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The EUR/USD made a false bullish breakout above the bull flag chart pattern. The bullish breakout did see price make a new higher high but a quick and dramatic reversal saw price fall strongly.

The EUR/USD still bounced at the Fibonacci levels of wave 4 (pink) and broke the two support trend lines for a bearish breakout. The bearish momentum is now aiming at the Fibonacci targets of wave 5.

The EUR/USD made a new higher high but quickly reverted lower with impulsive bearish price action. The price broke below the support trend line (dotted) and rebroke below the broken resistance. The push lower could complete a wave 5 at the Fibonacci target. Price could also retrace back to the moving averages first which is a potential resistance zone.

Netflix ticker symbol: $NFLX short-term Elliott wave view suggests that the rally to $369.83 high on 6/05/2018 ended Minor wave 1. The internals of that rally unfolded as Elliott wave impulse structurewith lesser degree 5 waves structure in Minute wave ((i)), ((iii)), and ((v)). Below from $369.83, the decline to $354.10 low on 6/08/2018 ended Minor wave 2 pullback.

The internals of that pullback unfolded as Elliott wave Flat structure where Minute wave ((a)) ended in 3 swings at $363.33. Minute wave ((b)) ended in another 3 waves at $368.99 and Minute wave ((c)) ended in 5 waves at $354.10 low. Up from there, Minor wave 3 remains in progress into another 5 waves impulse structure and already showing higher high sequence in the stock. The internal degree Minute wave ((i)) of 3 completed at $365.67 & Minute wave ((ii)) of 3 completed at $357.50 low.

Near-term Minute wave ((iii)) of 3 is expected to complete soon in 5 wave structure. Afterwards, the stock is expected to do a pullback in Minute wave ((iv)) of 3 in 3, 7 or 11 swings. The stock then should do another push higher towards $401 – $430.2, which is 100%-161.8% Fibonacci extension area of Minor wave 1-2. The move higher should complete 5 waves structure and also end cycle from 6/8/2018 low ($354.10). We don’t like selling it and intraday dips should find buyers in 3, 7 or 11 swings.

Netflix 1 Hour Elliott Wave Chart

For the 24 hours to 23:00 GMT, the EUR declined 1.82% against the USD and closed at 1.1583, after the European Central Bank (ECB), at its June monetary policy meeting, decided to keep the benchmark interest rate steady at 0.00%, as widely expected.

The ECB signalled that it would reduce its monthly bond purchases to €15.0 billion after September and ultimately end them in December. Additionally, the central bank stated that interest rates could remain at their present levels. Meanwhile, the bank raised its inflation forecasts for 2018 and 2019 but lowered its 2018 growth projection. The bank announced that the growth forecast for the economy was slashed to 2.1% from 2.4% in 2018, while the projections for the next year and 2020 were maintained at 1.9% and 1.7%, respectively. Meanwhile, inflation outlook for both 2018 and 2019 was raised to 1.7% from 1.4%. However, the forecast for 2020 was retained at 1.7%.

In a statement post-meeting, the ECB President, Mario Draghi, stated that growth in the common currency region remained strong to overcome increased risk, justifying the bank’s decision to end quantitative easing.

Separately, data indicated that Germany’s final consumer price index (CPI) advanced 2.2% on an annual basis in May, at par with market expectations and confirming the preliminary print. In the prior month, the CPI had increased 1.6%.

In the US, first time claims for the US unemployment benefits slightly eased to a level of 218.00K in the week ended 9 June 2018. In the prior week, initial jobless claims had registered a reading of 222.00K. Additionally, advance retail sales in the US advanced 0.8% on a monthly basis in May, more-than-expected and compared to a revised rise of 0.4% in the prior month. Further, the nation’s business inventories climbed 0.3% on a monthly basis in April, meeting market expectations. Business inventories had recorded a revised drop of 0.1% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.1567, with the EUR trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1464, and a fall through could take it to the next support level of 1.1362. The pair is expected to find its first resistance at 1.1760, and a rise through could take it to the next resistance level of 1.1954.

Going forward, investors would closely watch the Eurozone’s trade balance data for April and the final consumer price inflation for May, scheduled to release in a few hours. Later in the day, the US industrial and manufacturing production, both for May, followed by the flash Michigan consumer sentiment index for June, will keep investors on their toes.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP declined 0.83% against the USD and closed at 1.3270.

Macroeconomic data indicated that UK's retail sales climbed more than estimated by 1.3% on a monthly basis in May, as good weather conditions and the royal wedding, boosted consumer spending. Markets had envisaged for a rise of 0.5%, after a recording a revised increase of 1.8%, in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3254, with the GBP trading 0.12% lower against the USD from yesterday's close.

The pair is expected to find support at 1.3184, and a fall through could take it to the next support level of 1.3113. The pair is expected to find its first resistance at 1.3386, and a rise through could take it to the next resistance level of 1.3517.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.34% against the JPY and closed at 110.63.

In the Asian session, at GMT0300, the pair is trading at 110.65, with the USD trading slightly higher against the JPY from yesterday’s close.

The Bank of Japan (BoJ), in its June monetary policy meeting, opted to leave the key interest rate steady at -0.1% and pledged the yield target for 10-year Japanese government bonds around 0%.

The pair is expected to find support at 110.11, and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 110.99, and a rise through could take it to the next resistance level of 111.34.

Going ahead, investors will keenly observe Japan’s trade balance data and machine tool orders, both for May, scheduled to release next week. Also, the Bank of Japan’s (BoJ) policy meeting minutes and Governor Haruhiko Kuroda’s speech will keep investors on their toes.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 1.21% against the CHF and closed at 0.9966.

In the Asian session, at GMT0300, the pair is trading at 0.9973, with the USD trading 0.07% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9874, and a fall through could take it to the next support level of 0.9775. The pair is expected to find its first resistance at 1.0024, and a rise through could take it to the next resistance level of 1.0075.

Amid no major economic news in Switzerland today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.99% against the CAD and closed at 1.3105.

On the data front, Canada's new housing price index recorded a flat reading for the second consecutive month in April, in line with market expectations and suggesting reduced buyer willingness and resilient mortgage regulations.

In the Asian session, at GMT0300, the pair is trading at 1.3125, with the USD trading 0.15% higher against the CAD from yesterday's close.

The pair is expected to find support at 1.3003, and a fall through could take it to the next support level of 1.2881. The pair is expected to find its first resistance at 1.3194, and a rise through could take it to the next resistance level of 1.3263.

Later in the day, investors will look forward to the release of Canada's manufacturing sales for April and existing home sales for May.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the AUD declined 1.33% against the USD and closed at 0.7476.

LME Copper prices rose 0.06% or $4.5/MT to $7197.0/MT. Aluminium prices declined 0.02% or $0.05/MT to $2277.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7466, with the AUD trading 0.13% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7424, and a fall through could take it to the next support level of 0.7382. The pair is expected to find its first resistance at 0.7537, and a rise through could take it to the next resistance level of 0.7608.

Looking forward, traders will keep an eye on Australia’s house price index, Westpac leading index and the Reserve Bank of Australia’s (RBA) June meeting minutes, all set to release next week.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Gold rose 0.23% against the USD and closed at USD1306.00 per ounce.

In the Asian session, at GMT0300, the pair is trading at 1305.30, with gold trading 0.05% lower against the USD from yesterday’s close.

The pair is expected to find support at 1299.87, and a fall through could take it to the next support level of 1294.43. The pair is expected to find its first resistance at 1311.87, and a rise through could take it to the next resistance level of 1318.43.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

For the 24 hours to 23:00 GMT, Silver rose 0.88% against the USD and closed at USD17.21 per ounce.

In the Asian session, at GMT0300, the pair is trading at 17.23, with silver trading 0.17% higher against the USD from yesterday’s close.

The pair is expected to find support at 17.02, and a fall through could take it to the next support level of 16.80. The pair is expected to find its first resistance at 17.40, and a rise through could take it to the next resistance level of 17.57.

The white metal is trading above its 20 Hr and 50 Hr moving averages.