Forex Technical Major Pairs analysis June 17, 2019

USDX (USD Index)

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The bull stages a bullish reversal in the U.S dollar index and it manages to close the week near 97.50. This week, the index has not moved far from the level and might consolidate near it until the Fed interest-rate announcement. Traders could prepare for long positions in the U.S dollar and target 98.30 in U.S dollar index.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 17-21 June 2019

Technical Analysis

EUR/USD

EUR/USD rejection from 1.1300 – 1.1360 area resulted in a strong bearish pressure. The pair might continue its downward movement this week and target the top of the channel or 1.1120 support level. Traders could use 1.1300 as the level to enter short positions. However, looming ECB and The Fed interest-rate might come under consideration to stay flat this week.

today critical levels to watch:

Support: 1.1200, 1.1185, 1.1120

Resistance: 1.1280, 1.1300, 1.1360

GBP/USD

The bearish pressure continues building up in GBP/USD as the pair fell below 1.2625. No bullish reaction yet from the bull at the current time. Further bearish close and lower low below 1.2558 is what bearish traders hoping for.

Today Critical level to watch:

Support: 1.2500

Resistance: 1.2625, 1.2800, 1.3000

USD/JPY

The situation of USD/JPY is similar to the previous week situation as the pair continue the consolidation. We expect the consolidation to hit 109.00 and followed by a bearish reaction. As long as the pair stays below 109.00 then the bearish trend will continue.

Today critical levels to watch:

Support: 108.50, 107.40, 107.00

Resistance: 109.00, 109.70

AUD/USD

Nothing out of expectation yet, AUD/USD continues its bearish movement and getting near the bottom of the red channel. Traders will continue to avoid long positions until the pair reach the bottom of the channel. Short positions favored to long positions when bullish correction happen.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000

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