G10 FX Monthly Candlesticks June 2019

Intermediate

Summary of the June monthly candlestick, along with trending & momentum developments across G-10 FX and implications for months ahead.

EURUSD

  • Monthly Candle: Strong bull candle with close above April & May highs. Large body shows strong sentiment.
    • Implication: Trimming losses after April/May show indecision through long legged Doji and Spinning Top patterns. Confirms a pause in the ongoing 2018 decline.
  • Trending: 12 month MA @ 1.1364, continues to fall.
  • Momentum: RSI (9) @ 42. Stochastics (10-6-3) positively aligned, rising out of oversold.
  • YTD Return: -2.78%
EURUSD Chart June 2019

GBPUSD

  • Monthly Candle: Spinning top formation in June after May’s large body selloff.
    • Implication: Market pauses and downside momentum fades after it stages a strong bear move.
  • Trending: 12 month MA @ 1.2885, continues to fall.
  • Momentum: RSI (9) @ 36. Stochastics (10-6-3) negatively aligned, falling towards oversold.  
  • YTD Return:  -1.51%
GBPUSD Chart June 2019

USDCHF

  • Monthly Candle: Long bear body in June after May’s Marubozu Shaven Bottom. Prices close at its lowest since September 2018.
    • Implication: Bearish pressures continued in June. Market rejects Jan low and suggests bulls still alive.
  • Trending: 12 month MA @ 0.9924, flat.
  • Momentum: RSI (9) @ 49. Stochastics (10-6-3) negatively aligned, falling towards neutral.
  • YTD Return: +1.72%
USDCHF Chart June 2019

NZDUSD

  • Monthly Candle: Bullish Marubozu candle closing above May’s high. Market continues to hold key psychological figure of 0.65.
    • Implication: Bulls take control as market tries to approach 2018 lows, stalling the overall negative bias.
  • Trending: 12 month MA @ 0.6704, continues to fall.
  • Momentum: RSI (9) @ 44. Stochastics (10-6-3) negatively aligned, flat and neutral.
  • YTD Return: -1.45%
NZDUSD Chart June 2019

AUDUSD

  • Monthly Candle: Bullish Hammer Candle, however, body about the same size of shadow. Prices stall at the 23.6% fibo at 0.6829 of the 2019 rally.
    • Implication: Market halts further declines after April/May weakening. Large shadow suggests strong bull interest at lower levels.
  • Trending: 12 month MA @ 0.7166, continues to fall.
  • Momentum: RSI (9) @ 38. Stochastics (10-6-3) positively aligned, flat and neutral.
  • YTD Return: -1.31%
AUDUSD Chart June 2019

USDJPY

  • Monthly Candle: Doji candle in June after May’s bearish Marubozu Shaven Bottom. June touches lowest since Jan flash crash at 106.78.
    • Implication: Indecision candle stalls losses. Market generally balance but bears have some control over bulls.
  • Trending: 12 month MA @ 110.64, begins to turn lower.
  • Momentum: RSI (9) @ 41. Stochastics (10-6-3) negatively aligned, falling through neutral.
  • YTD Return: -2.42%
USDJPY Chart June 2019

USDCAD

  • Monthly Candle: Large negative Marubozu candle. Closes at its lowest since October 2018.
    • Implication: Recent rally in danger as sellers take control of the market and hold onto key close. They keep the sideways picture intact.
  • Trending: 12 month MA @ 1.3229, flat.
  • Momentum: RSI (9) @ 48. Stochastics (10-6-3) negatively aligned, falling towards neutral.
  • YTD Return: -0.03%
USDCAD Chart June 2019

USDNOK

  • Monthly Candle: Large negative candle in June. First losing month since January.
    • Implication: Multiple failures of a close above resistance c.8.80 causes sellers to attack and keep pair from breaking out of long term range.
  • Trending: 12 month MA @ 8.5205, continues to rise.
  • Momentum: RSI (9) @ 55. Stochastics (10-6-3) negatively aligned, falls out of overbought.
  • YTD Return: -1.74%
USDNOK Chart June 2019

USDSEK

  • Monthly Candle: Negative candle in June after May’s Gravestone Doji. First losing month since January-similar to USDNOK.
    • Implication: Buyers lose control after failing multiple time to close above 9.50. For now, reversal pattern take steam out of the 1 and a half year bull run.
  • Trending: 12 month MA @ 9.1918, continues to rise.
  • Momentum: RSI (9) @ 60. Stochastics (10-6-3) negatively aligned, falls out of overbought.
  • YTD Return: +10.77%
USDSEK Chart June 2019

DXY

  • Monthly Candle: Long bear candle. Buyers struggled to push prices above the open. Market fails at 61.8% fib level of the 2017-2018 decline at 97.83.
    • Implication: Upside continuation paused by sellers, keeping it within the 2019 range.
  • Trending: 12 month MA @ 96.23, continues to rise.
  • Momentum: RSI (9) @ 53. Stochastics (10-6-3) negatively aligned, falls out of overbought.
  • YTD Return: +1.3%

Akif Din

Editor

Akif SH. Din MSTA, CFTe, 2018 Bronwen Wood Memorial Prize Winner, has a solid understanding of global markets, fundamental analysis as well as having a vast amount of knowledge in technical analysi...continued

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest Related News

GBPUSD – GBPJPY – Forex forecast 20191015

Recap GBPUSD longs at support at 1.2590/80 were stopped below 1.2560 but we bottomed exactly at strong support at 1.2520/10 with longs offered up to 130 pips profit on the bounce. 1.2630/40. (We topped exactly here). GBPJPY broke support at 136.10/00 but bottomed exactly at the next target of 135.60/50. Forecast - 15 October 2019GBPUSD holding minor resistance at 1.2630/40 tests first support at 1.2590/80.… Continued

Pound stays firm on Brexit deal hopes (GBPUSD)

Positive soundings last week on Thursday from talks between the UK and Ireland and then Friday between the UK and EU regarding a possible Brexit deal breakthrough have assisted global stocks higher and a stronger Pound.GBPUSD surged from 1.22 to 1.27 on Thursday-Friday.Concerns regarding a breakthrough over the weekend saw Sterling dip on Monday, but then further positive signals later into the session have seen… Continued

MacroWatch – Stocks surge on US-Sino and Brexit deal hopes

Geopolitics came back with a bang last week with a Thursday breakthrough in Brexit negotiations as the Governments in the UK and Ireland declared progress regarding the issue of the Irish border and backstop. This advance was reinforced Friday after positive talks between UK officials and those in the European Union, with more intensive talks as the counterparties were said to have “entered the tunnel”.… Continued

US Dollar Stays weakened

US Dollar Index confirms negatives (DXY)Euro Positive (EURUSD)Aussie holds support (AUDUSD)Pound breaks up against the Dollar and on the crosses (GBPUSD) Continued

The Forex Zone – Sterling (GBP) surges as the US Dollar stays vulnerable

Brexit deal hopes has seen the UK Pound surge against the US Dollar late this week. Moreover, a recovery in equity indices over the past week has seen a switch back towards a “risk on” theme, with the perception still that the US Fed will cut rates again into year-end. This has left the US Dollar weakened and vulnerable. The Forex Zone view day trade… Continued

Forex Brokers in your location