USDX (USD Index)
Not much movement out of the forecast, U.S dollar index traded sideways and not moving much from the week opening level. Today, there is upward movement, but rejected when the index near 94.00 resistance. Focus turned back to The Fed interest-rate decision which will happen tomorrow.
At the current time, it is better to stay sideline and wait for the rate result.
News to watch
For full outlook for this week, you can follow Forex Outlook For The Week 11 – 15 June 2018
Technical Analysis
EUR/USD
EUR/USD is gaining before tomorrow interest-rate decision. However, the upward movement might experience correction and never move past 1.1820. Depend on the rate decision and future outlook, and the pair could move sharply either way after the announcement.
Today critical level to watch:
Support: 1.1710, 1.1650
Resistance: 1.1820, 1.1925, 1.2000
GBP/USD
Not much change happen in GBP/USD chart too. The pair bouncing up and down between 1.3330 – 1.3450. The bull has upper hand, but we still think the overall trend will continue the bearish trend after the resistance test.
Today critical level to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3500
USD/JPY
USD/JPY attempt to nullify the bearish shoulder-head-shoulder by moving above daily SMA 200. However, the upward movement halted near 110.50 and currently could reverse downside. We might see the pair closed near daily SMA 200 and provided no decisive break or rejection.
Tomorrow will become the key to next USD/JPY trend.
Today critical level to watch:
Support: 110.00, 109.00
Resistance: 110.50, 111.00
AUD/USD
No clue yet on AUD/USD direction at the current level. The pair could move up and test the top of the channel, or it could move down to test 0.7550 again.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7600, 0.7640, 0.7690, 0.7750