Forex Technical Major Pairs analysis July 5, 2018

USDX (USD Index)

Free $50 Forex No-Deposit Bonus

The weakness continues in U.S dollar index, and today it almost touches previous week low. We have no major bearish movement yet at the current time, and the index might bounce any time from the current level. However, there is a splurge of news in U.S session later. Expect some volatility when news released.

News to watch

06.00 AM UKĀ BOE Gov Carney Speaks

08.15 AM U.S ADP Non-Farm Employment Change, forecast reading of 190k

10.00 AM U.S ISM Non-Manufacturing PMI, estimate reading of 58.3

11.00 AM U.S Crude Oil Inventories, forecast deficit of 4.4 million barrels

02.00 PM FOMC Meeting Minutes

For full outlook for this week, you can follow Forex Outlook For The Week 2 – 6 July 2018

Technical Analysis

EUR/USD

EUR/USD has reached 1.1710 checkpoints today and provide traders with a chance to look for a short position. There is no reaction yet from the level, and traders might want to look for reactions in small time-frame. We expect EUR/USD to bounce lower from the current level, but open to the idea of upside breakout toward trendline and 1.1820.

Today critical level to watch:

Support: 1.1650, 1.1600, 1.1580, 1.1500

Resistance: 1.1710, 1.1820

GBP/USD

Rally continues in GBP/USD and reaches 1.3250 sooner than expected (we expect the pair will touch the level at the same time it touches top trendline). Nevertheless, GBP/USD has reached the resistance where it is expected to reverse downside. There is no bearish reaction yet from the level which means not the best time to short yet. However, traders could scale in position slowly by placing multiple positions.

Today critical level to watch:

Support: 1.3100, 1.3000

Resistance: 1.3250, 1.3300, 1.3330

USD/JPY

No breakout lower in the previous day after USD/JPY recovers and close the day above 110.50. Today, the pair attempt to move lower again, but the bull on watch and push back USD/JPY above its opening level. If the upward movement continues, then we will see USD/JPY rechallenging 111.00 soon.

Today critical level to watch:

Support: 110.50, 110.00, 109.50

Resistance: 111.00

AUD/USD

AUD/USD undergo consolidation phase at the current time. The pair hovering inside the green box area and might continue until Friday. Job data on Friday is the major news which could move global market which will effect AUD/USD too. Traders could look for a short position at the top of the green box and long position at the bottom of the box.

Today critical level to watch:

Support: 0.7330, 0.7300

Resistance: 0.7400, 0.7500, 0.7550, 0.7600

Copyright © 2018. 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.