Forex Technical Major Pairs analysis June 13, 2019

USDX (USD Index)

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Forex Technical Major Pairs analysis June 13, 2019

U.S dollar index finally stages a bounce from the level near SMA 200. The bounce formed a bullish engulfing pattern which if confirmed will trigger new bullish leg. At the current time, the bull has not returned yet to the market and the index slightly lower. We might see some action later in European and U.S session.

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

Forex Technical Major Pairs analysis June 13, 2019

EUR/USD pushed lower and closed below 1.1300. It is a bearish sign but no follow-through by the bear yet. At the current time, the pair attempting to return above 1.1300 and trade inside 1.1300 – 1.1360 range again. A close below 1.1280 should trigger bearish continuation.

today critical levels to watch:

Support: 1.1280, 1.1200, 1.1185, 1.1120

Resistance: 1.1300, 1.1360

GBP/USD

Forex Technical Major Pairs analysis June 13, 2019

GBP/USD is directionless, traded back and forth at the middle of 1.2625 – 1.2800 range. Nothing to do yet at the moment. It is better for traders to wait until the pair reach the top or the bottom of the range first before placing any positions.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000, 1.3125, 1.3250

USD/JPY

Forex Technical Major Pairs analysis June 13, 2019

USD/JPY corrected higher and traded inside the channel range. It formed a bearish flag or bearish wedge pattern which could lead the pair lower when confirmed. No confirmation yet, as long as the pair stays above the bottom of the channel and climb above 109.00 then it will reverse the trend into bullish.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.50, 109.00, 109.70

AUD/USD

Forex Technical Major Pairs analysis June 13, 2019

Short near 0.7000 and stay short is the right decision for traders. AUD/USD gradually move lower since the rejection from 0.7000. It might reach the bottom of the red channel before it could turn higher. Traders might want to wait for the pair to bounce before placing any short positions. Long positions are not suggested and better taken as a counter-trend approach only.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000

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