USDX (USD Index)

U.S dollar index dropped toward the daily SMA 200 and closed near it at the end of the previous week. The index has not continued its bearish movement yet at the start of this week. Its attempts to bounce from the averages and trendlines. If the index could maintain the level above the averages the entire week then U.S dollar index might start a bullish move.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 10-14 June 2019

Technical Analysis

EUR/USD

The bullish leg of EUR/USD broke through its bearish channel in the previous week. It is the initial sign that the EUR/USD trend will turn bullish. On the upside, there is daily SMA 200 present which might reverse current EUR/USD uptrend. If the pair could surpass the averages then it is possible for EUR/USD to continue its uptrend.

today critical levels to watch:

Support: 1.1300, 1.1200, 1.1185, 1.1120

Resistance: 1.1360

GBP/USD

A bounce happened in GBP/USD from 1.2625 support level. The pair continue upward and trying to reach 1.2800. But, the bear returns to the market today and push the pair lower. Currently, the pair traded near previous Friday low after a bounce from the level near 1.2625. If the pair could close above Friday low then it is possible for GBP/USD to continue its upward movement.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000, 1.3125, 1.3250

USD/JPY

The bearish breakdown below 109.00 suggested us to avoid placing long positions in USD/JPY. The pair continue lower as expected and reach the level near the red trendline. We have a bounce from the level near trendline and USD/JPY traded with top around 108.50. It is better to stick with short positions until 109.00 broken upsides.

Traders could consider short positions near 109.00 resistance.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.50, 109.00, 109.70

AUD/USD

AUD/USD bullish correction happened and the pair has reached 0.7000 resistance as expected. The pair opened higher above 0.7000 but experience bearish pressure and slip below the level. It is traded below previous week low and might close below it. If a lower close happens then AUD/USD expected to resume its bearish trend inside its long-term bearish channel.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000