Forex Technical Major Pairs Analysis | June 10, 2021

USDX (USD Index)

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The U.S inflation data come out higher than expected but still lower than the previous month’s increase. U.S dollar index has not moved much from the opening level as the market is digesting the numbers. It seems the numbers might not drive the Fed to increase interest rate but it is also a number to be wary of.

Traders will continue to monitor the index closing level for several days to determine the next direction.

EUR/USD

EUR/USD trade lower below the previous day’s low. The pair might resume its bearish movement and target the 1.2000 – 1.2070 area also the daily SMA 200. No confirmation yet, traders seem to monitor the reaction after the U.S inflation data. We might see choppy trading or some movement with high volatility later.

Today critical levels to watch:

Support: 1.2070, 1.2000

Resistance: 1.2200, 1.2300

GBP/USD

GBP/USD pushed lower today but the pair managed to recover its losses and currently trading above the opening level. The pair expected to continue its bullish trend toward the 1.4325 resistance level with or without bearish correction toward 1.4000.

Today Critical level to watch:

Support: 1.4000, 1.3835, 1.3600

Resistance: 1.4325

USD/JPY

USD/JPY has not shown a major reaction yet inside the triangle pattern. The pattern sticks near the bottom of the triangle pattern and continues its consolidation. Traders will continue waiting for the breakout of the range for the next direction confirmation.

Today critical levels to watch:

Support: 109.00, 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

AUD/USD continues to stick near 0.7750 or inside the yellow box area. The ranging movement might continue as the market digesting the U.S inflation data. No change to strategy yet, traders will maintain the bullish bias and enter long positions whenever the pair reach the bottom of the yellow box area.

Today critical levels to watch:

Support: 0.7700

Resistance: 0.7750, 0.7800, 0.8000

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