Forex Technical Major Pairs analysis June 29, 2020

USDX (USD Index)

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The overall direction of the U.S dollar index is to the upside for the short-term. Last week, the index tested the 97.50 resistance level, no breakout and close above the resistance level yet. This week, the index started with a bearish movement below the previous Friday low.

If the index maintains the bearish pressure then traders will expect the index to continue movement between 96.70 – 97.50.

EUR/USD

EUR/USD bounced from the 1.1185 support level today. The pair set to move upward and target the 1.1300 – 1.1360 resistance area again. If a breakout happens then EUR/USD set to extend the upward movement toward the 1.1500 targets.

today critical levels to watch:

Support: 1.1185, 1.1120

Resistance: 1.1300, 1.1360, 1.1500

GBP/USD

GBP/USD pushed lower last week and getting near the 1.2000 – 1.2200 area. However, the pair currently attempting bullish movement. As long as there is no close above Friday high, GBP/USD will continue its bearish movement toward the 1.2000 – 1.2200.

Today Critical level to watch:

Support: 1.2200, 1.2000

Resistance: 1.2500, 1.2625

USD/JPY

Last week is a major save by the bull for USD/JPY. The pair initially fell below 106.70 support level with strong bearish pressure. However, the bull immediately reverses the bearish pressure in the preceding day. At the current time, USD/JPY traded in the middle of 106.70 – 108.00 and will wait for further development.

Same as previous analysis, as long as there is no major close below 106.70 then USD/JPY might move higher toward 108.00 and SMA 200.

Today critical levels to watch:

Support: 106.70, 105.00

Resistance: 108.00, 109.00, 110.00

AUD/USD

AUD/USD settled near 0.6820 and extend its consolidation near the level. Not much change at the current time and traders better waiting sideline for now. If a bounce happens then 0.7000 and 0.7160 will become the upward target. On the other hand, if bearish breakout happens then 0.6700 and daily SMA 200 will become the target.

Today critical levels to watch:

Support: 0.6820, 0.6750, 0.6700

Resistance: 0.7000, 0.7160

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