Forex Technical Major Pairs analysis June 03, 2020

USDX (USD Index)

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The index direction continues bearish below the daily SMA 200 and currently testing the 97.50 support level. No bounce reaction but we think the support level will be maintained. When the index makes bullish reaction at 97.50 then traders could start entering long positions in the U.S dollar.

We think the closing above daily SMA 200 will become the major factor to determine the U.S dollar index next long-term trend.

EUR/USD

EUR/USD has not shown any bearish reaction but it might do it soon. The pair has six days bullish streak and today is the seventh day. We think the pair might consolidate between 1.1120 – 1.1185 range before continuing further upside. However, if the pair continues moving upward without consolidation then 1.1300 – 1.1360 will become the target.

today critical levels to watch:

Support: 1.1185, 1.1120

Resistance: 1.1300, 1.1360

GBP/USD

GBP/USD touch the level near-daily SMA 200 today and complete our first target. The pair might extend its bullish movement and reach 1.2625 resistance level. The overall trend expected to continue sideline between 1.2000 – 1.2625 until major breakout happen.

Traders could consider entering short positions when there is a major bearish reaction from the daily SMA 200 or 1.2625.

Today Critical level to watch:

Support: 1.2500, 1.2200

Resistance: 1.2625

USD/JPY

USD/JPY jumped from below 108.00 and closed above the daily SMA 200. The pair currently return to its bullish track and might continue upward to test 110.00. At the current time, traders could consider entering long positions near the daily SMA 200 when there is a bearish correction.

Today critical levels to watch:

Support: 108.00, 106.70

Resistance: 109.00

AUD/USD

AUD/USD breakout above daily SMA 200 brought the pair further upward and reach the level near 0.7000 today. We have a bearish reaction from the resistance level and currently the pair move near its opening level. If the pair continues under pressure then we will have a bearish pin bar pattern.

A breakout below the bearish pin bar might trigger bearish correction toward the daily SMA 200.

Today critical levels to watch:

Support: 0.6750, 0.6700

Resistance: 0.7000

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