{"id":171851,"date":"2020-06-09T10:00:30","date_gmt":"2020-06-09T14:00:30","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=171851"},"modified":"2020-06-09T09:57:48","modified_gmt":"2020-06-09T13:57:48","slug":"dollar-on-the-backfoot-as-it-erases-fridays-gains","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/06\/dollar-on-the-backfoot-as-it-erases-fridays-gains\/","title":{"rendered":"Dollar on the backfoot as it erases Friday\u2019s gains"},"content":{"rendered":"
June 9, 2020<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

Will EURUSD Post A Lower High?<\/span><\/h3>\n

\"\"<\/a><\/p>\n

The euro currency is trading modestly following last Friday\u2019s declines.<\/p>\n

However, the currency pair remains strong with an upside bias.<\/p>\n

At the moment, price action indicates a low forming around the 1.1287 level.<\/p>\n

A rebound off this price level should see another attempt to rise higher.<\/p>\n

However, if EURUSD fails to breakout above the previous higher close at 1.1350, then we expect a move lower.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

A breakdown below 1.1287 will signal a move to the 1.1132 level where technical support will most likely form.<\/p>\n

GBPUSD Remains Strong At A Three-Month High<\/span><\/h3>\n

\"\"<\/a><\/p>\n

The British pound sterling rose to a fresh three month high as prices briefly touched 1.2728 before pulling back modestly.<\/p>\n

The price action on the daily chart could indicate a possible flat close, however.<\/p>\n

Unless the currency pair can push further, there is a strong chance of a correction in place.<\/p>\n

For the moment, the support area at 1.2643 will be critical.<\/p>\n

A breakdown below this level will, however, signal a move to the 1.2424 price level which could attract new buyers into the market.<\/p>\n

Crude Oil Retreats After Hitting $40.00<\/span><\/h3>\n

\"\"<\/a><\/p>\n

WTI Crude oil prices made a strong gain in the early Asian trading session on Monday. Prices, as a result, hit the key level of 40.00.<\/p>\n

However, the commodity gave back the gains just as quickly and is down over 2% intraday.<\/p>\n

The volatility in crude oil continues and this move could see a possible correction lower.<\/p>\n

For the moment, the minor support level at 37.67 might stall the declines.<\/p>\n

But in the event of a breakdown lower, we expect oil prices to correct to the 34.42 level.<\/p>\n

A lower high will possibly validate this downside bias.<\/p>\n

Gold Bounces Off Support, But Downside Persists<\/span><\/h3>\n

\"\"<\/a><\/p>\n

Gold prices caught a bid following last Friday\u2019s sell-off. Price action quickly bounced back off the 1671.95 level of support.<\/p>\n

But despite this move, the lower high that is likely to form could be indicative of a move lower.<\/p>\n

Watch how price behaves near the 1671.95 level. A breakdown below this key support could accelerate declines.<\/p>\n

Technically, the next key level of support is at the 1571.78, which was briefly tested around late March this year.<\/p>\n

Watch for a possible breakout of the falling trend line, which can potentially signal a turnaround in prices.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Will EURUSD Post A Lower High? The euro currency is trading modestly following last Friday\u2019s declines. However, the currency pair remains strong with an upside bias. At the moment, price action indicates a low forming around the 1.1287 level. A rebound off this price level should see another attempt to rise higher. However, […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-171851","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=171851"}],"version-history":[{"count":4,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171851\/revisions"}],"predecessor-version":[{"id":171865,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171851\/revisions\/171865"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=171851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=171851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=171851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}