USDX (USD Index)

U.S dollar index secured 95.00 and closed near previous week top. The upward pressure should continue for the rest of week and the index breakout to a fresh high. If the index move down then traders could use 95.00 as the level to look for a long position in U.S dollar pair.

News to watch

08.30 AM U.S Final GDP q/q, forecast increase of 2.2%

For full outlook for this week, you can follow Forex Outlook For The Week 25 – 29 June 2018

Technical Analysis

EUR/USD

It is only a matter of time EUR/USD will break down below 1.1500 under current strong dollar environment. However, the pair needs to break this year low before it could move lower. Traders who have not held any position might want to stay flat as shorting at current level means shorting to support level.

Today critical level to watch:

Support: 1.1500

Resistance: 1.1580, 1.1600, 1.1650, 1.1710

GBP/USD

The direction of GBP/USD is downward, and there is no change to the direction yet. Previous day close show the bear control and high possibility the pair will continue moving down to reach 1.3000. The only position to consider at current situation is the long position from 1.3000.

Today critical level to watch:

Support: 1.3100, 1.3000

Resistance: 1.3250, 1.3300, 1.3330

USD/JPY

USD/JPY still trapped inside the triangle pattern which means no change to the projection. The pair expected to continue its movement inside the triangle and waiting for breakout either side.

Today critical level to watch:

Support: 110.00, 109.50, 109.00

Resistance: 110.50, 111.00

AUD/USD

AUD/USD rate of fall did not slow a little bit even though the pair has reach 0.7330. However, there is little upward correction today in Asian session. Will the pair continue its downward movement when European session open?

We still expect the pair will reach 0.7160 in medium-term.

Today critical level to watch:

Support: 0.7330, 0.7300

Resistance: 0.7400, 0.7500, 0.7550, 0.7600