USDX (USD Index)
U.S dollar index took a downward path after the release of FOMC interest-rate. The bear followed up by pushing the index below previous day low and almost reach 93.00 support level. Bearish pressure should continue mounting until the end of the week.
However, the trend of U.S dollar index has turned bullish, and we expect a bounce between 92.50 – 93.00.
News to watch
08.30 AM U.S Core Retail Sales m/m, forecast increase of 0.5%, Retail Sales m/m forecast increase of 0.4%
For full outlook for this week, you can follow Forex Outlook For The Week 11 – 15 June 2018
Technical Analysis
EUR/USD
The most anticipated interest-rate movement results in a mini bullish rally in EUR/USD. Unfortunately, 1.1820 stays intact, and the bullish trend has not confirmed yet. Traders will wait until the end of the week to see whether EUR/USD will continue upside by closing above 1.1820.
Today critical level to watch:
Support: 1.1710, 1.1650
Resistance: 1.1820, 1.1925, 1.2000
GBP/USD
GBP/USD closed the day as bullish pin bar candlestick and followed by bullish break today. Although it looks bullish, the hurdle stays the same, 1.3450 – 1.3600 area. Without any break and close above 1.3450 there will not be any rally. On another note, daily SMA 200 will come as next resistance to clear for the bull.
Today critical level to watch:
Support: 1.3330, 1.3300
Resistance: 1.3450, 1.3500
USD/JPY
The path is not clear for the bear and the bull in USD/JPY after reaction at 110.50 and daily SMA 200. The pair looks bearish, but there is no significant selling happen. Lower low and lower high is printed on the chart which could mean the bull has lost momentum. Will we see new lower low below 108.10?
Today critical level to watch:
Support: 110.00, 109.00
Resistance: 110.50, 111.00
AUD/USD
No change to the outlook of AUD/USD which stay inside the two trendlines. The pair is testing the bottom trendline and 0.7550 support level. If the bull could maintain the position above both levels, then we could see AUD/USD trading higher toward the top trendline.
Today critical level to watch:
Support: 0.7550, 0.7500
Resistance: 0.7600, 0.7640, 0.7690, 0.7750