USDX (USD Index)

It is a crucial time for the bull in U.S dollar index. The index has tested SMA 200 in the previous trading day and produce a bullish close. However, the bullish reaction is not a strong one and there is a risk the index will continue further lower. As long as the index maintains the level above SMA 200 then it is possible for it to bounce and start a new bullish trend.

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

Similar to the U.S dollar index, EUR/USD is in a crucial moment. The pair needs to break above daily SMA 200 and the 1.1360 resistance to ensure its uptrend. A rejection followed by closure below 1.1300 could cancel the current bullish trend and resume the bearish trend.

today critical levels to watch:

Support: 1.1300, 1.1200, 1.1185, 1.1120

Resistance: 1.1360

GBP/USD

The pair long-term direction is bearish which suggest traders to maintain short positions. At the current time, it is traded between 1.2625 – 1.2800 and waiting for the next momentum movement. Traders will wait for a breakout of the range while using the range to apply a ranging strategy.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000, 1.3125, 1.3250

USD/JPY

Short positions near 109.00 are the option traders could take base on USD/JPY technical situation. The pair currently undergoing bullish correction and soon will reach the level. Long positions not suggested as long as the pair stays below 109.00.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.50, 109.00, 109.70

AUD/USD

AUD/USD rejected from 0.7000 and closed below Friday low. The pair has more bearish potential and expected to continue its bearish trend inside the channel. Traders could enter short positions with a stop above 0.7000 or the top of the channel. It is better to enter the positions near 0.7000 or top of the channel.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000