Forex Technical Major Pairs Analysis | July 01, 2022

USDX (USD Index)

U.S dollar index made a bearish close yesterday and might start another bearish correction. However, the bearish close has no bearish follow-through today. At the current time, the index is moving upward and set to retest the previous swing high. We think the bullish trend of the index will continue and traders will continue to stick with long positions in the U.S dollar for now.

EUR/USD

EUR/USD made a bullish close yesterday but the pair come under bearish pressure again today. If the pair could move lower and print a close below 1.0339 then the bearish trend is set to continue. On the other hand, if the pair trades upward and closes above 1.0650 then there is a chance of a bullish reversal.

Today’s critical levels to watch:

Support: 1.0339, 1.0000

Resistance: 1.0650, 1.0800, 1.0900

GBP/USD

GBP/USD trading lower today and currently testing the 1.2000 support level. The bearish movement has strong momentum which might trigger a breakout below 1.2000. If the pair closes below 1.2000 this week then traders will prepare for further weakness in the coming week. On the other hand, a close above 1.2200 will cancel the bearish outlook.

Today’s critical levels to watch:

Support: 1.2200, 1.2100, 1.2000

Resistance: 1.2400, 1.2500, 1.2625

USD/JPY

USD/JPY made a bearish close yesterday and there is bearish follow-through today. However, the bearish movement is relatively weak and might reverse anytime. If the pair manage to reach the 131.28 support level then traders could consider entering long positions. It is better to stay out of short positions as the trend is bullish.

Today’s critical levels to watch:

Support: 131.28, 130.00, 126.00

Resistance: 135.00, 135.19

AUD/USD

AUD/USD fall with strong bearish momentum today. The pair breakout below the 0.6820 support level and prints a new lower low. Under the current situation, the bearish trend set to continue and traders will wait for a bullish correction toward 0.6820 for a chance to enter short positions. Despite the situation, a close above 0.6820 at the end of the week will cancel the bearish outlook.

Today critical levels to watch:

Support: 0.6750

Resistance: 0.6820, 0.7000, 0.7160, 0.7300

Copyright © 2022. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.