USDX (USD Index)
U.S dollar index closed near daily SMA 200 in the previous trading day. No breakout below the average yet which mean the bearish trend has not confirmed for medium-long-term. Traders will wait today closing level to determine if the bearish movement will continue.
A long position in U.S dollar near the average could be an option but traders must be wary that the index bearish momentum has not receded yet.
News to watch
03.15 AM EUR French Flash Services PMI, forecast 51.6. French Flash Manufacturing PMI, forecast 51.0
03.30 AM EUR German Flash Manufacturing PMI, forecast 44.6. German Flash Services PMI, forecast 55.3
For full outlook for this week, you can follow Forex Outlook For The Week 17-21 June 2019
Technical Analysis
EUR/USD
Technically, EUR/USD closed near 1.1300 and no breakout above it yet. Today, the pair make attempt to move above the resistance level but no success yet. EUR/USD bullish trend will depend on how the pair reacted to 1.1300 – 1.1360 resistance area. On the upside, there is daily SMA 200 which will limit the pair upside movement too.
today critical levels to watch:
Support: 1.1280, 1.1200, 1.1185, 1.1120
Resistance: 1.1300, 1.1360
GBP/USD
GBP/USD settled at the middle of 1.2625 – 1.2800 area. The pair has upside potential and could enter a bullish trend when it surpassed 1.2800. At the current time, traders could enter a long position when correction toward 1.2625 happen.
Today Critical level to watch:
Support: 1.2625, 1.2500
Resistance: 1.2800, 1.3000
USD/JPY
USD/JPY fell below 107.40 and extend its weakness toward 107.00 today. The pair bearish momentum gains traction and suggesting traders to avoid long position at the moment. If 107.00 broken then the pair will target 106.70 and 106.10.
Today critical levels to watch:
Support: 107.00
Resistance: 107.40, 108.50, 109.00
AUD/USD
AUD/USD escaped from the further bearish move but the overall trend continue bearish. When the pair reach 0.7000 or top of its bearish channel then traders could look for short positions. A breakout above both resistances will turn the trend into bullish.
Today critical levels to watch:
Support: –
Resistance: 0.6900, 0.7000