USDX (USD Index)
U.S dollar index slip in today trading session, resume the bearish outlook this week. If the index continues as expected, then it will reach 93.00 support level soon. We still expect the index will trade between 93.00 – 94.00 by the end of the week and set the level before next week FOMC interest-rate decision.
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
EUR/USD extend the bullish movement and surpass 1.1820 today. The movement above 1.1820 is bullish, and with enough pressure, EUR/USD could overturn the current bearish trend. Nevertheless, the pair looks will continue higher and reach 1.1925 before correcting. However, next week interest-rate decision might influence traders to reduce positions.
Today critical level to watch:
Support: 1.1820, 1.1710, 1.1650
Resistance: 1.1925, 1.2000
GBP/USD
GBP/USD is riding the wave upside and reach the resistance 1.3450 today. The level is a support level previously which turned into resistance. If the pressure is strong enough, then the bull might reclaim the level. However, rejection from the resistance will lead GBP/USD down to test May low.
Today critical level to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3500
USD/JPY
It is the most interesting time for USD/JPY as the pair testing daily SMA 200. Most of the time the test result in rejection and the pair resume the movement to breakout direction. Will we see a breakout or rejection from the daily SMA 200?
Today critical level to watch:
Support: 109.00
Resistance: 110.00, 110.50, 111.00
AUD/USD
AUD/USD enter the area 0.7640 – 0.7690 and waiting for next direction. The pair has more potential upside toward the daily SMA 200. However, overall trend stays bearish for daily chart. If the pair rejected from the area and fall sharply then traders might want to exit any long position. Meanwhile, the pair expected to move sideways between 0.7640 – 0.7690 until FOMC rate decision.
Today critical level to watch:
Support: 0.7640, 0.7600, 0.7550
Resistance: 0.7690, 0.7750