USDX (USD Index)
It is another day the index print new higher high and surpass 95.00 resistance. The event is bullish, and there is no stop yet for the bull. Trade wars spat continue working as expected and drive global equity market lower while giving way for U.S dollar to shine. Without any resistance, U.S dollar index might reach 97.50 and eventually 100.00 this year.
News to watch
08.30 AM U.S Building Permits, forecast annualized 1.35 million permits issued
For full outlook for this week, you can follow Forex Outlook For The Week 18 – 22 June 2018
Technical Analysis
EUR/USD
EUR/USD resumed the bearish trend after upward correction touched the yellow line around 1.1640. Weakness spread and soon support at 1.1500 will be tested. We expect more selling at the current level and breach 1.1500 this week or before the month closed.
Today critical level to watch:
Support: 1.1500
Resistance: 1.1580, 1.1600, 1.1650
GBP/USD
Fresh new low printed on GBP/USD daily chart and indicate the pair will continue toward 1.3000 for the medium term. There is no bounce yet, and the pair might close the day near the low. Traders who are looking for long position suggested waiting until the pair reach a level near 1.3000.
Today critical level to watch:
Support: 1.3100, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
USD/JPY slip below the daily SMA 200 and risk entering the bearish trend. There is trendline support near the current price level. Will the pair bounce and continue moving higher? Alternatively, will it rejected from daily SMA 200 or the top trendline and started a new bearish trend?
Today critical level to watch:
Support: 109.00
Resistance: 110.00, 110.50, 111.00
AUD/USD
AUD/USD bull is in trouble as the pair rate of fall increase day by day. However, significant loss under short period invites opportunities for a sharp reversal. Although there is a chance for reversal, traders might refrain from placing long position at the current time until the pair reach strong support level.
Today critical level to watch:
Support: 0.7330, 0.7300
Resistance: 0.7400, 0.7500, 0.7550, 0.7600