USDX (USD Index)
The trend of U.S dollar index is bullish and currently the index stick near 97.50. We think today FOMC meeting will trigger trending movement in the index for medium-term. The market expects no change in the rate and forecast The Fed will lower interest-rate in the next meeting. At the current time, no confirmation yet and traders will wait for the announcement today.
News to watch
10.00 AM ECB President Draghi Speaks
02.00 PM FOMC Economic Projections, Federal Funds Rate
02.30 PM FOMC Press Conference
For full outlook for this week, you can follow Forex Outlook For The Week 17-21 June 2019
Technical Analysis
EUR/USD
The pair fell toward 1.1185 support as ECB promised rate-cut if inflation target not reached. It is a dovish statement but fortunately no breakout below 1.1185. Today, the market will focus on Mario Draghi speech and The Fed interest-rate decision.
today critical levels to watch:
Support: 1.1200, 1.1185, 1.1120
Resistance: 1.1280, 1.1300, 1.1360
GBP/USD
GBP/USD made first bullish candlestick close since the fell below 1.2625. The pair might start a bullish correction toward 1.2625 and waiting for the next direction. At the current time, we have the pair climb above previous day high which confirms the situation. When the pair reached 1.2625, it might form bearish reaction and traders could enter short positions.
Today Critical level to watch:
Support: 1.2500
Resistance: 1.2625, 1.2800, 1.3000
USD/JPY
No breakout of the channel consolidation yet in USD/JPY. The pair expected to continue its consolidation with a bearish bias. At the current time nothing to do until the pair either bounce from the bottom of the channel or breakout from it.
Today critical levels to watch:
Support: 107.40, 107.00
Resistance: 108.50, 109.00, 109.70
AUD/USD
AUD/USD finally formed the first bullish candlestick near the bottom of the channel. No bullish follow-through yet at the moment. If the pair could continue higher then 0.7000 will become the upside target of bullish correction. On the long-term view, the pair continue bearish inside the channel.
Today critical levels to watch:
Support: –
Resistance: 0.6900, 0.7000