DAILY REVIEW 10 June 2016
  

EU Analysis:

EU: Perspective: Price has tested and broken through the 1.0500 which is simply a monthly low and psychological level with the next pyschological level at 1.0000 and the 0.9900 level being the breakout retest of a reaccumulation structure. December's candle suggests a retracement is in progress and January's candle is an "inside" of the December candle while February's candle also closed back inside the January range. We also note that there are no significant orders/ stops lower until the 1.0000 key level. Bias is still strongly down from a market structure perspective.    

MONTH- The candle is an above average spread (518pips) bear closing at the low on low vol<9months. The candle close suggests more downside.  

WEEK- The candle is an above average spread (276pips) bull closing at the high on high vol>4weeks. The candle close and volume suggests more upside.

DAY- The candle is an above average spread (110pips) bear colsing at the low on low vol>2days. The candle close and volume suggests more downside.

Levels of interest: Demand: Daily/Weekly:  1.0000  

Background: The US NFP data missed expectations by more than a mile and consequent US Dollar weakness followed. It would seem to have put to bed the FED hawks that have been baying for a rate hike or more. Like the tall grass that grow on the plains, FED's Bainard now says that "there may be benefits on holding off on hiking..." What a difference a day can make.....

Oanda order book:  Trapped short volumes dominate but volumes are thin.  

There is no demand level, we have to wait for a accumulation/consolidation zone to form and determine whether we can take it back long. SM is likely to retest the 1.1340 level or higher before reversing.

EU long levels:  1.1210, 1.1170, 1.1100-1.1090, 1.1050, 1.1035, 1.1000

EU short levels:  1.1320, 1.1345-55, 1.1386, 1.1397-1.1420, 1.1452, 1.1485-1.1491, 1.1500-1.1510, 1.1520-1.1525, 1.1532, 1.1580, 1.16001.1615, 1.1619-1.1630, 1.1711

GU Analysis:

GU: Perspective: GU has closed below April pivot 1.4564. The June close of 1.5701 becomes important as a supply level to overcome for higher prices. The downward bias is still dominant. 

MONTH- The candle is a below average spread (437pips) bear spinning top closing on high vol<3months. The candle close and volume suggests selling.

WEEK- The candle is an above average spread (338pips) bear spinning top closing on very high vol>70weeks. The candle close and volume suggests absorption of buying.
DAY- The candle is a below average spread (80pips) bear closing near the low on low vol>2days. The candle close and volume suggests more downside.

Demand: Weekly/Daily:  1.3705-1.3500 Supply: Short term: 1.5574, 1.5600, 1.5619 

The Oanda order book: Take notice of newly profitable longs. 

Video analysis of the pair is still valid here (first posted 8 Jun 2016).

Without any new news or data, prices have pushed down on USD strength or risk aversion. SM is likely to retest the 1.4500 key level or higher before reversing. 

GU long levels: 1.4425, 1.4400, 1.4385-1.4370, 1.4335-1.4330

GU short levels: 1.4500, 1.4520, 1.4540, 1.4660, 1.4730, 1.4770, 1.4800-1.4820 

Posted at 01.26 am EST