USDX (USD Index)

Not much change is seen on the index in the previous trading day. Initially moving upward, the index closed at its opening level. Today, the index has not moved far from its opening level yet. Traders and investors are waiting for the result of the meeting between President Trump and China’s Xi Jinping. Expect the index to continue to move sideways until the actual result announced.

News to watch

04.30 AM UK Current Account, forecast -32.0B

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

Technical Analysis

EUR/USD

EUR/USD made another close above 1.1360 but with no upward momentum. The pair stuck near the level and might continue to stick near it until the end of this week. Traders could prepare for long positions in anticipation of success in trade talks between U.S-China. However, prepare for the worst if the trade talks end sour.

today critical levels to watch:

Support: 1.1360, 1.1300, 1.1280, 1.1200

Resistance: 1.1500

GBP/USD

The pair closed bearish below the channel and suggesting further weakness in coming days. However, trade talks between the U.S and China under progress and might influence the pair next direction. The overall trend of GBP/USD is sideways inside 1.2625 – 1.2800, as long as there is no breakout of the range, traders could apply the ranging strategy.

Today Critical level to watch:

Support: 1.2625, 1.2500

Resistance: 1.2800, 1.3000

USD/JPY

USD/JPY initially climb above Wednesday candlestick high but at the end of the day, it turned lower and closed near its opening level. It seems the pair setting up for further lower movement. No bearish confirmation yet at the moment. If the pair moves lower then traders could watch 107.00 – 107.40 as a possible level for a bounce.

Today critical levels to watch:

Support: 107.40, 107.00

Resistance: 108.00, 108.50, 109.00

AUD/USD

The upward movement of AUD/USD has not stopped yet. We have another bullish close yesterday and above the 0.7000 resistance level. The pair might continue upward or stay sideline until it reaches the top of the channel. If the pair could break the channel upside then we might see a change of trend from bearish to bullish for medium-long-term. At the moment we are waiting for further confirmation.

Today critical levels to watch:

Support: 0.7000, 0.6900

Resistance: 0.7020