02.06.202114:13 Forex Analysis & Reviews: Technical analysis for BCN/USD pair

BCN/USD

The month of May went down in history by the scale of the movement (size of the candlestick is impressive), frequent change of priorities (shadows of impressive size), and a bearish mood (May candlestick's body is bearish). The current deceleration and consolidation were outlined in the area of accumulation of levels of various time intervals 784 (weekly Fibo Kijun) - 709 (monthly Fibo Kijun + daily short-term trend) - 628 (historical level).

If the bears manage to break through the attraction and influence of the encountered levels and continue to decline, their interests will be directed to the pivot points of 464.80 (minimum extremum) and 408 (historical level). In turn, if the bulls leave the designated area in the near future, then the next accumulation of resistance awaits at 947 - 919 - 886 will be considered.

At the moment, the bulls in the smaller time frames are planning to take advantage of it. To do this, they are trying to consolidate above the key levels, which are combining their forces in the area of 690 - 675 (central pivot level + weekly long-term trend). For intraday bulls, we can note the pivot points in the form of resistances of the classic pivot levels (713 - 743 - 766). However, a change of mood can make the supports of the classic Pivot levels (660 - 637 - 607) relevant again.

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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of this instrument.