Forex Technical Major Pairs Analysis | June 11, 2021

USDX (USD Index)

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The bearish pressure on the U.S dollar index could not break the 90.00 support level. The U.S dollar index makes a bullish bounce today but maintains the movement inside the previous day’s range. No conclusion yet where the index will move next. It seems traders are shrugging off the inflation data and set the market into a sideway scenario before next week’s FOMC meeting.

Under the current situation, it is better to continue waiting sideline until the direction of the index becomes clear.

EUR/USD

EUR/USD slowly moving lower from the 1.2200 resistance level. There is no strong bearish momentum seen on the pair yet. Similar to the situation in the U.S dollar index, traders might want to continuously monitor the pair movement for now.

If the pair decide to move lower and target 1.2000 – 1.2070 also the daily SMA 200 then traders will have a chance to enter long positions.

Today critical levels to watch:

Support: 1.2070, 1.2000

Resistance: 1.2200, 1.2300

GBP/USD

GBP/USD avoided a bearish close yesterday after a lower low printed. The pair made a bullish close but there is no bullish follow-through today. We might see the pair continue its ranging movement at the middle of 1.4000 – 1.4325 for now. No change to the bullish outlook yet, we think the pair eventually might reach the 1.4325 resistance level.

Today Critical level to watch:

Support: 1.4000, 1.3835, 1.3600

Resistance: 1.4325

USD/JPY

USD/JPY closed below the trendline but no strong bearish momentum was seen. The pair trading upward today but maintain the movement inside the previous day’s range. Despite the breakout situation, it is better to continue waiting for lower low or higher high printed on the chart before deciding what to do on the pair.

Today critical levels to watch:

Support: 109.00, 108.00, 106.70

Resistance: 110.00, 111.00

AUD/USD

AUD/USD continues to trade near 0.7750 without clear direction. It seems the consolidation will continue inside the yellow box area despite the release of inflation data yesterday. The market chooses to be cautious and waiting for the next FOMC meeting before deciding where to move.

We still think the pair will make a bullish breakout and expect 0.8000 will be reached in the medium-long term.

Today critical levels to watch:

Support: 0.7700

Resistance: 0.7750, 0.7800, 0.8000

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