USDX (USD Index)
There is no change to the situation of U.S dollar index which moves between SMA 200 and the blue trendline. Traders will wait for U.S job data today to get a clue on U.S dollar index next direction. Weak data is confirmation for short in U.S dollar as it will increase the odds of rate-cut by the Fed.
News to watch
08.30 AM U.S Non-Farm Employment Change, forecast 162k
Unemployment Rate forecast 3.6%
For full outlook for this week, you can follow Forex Outlook For The Week 1-5 July 2019
Technical Analysis
EUR/USD
The pair stick near 1.1280 and provide us with another neutral close. EUR/USD currently under pressure and fall near Wednesday low. We might see further lower low printed on the chart. If the pair continues lower then the trendline and 1.1180 will become the target.
today critical levels to watch:
Support: 1.1200, 1.1180
Resistance: 1.1280, 1.1300, 1.1360, 1.1500
GBP/USD
A harami pattern formed on the daily chart which means the market is indecision toward the next direction. GBP/USD might stay sideways for now until the release of U.S job data. It is better to wait until the end of the day to determine if the current bearish trend will continue or not.
Today Critical level to watch:
Support: 1.2500
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
USD/JPY formed a triangle pattern on its daily chart. The pair currently bounced from the bottom of the triangle. It is expected to continue upward and test the top of the triangle before deciding the next direction. Which side of the breakout will happen in USD/JPY?
Today critical levels to watch:
Support: 107.40, 107.00
Resistance: 108.00, 108.50, 109.00
AUD/USD
The upward movement of AUD/USD halted at the top of the bearish channel and currently reverse downside. If the pair losing more ground and close below 0.7000 then the current bullish movement will come under risk. Traders could wait for the retest of 0.7000 before placing any long positions. A stop order below the bearish engulfing pattern on the chart is the safest option to take.
Today critical levels to watch:
Support: 0.7000, 0.6900
Resistance: 0.7100