Excellent Webinars by ActivTrades

During this month, ActivTrades continues providing excellent Webinars to help its clients achieve their goals. The idea is to get as many traders as possible to become professional traders and trade profitably. The Webinars are a great help for all types of traders. The next events will be on June 16^th and June 23^rd. Malte Kaub will the talking about the MetaTrader Suite. Also, Paul Wallace will the expanding on the current situation with the upcoming referendum in the United Kingdom. To register for these events, please visit the following link:

https://www.activtrades.co.uk/index.aspx?page=events_webinar

Don’t miss on this opportunity to expand your horizons in the financial markets.

61.8% Fibo retracement on gold

Gold fell from the 1300 level to the 1200 level and then it started retracing to the upside after the Dollar started falling. Gold and the Dollar have a negative correlation, that is why when the Dollar falls, gold rallies or vice versa. Gold retraces to the 61.8% Fibonacci Retracement of the fall from the 1300 to the 1200 level. Usually, the 61.8% Fibo acts a resistance or support area, in this case the level may act as a resistance and gold may stall its rally here or even bounce to the downside. In case the price of gold bounces to the downside, then it may try to go and visit the 38.2% Fibo, around the 1239 level. On the other hand, gold may break above the 61.8% Fibo and try to go and visit the 76.4% Fibo around the 1278 level, which could act as a better resistance.

The Dollar remains weak

The Dollar index has dropped below the 94.00 level and stays around that zone. The greenback continues felling the effects of the comments by the FED, which have taken the probabilities of a July hike almost to none. Next month’s chances of seeing a rate hike have dropped to 30% and may continue dropping. That is what is keeping the Dollar down and if it continues dropping, then the next support may be the 92.00 level. In case of a bullish pullback, the Dollar index may try to go and visit the 95.00 level, but the 96.00 level may act as a better resistance for the Dollar.

Good technical levels on the USD/CHF

The USD/CHF has been respecting key technical levels on the daily chart, like the 0.9900 level and the rest of the round number levels below it, all the way to the 0.9442 zone. The pair drops to the 0.9700 level on weakness of the Dollar and stalls at that area. From here the pair may try to bounce to the upside, but it may find some resistance around the 200 day EMA, which is just around the 0.9800 level. Above the 0.9800 level, the 0.9900 zone has proven to be a very important resistance area. If the bearish trend continues, then the pair may try to go and visit the 0.9600 level, but its most important support may be the 0.9442 level.

Gold rallies as the Dollar drops

Gold has a negative correlation with the Dollar that is why during this Friday after the disappointing US jobs numbers, gold rallies as the Dollar drops. On the 4 hour chart of gold we can see that the price has broken above the 200 period exponential moving average and it may try to continue heading higher. In case of gold continuing higher, it may try to go and visit the 1260 zone, which has acted as a resistance in the past. To the downside, in case the price retraces back down, the 55 period exponential moving average, purple line, around the 1225, could act as a support.

Possible bullish continuation on corn

On the weekly chart of the July corn contract we can see that the commodity has tried to break above the round number level of the 415.00. In a closer inspection of the chart, we can see that the latest weekly candle is leaving a relatively long lower shadow, which is an indication that the buyers have been trying to push the price higher and have been taking control of the instrument. If the next candle is a bullish candle, then that would be confirming a break out of the 415.00 level and the commodity would have the road clear to get all the way to the 200 week exponential moving average, around the 442.54 level. Precisely around the 442.54 level, we can see that there is where the price made its latest high. Therefore, if the price of corn gets to that level, it is possible to see a bearish bounce from that zone. If the price goes back down below the 415.00 level, then it may retrace to the 400.00 level, which in the past has acted as a resistance and in that case it could start acting as a support.

The USD/JPY pulls back to the downside

The USD/JPY breaks to the downside the bullish trend line that we have drawn on the daily chart and comes near the 109.00 level. The 109.00 level may act as support and the pair may continue oscillating around the 55 day EMA, purple line, without taking a clear direction. However, if the price breaks below the 109, then it may find some support at the 107.00 level or the latest low at the 105.52 level. To the upside, the 111.00 level has acted as a resistance, but above that level, the 112.00 level may also act as resistance in case the price goes back up. The 114.00 level along with the 200 day EMA, blue line, may also act as resistance.