keeping in mind a break and close above the trendline resistance and previous highs .6600c would be the final confirmation the next

leg of the uptrend has resumed.

• Short Term Summary: The bias is to buy a pullback towards .6310.


AUDNZD

• The rally from yesterdays 1.0582 low suggests the first leg of a corrective pullback was completed overnight.

• Presuming the correction unfolds in a three-wave structure we will be looking to buy AUDNZD on a dip to 1.0550/30 in expectation

of a rally towards 1.1000.

• Keeping in mind, that should AUDNZD break and close above 1.0880ish without first completing a three-wave correction it warns the

next leg higher towards 1.1000 has commenced with scope to the August 2018 high, at 1.1175.

• Short Term Summary: A bullish bias is in place - looking to buy a corrective pullback.


EURCHF

• The view is that a medium-term low is in place in EURCHF at 1.0503 with the potential for a significant recovery.

• In the short term, and following the rejection from the 1.0755/65 resistance zone earlier this week that negated our buy trade idea,

the current pullback needs to hold last weeks 1.0635 low to provide the basis for the rally to resume.

• Keeping in mind that a break/close below 1.0635 would result in a more neutral stance.

• Short Term Summary: Providing EURCHF remains above 1.0635 a positive bias remains in place.


USDJPY

• USDJPY’s retreat from the 109.85 high accelerated below the support coming from the 200-day moving average 108.30 area and then

through the 108.09 double high.

• This has negated the positive bias previously in place and while USDJPY remains below 108.10/30 the risk remain for a retest of the

May 105.98 low.

• Keeping in mind, a break/close back above 1.0810/30 would negate the downside risks and allow a return to the top of the recent

range 109.50ish. Short Term Summary: Neutral.


GOLD

• After holding a broadly positive view of gold during the first half of 2020 we moved to a more neutral stance in Mid May.

• As can be viewed on the chart below, besides the brief spike to the $1765 high gold has traded sideways between $1660ish and

$1750ish for the last 2 months.

• Providing Gold remains above support $1670/1660 a mild positive bias is in place given the strength of the prevailing uptrend. A

break/close above $1750/65 is required to suggest the uptrend has resumed.

• Conversely, much below $1660 warns that a pullback towards the 1550/1450 support is underway.

• Short Term Summary: Use support at $1660 as the bull bear pivot. Bullish above/Bearish below.


Bitcoin

• While below year to date highs 10500 area and weekly trend channel resistance 11000 area, the view is Bitcoin completed a 5-wave

rally from the 3850 March low to the 10429 high of June 1.

• As such, the expectation remains for a corrective pullback towards the 200-day moving average 8100.

• Keeping in mind that a break/close above year to date highs 10500 area and then weekly trend channel resistance 11000 area, is

required to suggest the uptrend has resumed and to expose a move towards 14k.

• Short Term Summary: Neutral, turning bullish on a close above the 10500/11000 area.

1118 June, 2020

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18 june 2020 · 2020-06-17 · source tradingview. the figures stated are as of the 18 june 2020...

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