USDX (USD Index)
The bullish sentiment of U.S dollar index not yet stopped and the bull is aiming higher level. This week, we expect the index stay sideways between 94.00 – 95.00 until next week FOMC meeting. The Fed meeting will announce interest-rate and future outlook which should drive new trend in the index.
It is better to look for a long position in USD pair while the index stays above 94.00.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 4 – 8 June 2018
Technical Analysis
EUR/USD
No reason yet to look for a long position in EUR/USD especially when the pair could not move back above 1.1710. Instead of long position, traders could look for short position near the level and ride new bearish leg below 1.1500. However, a close above 1.1710 a the bearish trend weaken and might reverse.
Today critical level to watch:
Support: 1.1650
Resistance: 1.1710, 1.1820, 1.1925, 1.2000
GBP/USD
GBP/USD bounce from the support 1.3250 in the previous week and the pair looks to continue its upward movement toward 1.3450. The a expected to trade between 1.3250 – 1.3450 this week while waiting for next week The Fed interest-rate decision. Traders could look for short position near 1.3450 assuming the Fed increase rate and set the market with a hawkish comment.
Today critical level to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3500
USD/JPY
USD/JPY bounce and ready to test the daily SMA 200. However, the pair seems weak below the averages and reverse before it touches the suggests. If the bearish pressure mounting then we should see USD/JPY testing the black trendline in coming days.
Today critical level to watch:
Support: 109.00
Resistance: 110.00, 110.50, 111.00
AUD/USD
The upward movement of AUD/USD reached 0.7640 where the pair supported previously. We expect the level will act as resistance and limit the pair upward movement. If the bear push AUD/USD down, then we might see a bearish continuation in the coming week.
Today critical level to watch:
Support: 0.7550, 0.7500, 0.7450
Resistance: 0.7600, 0.7640