USDX (USD Index)

The bounce of U.S dollar index got follow-through by the bull and now the index half-way toward 97.50 resistance. Without a major change in the direction the U.S dollar index expected to test 97.50 resistance soon. Traders could prepare for rejection near the resistance and enter short positions in U.S dollar depend on the market reaction.

A breakout above 97.50 and 98.30 is the confirmation that long-term bullish trend will continue.

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

It is time to switch to the bearish side as EUR/USD fell below 1.1280 – 1.1300 area. The pair might continue its downward movement toward the 1.1200 psychological number. As long as there is no close above 1.1360 or the daily SMA 200 then EUR/USD trend will continue bearish.

today critical levels to watch:

Support: 1.1200, 1.1185, 1.1120

Resistance: 1.1280, 1.1300, 1.1360

GBP/USD

GBP/USD fell toward 1.2625 support level and ready to test it. If a breakout lower happen then GBP/USD will resume its bearish trend. On the other hand, a bounce from the support level will help the pair to maintain the range between 1.2625 – 1.2800.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000, 1.3125, 1.3250

USD/JPY

Not much change in the USD/JPY situation since yesterday. The pair continues its consolidation and will either move higher and test 109.00 or breakout lower to reach 107.00 – 107.40. As the pair prevailing trend is bearish, the bearish scenario has more weight more than bullish scenario.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.50, 109.00, 109.70

AUD/USD

AUD/USD progress as expected since rejection from 0.7000 resistance. Nothing to do at the moment, it is possible for the pair to reach the bottom of the channel before a bounce will happen.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000