USDX (USD Index)

The index manages to hold out above 96.10 but no significant bullish momentum has seen yet. Today, there is attempt to bring the index higher but the bull has relinquish most of the gain. Without further bullish close then it is possible for the index to resume its weakness below 96.10.

News to watch

08.30 AM U.S Final GDP q/q, forecast 3.1%

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

Technical Analysis

EUR/USD

EUR/USD manages to close above 1.1360 and the daily SMA 200 for the third day. The pair holding out well above 1.1360 today and might bounce from it. If a bounce happens then EUR/USD expected to continue its uptrend toward 1.1500.

today critical levels to watch:

Support: 1.1360, 1.1300, 1.1280, 1.1200

Resistance: 1.1500

GBP/USD

Although the pair formed a bearish engulfing pattern yesterday, the bear could not follow-through by making bearish close below the pattern. At the current time, no clue yet on the next direction. GBP/USD could reverse upside and ignoring the bearish pattern.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000

USD/JPY

A bullish reversal from the area 106.70 – 107.00 brought USD/JPY back above 107.40. Currently, the pair is challenging 108.00. A close above the resistance will bring the pair higher to test 109.00 resistance. The overall trend of USD/JPY still bearish which suggest traders stick with bearish positions.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.00, 108.50, 109.00

AUD/USD

AUD/USD finally reached 0.7000 today and completed the bullish correction. No bearish reaction from the level yet, traders could enter bearish positions but with minimum size. It is possible for the pair to continue its upward movement toward the top of the channel.

Today critical levels to watch:

Support: 0.6900

Resistance: 0.7000