The EURUSD price forecast update - 04-06-2024
The EURUSD price faces negative pressure to reach the bullish channel’s support line that appears on the chart, which urges caution from the upcoming trading, as continuing the decline and breaking this support at 1.0865$ will stop the positive scenario mentioned this morning and push the price to turn to decline.
Until now, the bullish trend scenario still active as long as the mentioned support remains intact, reminding you that our main waited target reaches 1.1015$.
The expected trading range for today is between 1.0850$ support and 1.1000$ resistance.
Trend forecast: Bullish
The NZDCAD price continues to rise – Forecast today – 4-6-2024
NZDCAD Price Analysis
Expected Scenario
- The NZDCAD price succeeded to resume the main bullish attack due to its stability above the additional support 0.8345 recently, to notice recording new gains by reaching 0.8440 and settling above it.
- Note that stochastic approach to the overbought areas will increase the chances of gathering the additional positive momentum to ease the mission of targeting 38.2% Fibonacci correction level at 0.8480, which surpassing it will open the way to resume the bullish attack in the upcoming period by targeting 0.8520 as a first additional station for the bullish track.
Expected Trading Range
Between 0.8400 and 0.8480 support and resistance levels.
Trend Forecast: Bullish
Natural gas price takes advantage of stochastic positivity – Forecast today – 4-6-2024
Natural Gas Price Analysis
Expected Scenario
- Natural gas price reacted to stochastic positivity yesterday to keep its stability above 2.520$ support line, noticing the beginning of forming bullish waves to record some gains by reaching 2.810$.
- Note that it is important to breach 2.890$ resistance line and hold above it to confirm moving to the bullish track again, which increases the chances of achieving big gains in the upcoming trading by moving towards 3.100$ and 3.220$.
Expected Trading Range
Between 2.650$ and 2.890$ support and resistance levels.
Trend Forecast: Bullish
The EURJPY still bearish – Forecast today – 4-6-2024
EURJPY Pair Analysis
Expected Scenario
- The EURJPY pair touched the first negative target at 169.65 yesterday, to form key support against the negative trades, which pushed it to form temporary positive rally and repeat testing 170.70 level followed by turning back to form new negative waves and settle near the MA55 at 170.20.
- Stochastic continuous negative momentum signals will increase the chances of renewing the correctional bearish attempts, to keep our expectation to attempt to break 169.65 obstacle soon followed by waiting to target new negative stations that might start at 169.30 and 168.85.
Expected Trading Range
Between 170.50 and 169.30 support and resistance levels.
Trend Forecast: Bearish