USDX (USD Index)

A breakdown below SMA 200 happened in Friday trading session as expectation. The index extends its weakness under strong bearish pressure. At the current time, the index is testing 96.10 support level. If a bounce happens then we could expect the index will move upward and test SMA 200 where traders could look for short position in U.S dollar.

News to watch

For full outlook for this week, you can follow Forex Outlook For The Week 24-28 June 2019

Technical Analysis

EUR/USD

EUR/USD cleared 1.1300, 1.1360 and the daily SMA 200. Under the current situation, the pair might have turned the trend from bearish to bullish. Traders will observe the price reaction near 1.1360 and daily SMA 200 when bearish correction happen.

today critical levels to watch:

Support: 1.1360, 1.1300, 1.1280, 1.1200

Resistance: 1.1500

GBP/USD

On the Friday trading session, GBP/USD initially fell toward 1.2625 support level. However, the bull returns and pushed the pair upward to close at the positive side. It seems the pair honored the bottom of range 1.2625 and will trade between 1.2625 – 1.2800 as projected. Traders could continue to apply ranging strategies between 1.2625 – 1.2800 until breakout happen.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000

USD/JPY

No indication of a bounce yet from USD/JPY but the pair closed Friday trading session with a doji candlestick. If the bull could close the price above 107.40 then it is possible for the pair to start a bullish correction.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.50, 109.00

AUD/USD

AUD/USD upward correction continues smoothly and soon will reach 0.7000 and the top of channel resistance. Traders could prepare for short positions near both resistances when there is a bearish reaction. At the current time just wait until the bullish correction reach designated level.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000