Forex Technical Major Pairs analysis June 18, 2018

USDX (USD Index)

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The tipping point of U.S dollar index at 95.00 is flirted by the bull today. Momentum is favoring breakout upward, but it seems traders took a “wait&see” stance today. Trade tariff is the reason behind the surge in the index, and it should continue to persist as China-U.S set to attack and retaliate on the tariff.

If U.S dollar index weaken, then it will find support at 94.00

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 18 – 22 June 2018

Technical Analysis

EUR/USD

Shorting EUR/USD is a high odds, but at the current level, it translates to high-risk trade as strong support level present. On the chart, traders could see the blue box where there are two bounces happened. There is no confirmation breakout happen yet and it is still possible for the bull to reverse current situation. Will we take a long position?

It is better for traders to wait until bearish momentum recede. Currently, we expect 1.1710 will act as the top for next bearish leg.

Today critical level to watch:

Support: 1.1600, 1.1580, 1.1500

Resistance: 1.1650, 1.1710

GBP/USD

GBP/USD is mostly silent today without much movement away from 1.3250 support level. The pressure is to the downside, but as long as the bull could maintain close above 1.3250, then GBP/USD will continue movement between 1.3250 – 1.3450.

Today critical level to watch:

Support: 1.3250

Resistance: 1.3300, 1.3330, 1.3450

USD/JPY

Range formed between daily SMA 200 and 111.00 in USD/JPY. The bull could use daily SMA 200 as a place to look for a long position, on the other hand, the bear could take a short position when the pair is moving near 110.00. The overall trend is bullish which favor long position more than short.

Today critical level to watch:

Support:  110.00, 109.00

Resistance: 110.50, 111.00

AUD/USD

AUD/USD is in freefall below 0.7450, and there is no bull in sight. The pair is testing previous extreme low around 0.7810, and a breakout below the level will invite more selling. Under the current situation, there is nothing to do until the pair hit 0.7330 or 0.7300.

Today critical level to watch:

Support: 0.7400

Resistance: 0.7500, 0.7550, 0.7600

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