WATCHLIST FOR JUNE 1-5

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EURUSD ON THE DAILY CHART. This is probably going to be the first trade for June. We have seen the 1.100 level previously acting as resistance as shown by the 2 blue circles. The price had broken through lower in the past week and now we are back up for a re-test. We are expecting this level to hold and we will be shorting this pair with a small stop loss. The price may also break this level and move higher, but that is the whole point of using a stop loss and trading with a good risk to reward. Remember every trade you take there is a 50% chance for you to win it or loose it, Hence the only thing that will make you profitable is Risk to Reward.

NZDCAD WEEKLY CHART. Just recently we had written about trading with confluence. 

This Pair has been in a strong uptrend and the green trend line has been holding despite being tested a few times. The horizontal black line has previously acted as both support and resistance. Price is now approaching both the black line and the trend line. It should be a very good level to go long from here. However we will first watch carefully for suitable price action before going long. Also NZDUSD pair seems to be showing alot of weakness and we will have to see some positives from NZD before taking this trade. Another thing to watch out for is the double top formation that formed around the 0.9600 level (Horizontal Green Line) the price is approaching the neckline of that pattern at the horizontal black line. So there is a decent chance of it actually breaking the neckline of the double top and achieving the target of about 0.8200 level which should complete a perfect double top.

USDNOK Daily Chart. This pair has just broken out of a downward descending parallel channel. We think this should be good enough reason for the pair to keep gaining. Especially with USD finding strength again this past week. Watch out for our trading signal on this pair. The only thing discouraging us from entering this trade is the pin bar that formed on Thursday last week.

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