USDX (USD Index)
The index closed at 94.99 in the previous day, just 1 cent below the 95.00 resistance which mean no breakout yet. Today, there is bullish pressure, and the index moved above the resistance. However, the bullish pressure do not last, and currently, the index continue hovering near 95.00
There are speeches by central banks chief today. It might turn into high volatility day in mere hours. Traders might want to keep focusing on the speeches today.
News to watch
09.30 AM RBA Gov Lowe Speaks, ECB President Draghi Speaks, BOJ Gov Kuroda Speaks, Fed Chair Powell Speaks
10.30 AM U.S Crude Oil Inventories, forecast deficit of 2.1 million barrels.
For full outlook for this week, you can follow Forex Outlook For The Week 18 – 22 June 2018
Technical Analysis
EUR/USD
The pair has not given up yet on the support and closed above 1.1580 Yesterday. Despite the bearish pressure since the rejection from 1.1820, EUR/USD holding out and might stage a rally. However, we favor more bearishness at the current level and expect breakout below 1.1500 to continue toward 1.1300.
Today critical level to watch:
Support: 1.1500
Resistance: 1.1580, 1.1600, 1.1650
GBP/USD
GBP/USD is on the path lower after sharp close below 1.3250 Yesterday. There is bullish reaction today, but we think it is limited and might top out at 1.3200. Traders might want to wait until the pair reach 1.3000 before looking for a long position.
Today critical level to watch:
Support: 1.3100, 1.3000
Resistance: 1.3250, 1.3300, 1.3330
USD/JPY
We project a triangle range in USD/JPY and the pair expected to move inside the triangle with daily SMA 200 as middle point. On the upside, 110.50 and 111.00 are the levels to watch. While on the downside, 109.50 and 109.00 are the levels to watch. Next direction will be determined after breakout happen.
Today critical level to watch:
Support: 110.00, 109.50, 109.00
Resistance: 110.50, 111.00
AUD/USD
The selling is not over for AUD/USD, and it is already fourth bearish close. There is nothing to do yet on the pair until it reach0.7300 and possibly 0.7000 in the long-term. Traders who are looking for the short position might want to wait at 0.7450 – 0.7500.
Today critical level to watch:
Support: 0.7330, 0.7300
Resistance: 0.7400, 0.7500, 0.7550, 0.7600